Home » Markets » United Airlines sees $2.1B loss as coronavirus hits growth hopes
United Airlines sees $2.1B loss as coronavirus hits growth hopes
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CHICAGO (Reuters) – United Airlines said on Monday it expects to report a pre-tax loss of about $2.1 billion for the first quarter, after the coronavirus pandemic smothered its growth aspirations in Latin America and led the company to seek another $4.5 billion in government aid.
Chicago-based United said first quarter revenues are seen at $8 billion, down 17% from a year earlier, with the bulk of the declines in the last two weeks of March as coronavirus outbreaks accelerated globally, causing an average daily revenue loss of $100 million.
The results are preliminary and final first-quarter numbers may change, it said, without disclosing a date for publication.
UNITED AIRLINES HLDG.
DELTA AIR LINES INC.
SOUTHWEST AIRLINES CO.
Delta Air Lines Inc and Southwest Airlines Co are to report first-quarter results this week.
UNITED CUTS MAY FLIGHTS BY 90%, TELLS EMPLOYEES TO BRACE FOR JOB CUTS
All U.S. airlines are seeking government money to help them weather what they say is the worst crisis in the industry’s history. With few people flying, United said it plans to operate only about 10% of its normal schedule in May and June.