American Airlines continued to lose several million dollars a day in the first quarter of the year but sees “signs of continued revival of demand” in air traffic.
“The pandemic is far from over (…), but thanks to the fact that the world advances every day in its vaccination efforts against covid-19, clients are traveling again and there is no doubt that the pace of the reactivation is Accelerates, “said the company’s management, in a letter to employees on the occasion of the publication of quarterly results on Thursday.
The company saw its turnover fall 53% in the first three months of the year over the same period of 2020, to 4,000 million dollars.
Revenues from transatlantic and trans-Pacific flights continue to decline sharply, while the decline is less pronounced in the case of flights in the United States and to Latin America.
Losses were $ 1.25 billion in the first quarter, less than $ 2.25 billion for the same period in 2020.
Per share, the loss is 4.32 dollars, slightly above the 4.30 that analysts expected.
The company spends $ 27 million a day, compared to $ 30 million in the fourth quarter of 2020. In March the situation improved to $ 4 million a day.
The firm has 17.3 billion dollars of liquidity, after refinancing part of its liabilities with a 10 billion dollar loan that is guaranteed by its AAdvantage miles program. With that amount, he finished fully repaying the credit agreed last year by the United States Treasury.