American Airlines reports third-quarter net loss of US$2.4 billion

©American Airlines

American Airlines Group has posted its third quarter 2020 financial results, including third-quarter revenue of US$3.2 billion, down 73% year-over-year on a 59% year-over-year reduction in total available seat miles (ASMs).

American has reported third quarter pretax loss of US$3.1 billion, excluding net special items, third-quarter pretax loss of US$3.6 billion. Third-quarter net loss was US$2.4 billion, excluding net special items, third-quarter net loss was US$2.8 billion.

American ended the third quarter with approximately US$13.6 billion of total available liquidity. In addition, in October, the company increased its loan capacity by US$2 billion through the CARES Act loan program to US$7.5 billion. With this increase, the company’s third-quarter pro forma liquidity balance is approximately US$15.6 billion.

American announced authorization to issue up to US$1 billion of equity in an at-the-market offering to further bolster liquidity.

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