United Airlines Holdings Inc (NASDAQ:UAL) reported a wider-than-projected loss for its fourth quarter. The company also said it expects Q4 adjusted loss of $7.00 per share.
United reported fourth-quarter net loss of $1.9 billion, $7.1 billion for the full-year 2020.
The fourth-quarter adjusted net loss was $2.1 billion , $7.7 billion for the full-year 2020.
The company also reported fourth-quarter total operating revenue of $3.4 billion , down 69% versus fourth-quarter 2019.
Since the beginning of the COVID-19 crisis, United has raised over $26 billion in liquidity and made important progress in reducing core cash burn to ensure the company's survival. Over the last three quarters, the company has identified $1.4 billion of annual cost savings and has a path to achieve at least $2.0 billion in structural reductions moving forward.
United ended 2020 with $19.7 billion in available liquidity, including an undrawn revolver capacity and funds available under the CARES Act loan program from the U.S. Treasury.
"Aggressively managing the challenges of 2020 depended on our innovation and fast-paced decision making. But, the truth is that COVID-19 has changed United Airlines forever," said United Airlines CEO Scott Kirby.
"The passion, teamwork and perseverance that the United team showed in 2020 is exactly what will help us build a new United Airlines that's better, stronger and more profitable than ever. I could not be prouder of – and more grateful to – this team, which is going to lead us there."
UAL shares collapsed $2.52, or 5.6%, to $42.66.
