United Airlines said on Wednesday it cut operating costs by 59% in the third quarter and had nearly $20 billion of liquidity to position it for an eventual recovery from the COVID-19 crisis that has hammered global airlines.
“We’re ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members, to survive the worst financial crisis in aviation history,” said United CEO Scott Kirby.
The company had $19.4 billion of liquidity at Sept. 30, giving it some runway to weather a crisis that has pummeled air travel demand. “Even though the negative impact of COVID-19 will persist in the near term, we are now focused on positioning the airline for a strong recovery that will allow United to bring our furloughed employees back to work and emerge as the global leader in aviation,” Kirby said.United said its quarterly adjusted loss was $2.37 billion, or $8.16 per share, compared with adjusted net income of $1 billion, or $4.07 per share, a year earlier.
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