April 30, 2020 / 11:42 AM / a month ago

American Airlines posts first quarterly loss since emerging from bankruptcy

April 30 (Reuters) - American Airlines on Thursday posted its first quarterly loss since emerging from bankruptcy in 2013, and said it expects second-quarter cash burn rate to be about $70 million per day, as the COVID-19 pandemic brought travel to a near standstill.

The U.S. airline swung to a net loss of $2.24 billion, or $5.26 per share, for the first quarter ended March 31, compared with a profit of $185 million, or 41 cents per share, a year earlier.

Total operating revenue declined 19.5% to $8.52 billion.

Excluding special items, the company posted a loss of $2.65 per share. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)

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