Revenue fell 73 percent year over year to $ 3.2 billion. The analysts who contributed to the FactSet consensus put the average at $ 2.81 billion.
American Airlines posted a gross loss of $ 3.1 billion. The net loss was $ 2.4 billion, or $ 4.71 per share. A year ago that was just $ 0.96 per share.
Adjusted loss was $ 2.8 billion, or $ 5.54 per share. That number was a little better than expected. The consensus expected a loss of $ 5.86 per share. American Airlines ended the quarter with approximately $ 13.6 billion in cash.
The load factor fell from 86.6 to 57.9 percent, as air traffic fell by 74.2 percent and capacity fell by 61.5 percent.
For the fourth quarter, American Airlines expects a capacity decrease of more than 50 percent compared to the previous year. International long-haul capacities are expected to decrease by around 75 percent.
Savings of 17 billion
“In the third quarter, we took steps to reduce our costs and strengthen our financial condition,” said CEO Doug Parker in a comment. For all of 2020, American Airlines could have achieved savings of around $ 17 billion.
American Airlines, for example, has decided to take 150 aircraft out of service early. This leads to an early shutdown of the Boeing 757, 767, Airbus A330-300 and Bombardier CRJ200. In addition, the airline recently decided to retire all 15 A330-200s.