United Airlines said on Wednesday it cut operating costs by 59 per cent 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.
Chicago-based United said its daily cash burn slowed to an average $25 million in the quarter ended September from $40 million in the second quarter, and included $4 million per day in severance and debt payments.
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.
