United Airlines (NASDAQ:UAL) earnings for the airline company’s second quarter of 2020 have UAL stock down after markets closed on Tuesday. That’s despite the company reporting diluted losses per share of $5.79 on revenue of $1.48 billion. Both of these are better than Wall Street’s estimates of -$9.02 per share and revenue of $1.32 billion.
Here’s what else is worth mentioning from the most recent United Airlines earnings report.
- Diluted per-share losses are a negative switch from its diluted EPS of $4.02 from the second quarter of 2019.
- Revenue for the quarter is sitting 87.1% lower than the $11.4 billion from the same time last year.
- Operating loss of $1.34 billion is a massive decline year-over-year from an operating income of $1.47 billion.
- The United Airlines earnings report also has net loss coming in at $1.63 billion.
- That doesn’t look good next to the company’s net income of $1.05 billion from the same period of the year prior.
Scott Kirby, CEO of United Airlines, said this in the earnings report.
“While this unprecedented crisis has been difficult for our team, we expect United produced fewer losses and lower cash burn in the second quarter than any of our large network competitors. We accomplished this by quickly and accurately forecasting the impact that COVID would have on passenger and cargo demand, accurately matching our schedule to that reduced demand, completing the largest debt financing deal in aviation history, and cutting expenses across our business.”
United Airlines plans to discuss guidance in its conference call for the current earnings report. That call will take place at 10:30 a.m. Eastern Time on Wednesday. A live webcast of the call will be available on the company’s website.
UAL stock was down slightly after-hours Tuesday and ended normal trading up 2.3%.
As of this writing, William White did not hold a position in any of the aforementioned securities.