Investing.com – United Airlines Holdings (NASDAQ:UAL) reported Monday first-quarter results that missed on missed expectations as the pandemic-fueled dent to travel continued to weigh.
United Airlines Holdings Inc (NASDAQ:UAL) was down 1.4% after the report.
United Airlines Holdings announced a loss per share of $7.50 on revenue of $3.22 billion. Analysts polled by Investing.com anticipated a loss of $6.98 on revenue of $3.31 billion.
Reported first-quarter capacity down 54% versus first-quarter 2019 as the plunge in travel demand amid the ongoing pandemic-led slump in air travel.
Revenue per available seat mile was down 18.9% to 10.61 cents.
Airlines have been leaking cash in the midst of aircrafts on the tarmac with nowhere to go, but there are signs that United’s cash burn is steadying.
Reported first-quarter average core cash burn of $9 million per day, an improvement of about $10 million per day versus the fourth-quarter 2020.
“We’re encouraged by the strong evidence of pent-up demand for air travel and our continued ability to nimbly match it, which is why we’re as confident as ever that we’ll hit our goal to exceed 2019 adjusted EBITDA margins in 2023, if not sooner,” the company said.
Looking ahead, the company guided second-quarter total revenue per available seat mile to be down approximately 20% versus the second quarter 2019, with capacity expected be down around 45%.
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