MIAMI – American Airlines (AA) today announced Q4 and full-year 2020 financial results. As expected, the pandemic had a major negative impact on the airline’s performance. Here are some highlights:
- Q4 revenue was US$4bn, a 64 percent drop from Q4 2020 on a 53% drop in available seat miles for the same period;
- Q4 net loss of US$2.2bn, or (US$3.86) per share;
- Full-year net loss of US$9.5bn, or (US$19.66) per share;
- End of Q4 total available liquidity was approximately US$14.3bn with the expectation that Q1 2021 will end with US$15 total available liquidity;
- Cost-saving measures of over US$1.3bn included in the 2021 operating plan.
Comments from American Airlines’ CEO
Doug Parker, the Chairman and CEO of American said “Our fourth-quarter financial results close out the most challenging year in our company’s history.” Parker added that American flew more customers than any other airline in 2020, and they did so safely and with the utmost care.
One of the cost-saving measures implemented was the retirement of five aircraft types – the Embraer 190, Boeing 757, Boeing 767, Airbus A330 and the Bombardier CRJ200. American also retired older regional aircraft and placed some older 737-800s into storage. These actions removed more than 150 aircraft from the fleet.
The airline also made an agreement with Boeing to have the right to defer deliveries of 18 Boeing 737 MAX aircraft, five of which have already been deferred.
Featured image: American Airlines aircraft parked. Photo: The Associated Press.