By Yasin Ebrahim
Investing.com - United Airlines Holdings (NASDAQ:UAL) reported on Wednesday third-quarter results that missed analysts' forecasts on both the top and bottom lines as the impact of the pandemic on air travel weighed on performance.
United Airlines Holdings shares lost 1.21% in after-hours trade following the report.
United Airlines Holdings announced earnings per share of $-8.16 on revenue of $2.49B. Analysts polled by Investing.com anticipated EPS of $-7.57 on revenue of $2.54B.
The miss on topline comes as passenger revenue slumped 84% year-over-year.
The company reported that cost cuts had helped improved its cash burn and said it had enough liquidity to weather the impact of the pandemic.
Operating costs were cut by 59% compared with the prior-year period, and the company achieved an average daily cash burn during the third quarter of $25, compared with the second-quarter average daily cash burn of $40 million.
The company's available liquidity at the end of the third quarter 2020 was approximately $19.4 billion.
United Airlines Holdings shares are down 59.58% from the beginning of the year, still down 62.58% from its 52 week high of $95.16 set on November 7, 2019. They are under-performing the Nasdaq which is up 31.16% from the start of the year.
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