American Airlines CEO says burning less cash but demand outlook still uncertain

American Airlines CEO says burning less cash but demand outlook still uncertain

American Airlines Chief Executive Doug Parker said on Wednesday that he expects a daily cash burn of about US$40 million in June, down from a previous forecast of US$50 million per day, thanks to cost-savings measures to address the coronavirus pandemic.

FILE PHOTO: American Airline CEO Doug Parker
FILE PHOTO: CEO of American Airlines Doug Parker at a golf tournament in Pebble Beach, California February 11, 2016. REUTERS/Michael Fiala/File Photo

CHICAGO: American Airlines Chief Executive Doug Parker said on Wednesday that he expects a daily cash burn of about US$40 million in June, down from a previous forecast of US$50 million per day, thanks to cost-savings measures to address the coronavirus pandemic.

Speaking to shareholders at its annual meeting, held virtually, Parker said demand was returning at low levels but the company does not know how much it will be flying in the fall or in the summer of 2021 due to continued uncertainty.

(Reporting by Tracy Rucinski; Editing by Chizu Nomiyama)

Source: Reuters

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