United Airlines lost $7B in 2020, will prepare for recovery in 2021 - Business Insider

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United Airlines lost $7 billion in 2020, and burned through $33 million per day in the fourth quarter. It says 2021 will be a 'transition year' that prepares it for recovery.

United Airlines employees help a passenger at LaGuardia Airport, Saturday, March 21, 2020, in New York, N.Y.In a statement, the airline said 2021 would be a "transition year that's focused on preparing for a recovery."

The company burned an average of $33 million per day in the fourth quarter, including about $10 million of severance and debt payments, even as it continued to slash costs. The airline company is set to receive about $2.6 billion in payroll support through March, and said it expects to offer employees options like voluntary leave to reduce furloughs after that time.— normally the busiest travel season of the year — as the coronavirus pandemic triggered. low demand for flights and travel restrictions.

United Airlines' adjusted net loss was $2.1 billion, or a loss of $7 per share, in the fourth quarter ended December 31, compared with a profit of $676 million a year earlier. That missed analysts' estimates for a loss of $6.60 per share, according to IBES data from Refinitiv.

 

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