Saying Covid Has Changed It Forever, United Airlines Posts $7.1 Billion Loss for 2020
United Airlines announced financial results for the fourth quarter of 2020 as well as for the full calendar year.
The Chicago-based airline recorded a net loss of $1.9 billion in the quarter, compared with a profit of $641 million in the same period in 2019.
The carrier also reported a $7.1 billion loss for the year.
The airline said it expects 2021 to be a year of transition “focused on preparing for a recovery” during which the coronavirus pandemic will continue to adversely impact travel. United said it knows how to overcome the immediate hurdles and presented the outline of a plan it believes will help it exceed its 2019 profit margins by 2023, one that includes cutting costs as well as a travel in the travel sector.
“Aggressively managing the challenges of 2020 depended on our innovation and fast-paced decision making. But, the truth is that Covid-19 has changed United Airlines forever,” said the airline’s CEO, Scott Kirby.
The report of United’s pandemic-generated losses followed Delta Air Lines’, which last week reported a $12 billion annual loss, its worst ever. Competitors American Airlines and Southwest Airlines are poised to report Q4 results next week.
(Photo: Accura Media Group)
