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Showing posts with the label Airlines

News | Business | Companies | Airlines: American Airlines reports $2.4 billion net loss in third quarter, cuts cash burn

  Leslie Josephs 2 minutes - Source: CNBC A passenger aircraft of American Airlines. Silas Stein | picture alliance via Getty Images American Airlines on Thursday posted another big quarterly loss as the coronavirus pandemic hurt summer travel demand, but the carrier trimmed its cash burn. Revenue dropped 73% in the three months ended Sept. 30 to $3.17 billion from $11.9 billion a year earlier. The carrier swung to a $2.4 billion net loss in the third quarter from a $425 million profit a year earlier. Excluding one-time items, American posted a per-share loss of $5.54, better than analysts expected. American shares were down 1.4% premarket. The company said it has authorized a stock sale to raise up to $1 billion. Fort Worth-based American began furloughing 19,000 employees this month after the terms of $25 billion federal aid for the struggling airline sector expired. American has been the most vocal about urging lawmakers and

News | Business | Airlines | Earnings: Ryanair reports net loss of 185 million euros and predicts traffic will be down 60% this year

Silvia Amaro 3-4 minutes Source: CNBC Passenger aircraft, operated by Ryanair Holdings, stand on the tarmac at London Stansted Airport in Stansted, U.K., on May 1, 2020. Chris Ratcliffe | Bloomberg | Getty Images Ryanair posted a net loss of 185 million euros ($216.4 million) for the first quarter of its fiscal 2021 year, slightly better than market expectations. Analysts polled by Refinitiv were expecting a net loss of 205 million euros for the quarter ending June 30. The low-cost airline said Monday that its next fiscal 12 months “will be a very challenging year.” “It is impossible to predict how long the Covid-19 pandemic will persist, and a second wave of Covid-19 cases across Europe in late autumn (when the annual flu season commences) is our biggest fear right now,” Ryanair said in a statement. The sector has been significantly hit by the pandemic with Ryanair’s entire fleet coming to a halt for about four months as countries imposed st

News | Airlines | United Airlines | Unemployment Furloughs: : |United Airlines to furlough up to 36,000 staff

3-4 minutes - Source: CNBC Image copyright Getty Images United Airlines says up to 36,000 of its workers could be furloughed due to the coronavirus pandemic. That amounts to almost half of the company's total US-based frontline workforce. “Throughout this crisis, we have been honest and direct with you about our need to right-size our workforce to match travel demand,” it said. The carrier said it expects capacity for this month to be down 75% compared to July last year. The company also said that not everyone who receives a warning letter will definitely be furloughed, with the final number depending on whether trading conditions improve and how many workers accept offers of redundancy and temporary leave. “Our primary goal throughout this crisis has been

News | Airlines | UK Job Cut Plans: UK Job fears after 1,700 Airbus posts threatened

5-7 minutos - Source: BBC Image copyright Getty Images Image caption Airbus employs more than 6,000 people at its site in Broughton, Flintshire Plans to cut 1,700 UK Airbus jobs have been described as "utterly devastating" by a Welsh minister. Economy, Transport and North Wales minister, Ken Skates said a "huge number" of workers would be extremely worried by the announcement. The UK losses are expected to be at Broughton, in Flintshire, and Filton, in Bristol. The company says it plans to cut 15,000 jobs in total as it deals with the effects of the coronavirus crisis. Mr Skates said "compulsory action" at the Broughton site, whi

Industries | Airlines: Airlines move to cut capacity and rein in costs as coronavirus effect intensifies

Ciara Linnane 5-6 minutes - Source: marketWatch Passenger airlines around the world moved to cut capacity and rein in costs on Tuesday, in response to the mass cancellations and empty planes caused by the coronavirus that has infected more than 116,000 people around the world. Australian carrier Qantas Airways Ltd. QAN, +7.22% QABSY, +13.18% grounded half of its A380 fleet, cut overall capacity by 23% for the next six months, canceled a share-buyback program, asked staff to take unpaid leave and dumped management bonuses late Monday. A raft of other international airlines followed suit on Tuesday, including Air France-KLM AF, +0.19% AFLYY, +2.43% and Ryanair Holdings PLC RYA, +5.15% RYAAY, +6.16% , alongside all of the big U.S. carriers . Air France released February traffic data, show