United Kingdom  

United see $2.1 billion loss

Video Credit: Reuters Studio - Duration: 01:04s - Published
United see $2.1 billion loss

United see $2.1 billion loss

United Airlines said Monday it expects to report a pre-tax loss of about $2.1 billion for the first quarter.

As Fred Katayama reports, the coronavirus pandemic smothered its growth aspirations in Latin America and led the company to seek another $4.5 billion in government aid.


United Airlines warned Monday that it'll likely report a $2.1 billion quarterly pretax loss.

The worldwide health crisis has eviscerated global demand for travel.

United is taking over $1 billion in special charges, mainly from losses in Latin America.

It had partnered with Colombian firm on a carrier, Avianca, which hasn’t been flying since late March amid shutdowns in two main hubs.

United also wrote down investments in a Brazilian airline and took a $50 million impairment charge on its routes to China.

The carrier disclosed Monday it plans to borrow as much as $4.5 billion from the Treasury Department.

That would be in addition to the $5 billion it's set to get from a separate government payroll support package.

Like that payroll aid, the loan terms allow the feds to purchase United shares at a set price, meant to give taxpayers the chance to profit if the airline bounces back.

United shares dropped more than 3% Monday morning.

Related news from verified sources

United Airlines sees $2.1 billion loss as coronavirus hits LatAm growth hopes, seeks more federal aid

United Airlines said on Monday it expects to report a pre-tax loss of about $2.1 billion for the...
Reuters - Published

United Airlines posts quarterly loss, shores up $9.6 billion in liquidity

United Airlines Holdings Inc on Thursday posted a first-quarter loss of $1.7 billion, including...
Reuters - Published

You Might Like

Tweets about this


M̴̡̧̼̙͇̻̫̜̱̩̣̒̈́̓͌̒͊̌͌̀͝͝@̸̢͇͎͆̚hew @russ1mitchell @NHTSA 150 Gasoline Fires A Day According to a recent FEMA report, “from 2014 to 2016 an estimated 1… https://t.co/QLlPBgUWCK 22 hours ago


Sky Davidson Considering the weight loss industry generates more than $70 billion in the United States alone, its big business a… https://t.co/Y7tmzpy0TC 2 days ago


Pete Clay @russ1mitchell @elonmusk https://t.co/cHzX4Ioljf Each year, from 2014 to 2016, an estimated 171,500 highway vehicle… https://t.co/h1uEIaAgye 3 days ago


Myatt Daymun @dondona87804441 @Yukyuk23388529 @realDonaldTrump This study estimates that U.S. consumers lost $68.8 billion due t… https://t.co/q9cSKuTdS8 4 days ago


Dr. Emir Crowne "In the United States alone, travel spending for 2020 is expected to decrease by around $400 billion, translating i… https://t.co/t6Rh3FBfHL 4 days ago


Kimberly Tierney @tonychiarello India has 1.3 billion people and far less deaths. Far less land mass. There is no way to talk around… https://t.co/nVhXvsRgIq 5 days ago


陈浩宇 @TheMathSavior @booster18392718 @Deprinee @eugenegu @realDonaldTrump The only hospital in operation, you say how mu… https://t.co/f9uGYgyfCg 5 days ago


Herbert United Airlines announced its first quarter 2020 financial results with a net loss billion. Leia em:… https://t.co/nyG6MdrIYN 5 days ago

Related videos from verified sources

Rabbits threatened by highly contagious and deadly virus [Video]

Rabbits threatened by highly contagious and deadly virus

MADISON, WISCONSIN — Rabbits are under threat as a deadly hemorrhagic virus spreads across the southwestern United States. According to a report from the USGS National Wildlife Health Center..

Credit: TomoNews US     Duration: 02:12Published
Democrats Move Forward With $3-Trillion Relief [Video]

Democrats Move Forward With $3-Trillion Relief

On Friday, the U.S. House of Representatives narrowly moved toward to a $3 trillion Democratic CoronaVirus relief bill. The bill would double the amount of aid approved by Congress to ease the human..

Credit: Wochit Entertainment     Duration: 00:45Published