American Airlines said on Tuesday it turned cash flow positive in March on an adjusted basis, helped by a recovery in demand for domestic travel.
See also: American celebrates 40th anniversary its AAdvantage program.
Excluding daily payment of $8 million towards regular debt and severance packages, it was cash flow positive, the company said in a regulatory filing, adding it burned about $4 million of cash per day in March compared with $30 million in the previous quarter, Reuters reported.
See also: American Airlines prepares its fleet to meet growing demand.
The U.S. airline expects its average daily cash burn rate for the first three months to be about $27 million per day compared to its previous forecast of $30 million, and end the quarter with about $17.3 billion in total available liquidity.
The company expects revenue to plunge about 62% compared with the same period in 2019, and to post a loss of about $2.7 billion to $2.8 billion, excluding financial assistance under the U.S. payroll support program for airlines.
American had previously forecast a revenue decline of between 60% and 65%.
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