United Airlines Holdings Inc. said Wednesday it expects the coronavirus pandemic to continue to weigh on travel demand this year as the airline turns its focus on reconstruction.
United reported a fourth quarter net loss of $ 1.9 billion, compared to a profit of $ 641 million in the same period a year earlier. In total, United lost $ 7.1 billion in 2020.
While the outlook for airlines for the coming months remains weak, United said it has gained traction on how to survive the immediate challenges and outlined its plan to exceed 2019 profit margins by 2023 through a combination of recurring to travel. revenue and cost savings.
“Aggressively dealing with the challenges of 2020 depended on our innovation and fast decision-making. But the truth is, Covid-19 has changed United Airlines forever, ”said Scott Kirby, United Airlines Chief Executive.
United’s losses come nearly a week after Delta Air Lines Inc. said it lost $ 12 billion last year, also its worst annual performance on record. The dismal results of the two airlines reflect the damage the pandemic has caused to airlines. Carriers such as Southwest Airlines Co. and American Airlines Group Inc. will publish the fourth quarter results next week.