- American Airlines lost $2.2 billion dollars in the first quarter as the coronavirus roils the airline industry .
- The airline retired a variety of aircraft types as part of its effort to lower expenses, including its Boeing 757 and 767, Embraer E190, and Airbus A330-300 fleets.
- It was American Airlines' biggest loss since 2008.
- Visit Business Insider's homepage for more stories .
REUTERS/Mike Blake
American Airlines lost more than $2.2 billion dollars in the first quarter of 2020, the airline said on Thursday its biggest loss since the start of the 2008 financial crisis.
The loss came as the ongoing coronavirus crisis has led to a near-complete drop in travel demand and sent the airline industry into disarray.
American Airlines' loss came on revenue of $8.52 billion which was down nearly 20% from last year, but in line with other airlines that have reported their results.
The airline lost $2.65 per share on an adjusted basis.
As the crisis has begun to look like a long-term downturn with an even longer recovery, airlines around the world have grounded planes and suspended routes. American sent its 757, 767, E190, and A330-300 fleets into early retirement, with CEO Doug Parker acknowledging that the airline will "have to be smaller" to recover.
The airline has also received $10.6 billion in credit line and payroll grants through the federal CARES Act, and sought other credit lines. The airline ended the quarter with $6.8 billion in available liquidity, and expects to end the second quarter with $11 billion.
US airlines have slashed capacity 80-90% in recent weeks, as travel demand has dropped as much as 97% amid corporate travel bans, stay-at-home orders, and anxiety over the outbreak.
"Never before has our airline, or our industry, faced such a significant challenge," Parker said in a press release.
The airline will hold an earnings call with analysts and reporters Thursday morning.
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