American Airlines CEO says burning less cash but demand outlook still uncertain

FILE PHOTO: American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. REUTERS/Nick Oxford/File Photo

CHICAGO (Reuters) - American Airlines Chief Executive Doug Parker said on Wednesday that he expects a daily cash burn of about $40 million in June, down from a previous forecast of $50 million per day, thanks to cost-savings measures to address the coronavirus pandemic.

Speaking to shareholders at its annual meeting, held virtually, Parker said demand was returning at low levels but the company does not know how much it will be flying in the fall or in the summer of 2021 due to continued uncertainty.

Reporting by Tracy Rucinski; Editing by Chizu Nomiyama