United Airlines Holdings Inc. UAL, -1.68% disclosed Monday that it had positive average daily core cash flow in March, and expects positive average daily cash flow moving forward, as the air carrier said it has seen a “forward acceleration in customer demand” for travel and new bookings. The company expects first-quarter revenue of $3.2 billion, down 66% from the first-quarter of 2019. That compares with the company’s previous guidance of revenue to fall 65% to 70% from 2019, and with the FactSet consensus of $3.35 billion. United’s stock fell 1.1% in premarket trading. Separately, the company said it had $21 billion in available liquidity as of March 31, including $7 billion under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) loan program. The company also disclosed plans a private offering of $5.5 billion in senior debt, with an intention to use the proceeds to repay debt. United’s stock has rallied 35.1% year to date through Friday, while the U.S. Global Jets ETF JETS, -0.69% has advanced 22.0% and the S&P 500 SPX, +0.77% has gained 9.9%.
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