Eaton Vance Ltd Duration Income Fund
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Company profile

Eaton Vance Limited Duration Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent it is consistent with its primary objective. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund). The Fund invests in various sectors, including aerospace and defense, air transport, automotive, beverage and tobacco, brokerage/securities dealers/investment houses, building and development, cable and satellite television, chemicals and plastics, electronics/electrical, financial intermediaries, food products, equipment leasing, lodging and casinos, oil and gas, industrial equipment, home furnishings, leisure goods/activities/movies, healthcare, telecommunications, publishing and insurance, among others. The Fund's investment advisor is Eaton Vance Management (EVM).

Closing Price
$13.48
Day's Change
0.00 (0.00%)
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United Airlines' Q3 sales drop 78%

4:55 pm ET October 14, 2020 (MarketWatch)
Print

By Claudia Assis

United Airlines Holdings Inc. stock fell late Wednesday after the airline reported a 78% drop in quarterly sales as the pandemic continued to crimp air travel.

United (UAL) said it lost $1.8 billion, or $6.33 a share, in the third quarter, contrasting with earnings of $1 billion, or $3.99 a share, in the year-ago quarter.

Related:American Airlines downgrade, Delta's weak third quarter weigh on airline stocks (https://www.marketwatch.com/story/american-airlines-downgrade-deltas-weak-third-quarter-weigh-on-airline-stocks-11602606788)

Adjusted for one-time items, United lost $8.16 a share, versus an adjusted profit of $4.07 a share a year ago.

Total revenue dropped to $2.49 billion from $11.38 billion a year ago. Passenger revenue dropped 84% to $1.7 billion.

Analysts polled by FactSet had expected the airline to report an adjusted loss of $7.53 a share on sales of $2.50 billion.

United said it expects its third-quarter sales would be "the best" among other large, "legacy" airlines once all results are in.

"Having successfully executed our initial crisis strategy, we're ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members, to survive the worst financial crisis in aviation history," Chief Executive Scott Kirby said in a statement.

The company hopes to bring back furloughed employees and "emerge as the global leader in aviation," he said.

United has raised more than $22 billion since March through debt offerings, stock, and Cares Act relief, it said.

Liquidity stood at $19.4 billion at the end of the third quarter. It reduced operating costs by 59%, it said.

Delta Air Lines Inc. (DAL)reported third-quarter results Tuesday, (https://www.marketwatch.com/story/delta-air-lines-stock-drops-after-loss-widens-revenue-falls-more-than-expected-2020-10-13)showing a wider-than-forecast loss and a 76% revenue drop.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 14, 2020 16:55 ET (20:55 GMT)

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