Delta Air Lines Reports $5.4 Billion Loss in Third Quarter
Delta Air Lines reported a $5.4 billion loss for the third quarter of 2020 in an Oct. 13 press release.
The Atlanta-based career attributed $4 billion in losses directly to the impact of COVID-19 “and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees, which were partially offset by the benefit of the CARES Act grant recognized in the quarter,” Delta said.
“With a slow and steady build in demand, we are restoring flying to meet our customers’ needs, while staying nimble with our capacity in light of COVID-19,” said Glen Hauenstein, Delta’s president. “While it may be two years or more until we see a normalized revenue environment, by restoring customer confidence in travel and building customer loyalty now, we are creating the foundation for sustainable future revenue growth.”
Operating revenue was down 79 percent and capacity was reduced by 63 percent compared to the same period in 2019. The company has announced plans to accelerate retirements of nearly 400 aircraft by 2025, including more than 200 in 2020.