Coronavirus hits airlines as they report earnings and prepare for layoffs next fall [Yahoo! Finance News]
Southwest Airlines Company (LUV)
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Source: Yahoo! Finance News
hits airlines as they report earnings and prepare for layoffs next fallAdam ShapiroAnchorYahoo April 20, 2020ReblogShareTweetThe major U.S. airlines will begin reporting first quarter earnings this week, and it won’t be pretty. The trade groupAirlines for America A4A)In the U.S., domestic flights, as of April 18, averaged just 10 passengers even though the airlines have scrambled to cut capacity. A4A says the carriers have grounded 2,711 aircraft or 44% of the fleet and they plan to cut capacity even more. Net bookings are down 99.5% year over year and booked revenue is down 103%, according to A4A.A4A says the major carriers have been able to finance billions of dollars in new credit in addition to the billions each of them will receive from the U.S. Treasury under the Aid, Relief, and Economic Security CARES) ActView photosThe trade group Airlines for America reports the major carriers are scrambling to line up billions of dollars in new credit.United Airlines, April 28UAL)Documents
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