Delta Air Lines (NYSE: DAL) posted a $3.9 billion pretax loss for the second quarter, ending June 30, on a more than $11 billion drop in revenue from last year.
Ed Bastian, the Atlanta-based carrier’s CEO, said the dramatic loss “illustrates the truly staggering impact of the COVID-19 pandemic on our business.”
The airline had anticipated a continued deterioration in revenue since earlier this year when it grounded more than 90% of its passenger flights due to government travel restrictions to combat the spread of the novel coronavirus.
Delta’s total revenue for Q2 reached about $1.5 billion, down 88% compared to the prior year, with total unit revenue down 21%. Cargo revenue dropped 42% to $108 million.
The airline benefited earlier this year from $1.3 billion in CARES Act relief funding from Congress and launched a $2.5 billion restructuring plan, which included the announcement of accelerated aircraft retirements.
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The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now