New York (CNN Business) The second quarter was the worst financial hit in the history of the airline industry. US airlines reported combined losses of $12 billion in the second quarter, excluding special items, as revenue plunged 86% from the prior year. And analysts are forecasting that losses will come to about $10 billion in the just-completed third quarter. Delta Air Lines DAL will kick off the flood of red ink on Tuesday when it reports results. Airlines did manage to shave losses by trimming costs -- including labor, as employees took buyouts and early retirement packages and agreed to unpaid furloughs.

Source: CNN October 12, 2020 17:48 UTC