American airlines’ net losses are likely to be more than $35 billion for 2020, accounting for more than 40 percent of global carriers’ losses, as the coronavirus pandemic resulted in the worst year in the history of aviation.
The size of the financial hole experienced by US airlines was calculated by analysts at data firm FactSet, as reported by CNBC on Friday. In a separate December report, FactSet said airlines were the largest contributor to the year-over-year drop in the fourth quarter for the industrials sector, posting a 343 percent and a 66 percent decline in earnings and revenues, respectively. If they were excluded from the sector’s performance, the estimated earnings decline for it would improve to -0.7 percent from -34.4 percent, while the estimated revenue losses would be cut to -2.8 percent from -10.3 percent.
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