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Byline: From IBD News Services
U.S. airlines, which were bleeding money well before the Sept. 11 hijackings of four commercial jets, will report even more substantial losses for the third quarter due to the first-ever shutdown of U.S. airspace and a plunge in traffic, analysts said Friday.
The fourth quarter, when the full brunt of unfilled planes will be born, will be even worse.
Only one of the eight largest carriers, Southwest Airlines, will post a third-quarter profit, as its earnings before the attacks in New York and Washington were enough to offset later losses, analysts said.
No. 9 Alaska Air Group might have a profit, but not all analysts think so.
In late developments Friday, major carriers announced their latest moves. They included:
United Airlines said it will cut its schedule by 31% from pre-attack levels, up from a 20% cut planned before. But starting Nov. 1, its new schedule will consist of 26% fewer available seat miles and 31% fewer departures. It'll also retire more jets.