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Delta Air Lines expects to come out of the red in Q3

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April 17, 2021
in Business, Culture, Economy, Lifestyle, Politics, Travel, World
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Delta Air Lines expects to come out of the red in Q3
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Delta Air Lines reported that in the first quarter of 2021 it posted a pre-tax adjusted loss of $ 2.9 billion and an adjusted loss per share of $ 3.55 on adjusted operating income of $ 3.6 billion. Still, “accelerating demand supported positive cash generation in March, marking a key milestone in our recovery,” said company CEO Ed Bastian.

“One year after the start of the pandemic, travelers are gaining confidence and beginning to get their lives back. Delta is rushing toward reclaiming our brand stronger and more reliably than ever,” said Ed Bastian, Delta CEO. , when announcing the company’s quarterly financial results

In the first quarter of 2021 Delta lost almost $ 1 billion per month

“Thanks to the incredible efforts of our people, we achieved positive daily cash generation in the month of March, a remarkable achievement considering our center seat blockage and low demand for business and international travel,” Bastian said. .

“If recovery trends continue, we expect positive cash generation for the June quarter and we see a path to return to profitability in the September quarter as the recovery in demand progresses.”

Financial results
The adjusted pre-tax loss of US $ 2.9 billion excludes a US $ 1.2 billion benefit related to the first extension of the payroll support program, which is partially offset, among other items, by debt termination charges in which incurred in prepaying our $ 1.5 billion term loan for slots, gates and routes.
Adjusted total revenue of $ 3.6 billion decreased 65 percent due to a 55 percent lower sales capacity compared to the first quarter of 2019.
Total operating expense decreased US $ 3.9 billion from the first quarter of 2019, driven by reductions in expenses related to capacity and revenue, lower salaries, related costs and strong cost management across the business.
During the first quarter of 2021, cash consumption averaged $ 11 million per day and turned positive in March with a cash generation of $ 4 million per day.


At the end of the first quarter 2021 the company had US $ 16.6 billion of liquidity, including cash and cash equivalents, short-term investments and unused revolving lines of credit. The company had total debt and finance lease obligations of $ 29 billion, with adjusted net debt of $ 19.1 billion, higher than previous forecasts as a result of aircraft financing decisions.

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