Delta Air Lines Posts Loss In Q1

(RTTNews) - Delta Air Lines (DAL, DALRQ.PK) reported Q1 GAAP net loss of $940 million or $1.48 per share versus a profit of $730 million or $1.09 per share reported in the first quarter of fiscal 2019.

Adjusted net loss was $784 million or $1.23 per share compared to a profit of $639 million or $0.96 per share in the same period of 2019.

Total operating revenue for the quarter was $9.35 billion, lower than the $10.5 billion generated in the first quarter of 2019.

Analysts polled by Thomson Reuters expected the company report a loss of $1.27 per share and revenue of $8.92 billion for the quarter. Analysts' estimate typically exclude certain special items.

"Delta is well-positioned to capitalize on robust consumer demand and an accelerating return of business and international travel. The strength of Delta's brand has never been more evident with record-setting performance for co-brand card acquisitions, co-brand spend and SkyMiles acquisitions in March," said Glen Hauenstein, Delta's president.

Looking ahead, the company sees Q2 total revenue to be up 93% - 97% compared to the June quarter of 2019.