A Delta Airlines Boeing 757-251 is approaching Washington Ronald Reagan National Airport (DCA) in Arlington, Virginia on February 24, 2021.
Daniel Slim | AFP | Getty Images
Delta Air Lines reported another quarterly loss on Thursday, but said it expects it to arrive even in June, as travel demand comes from a deep pandemic crisis.
Here’s how Delta performed in the first quarter compared to what Wall Street expected, based on average estimates compiled by Refinitive:
- Adjusted earnings per share: a loss of $ 3.55 compared to an expected loss of $ 3.17 per share
- Total income: $ 4.15 billion compared to estimated revenue of $ 3.91 billion
Delta and its competitors continue to lose money, but have grown optimistic about improving bookings, as more travelers are vaccinated, travel restrictions are lifted and more attractions reopen. Delta said domestic leisure bookings are at 85% of 2019 levels, although demand for international and business travel remains depressed.
The Atlanta-based operator posted a net loss of $ 1.18 billion to $ 4.15 billion in revenue in the first quarter, exceeding analysts’ estimates of sales of $ 3.91 billion. Revenue decreased 60% compared to Delta of $ 10.47 billion generated in the first quarter of 2019. Adjusted, Delta recorded a loss of $ 3.55 per share, compared to a forecast of $ 3.17 per action.
Cash burns averaged $ 11 million a day in the quarter, but turned positive last month at $ 4 million a day, Delta said.
“One year after the pandemic, travelers are gaining confidence and starting to come back to life. Delta is accelerating recovery with our strongest and most reliable brand ever,” Delta CEO Ed Bastian said in a statement. income. “If the recovery trends continue, we expect to generate positive cash for the June quarter and we will see a return to profitability in the September quarter as demand recovery progresses.”
Delta said it expects second-quarter revenues to be 50% to 55% lower than in the same period in 2019 for scheduled capacity, one-third lower than two years ago. Its spending, eliminating the cost of fuel, will increase by 6% to 9% this quarter, he said.
Delta shares rose 1% in premarket trading after the airline reported results.
The carrier’s directors will hold a call with analysts to discuss the results at 10 a.m. ET.