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Delta Airlines Back in Black

Delta Air Lines has reported an adjusted pre-tax income of US$216 million (€186 million) for the three months to the end of September.

The figure, however, excludes a US$1.3 billion (€1.1 billion) net benefit related to the second payroll support program extension, partially offset by debt extinguishment charges and mark-to-market adjustments on investments.

“Our September quarter marked an important milestone in our recovery, with our first quarterly profit since the start of the pandemic,” said Ed Bastian, Delta chief executive.

“Our revenues reached two-thirds of 2019 levels thanks to the industry-leading operational performance our people delivered through a busy summer, once again showing why they are the best in the business.”

Delta reported an adjusted operating revenue of $8.3 billion, excluding refinery sales. This is an increase of $1.9 billion, or 30%, compared to the second quarter up to June 2021, and is due to an 11% increase in capacity.

Overall, the figure represents a recovery of 66% compared to the September quarter in 2019, which was 71% restored.

At the end of the September quarter, the company had $15.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities.

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