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Delta Air Lines Announces September Quarter Financial Results

Delta Air Lines Announces September Quarter Financial Results

September quarter 2020 GAAP pre-tax loss of $6.9 billion and loss per share of $8.47 on total revenue of $3.1 billion

September quarter 2020 adjusted pre-tax loss of $2.6 billion and adjusted loss per share of $3.30 on adjusted revenue of $2.6 billion

Delta ended the September quarter 2020 with $21.6 billion in liquidity

ATLANTA, Oct. 13, 2020 /PRNewswire/ — Delta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2020.  Detailed results, including both GAAP and adjusted metrics, are on page four and are incorporated here.


Delta Air Lines and the Delta Connection carriers offer service to nearly 370 destinations on six continents. For more information visit news.delta.com. (PRNewsFoto/Delta Air Lines)

“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been  encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” said Ed Bastian, Delta‘s chief executive officer.  “The actions we are taking now to take care of our people, simplify our fleet, improve the customer experience, and strengthen our brand will allow Delta to accelerate into a post-COVID recovery.”

September Quarter Financial Results 

  • Adjusted pre-tax loss of $2.6 billion excludes $4.0 billion of items directly related to the impact of COVID-19 and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees, which were partially offset by the benefit of the CARES Act grant recognized in the quarter
  • Total adjusted revenue of $2.6 billion declined 79 percent on 63 percent lower capacity versus prior year
  • Total operating expense, which includes the $4.0 billion of COVID-related items described above, decreased $1.0 billion over prior year.  Adjusted for those items and third-party refinery sales, total operating expense decreased $5.5 billion or 52 percent in the September quarter compared to the prior year, driven by lower capacity- and revenue-related expenses and strong
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Fed officials fear lack of stimulus will stifle the US economic recovery, according to September meeting minutes

Fed officials fear lack of stimulus will stifle the US economic recovery, according to September meeting minutes



a man wearing a suit and tie: Getty Images / Tasos Katopodis


© Getty Images / Tasos Katopodis
Getty Images / Tasos Katopodis

  • Minutes from the Federal Open Market Committee’s September 15-16 meeting show Federal Reserve officials raising concerns that a lack of new fiscal support could hinder the US economic recovery.
  • FOMC participants “assumed the enactment of some additional policy support this year,” according to the minutes. Without such support, “the pace of the economic recovery would likely be slower,” they added.
  • The meeting came roughly three weeks before President Trump abruptly halted negotiations on a new bill, saying in a Tuesday tweet he would freeze stimulus talks until after the presidential election.
  • Some FOMC members fired back at the president’s action. Letting the economy move forward without congressional support is like “letting the forest fire just rage,” Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Wednesday.
  • Visit the Business Insider homepage for more stories.

Federal Reserve officials raised concerns about a lack of additional fiscal stimulus during their September meeting, roughly three weeks before President Donald Trump axed negotiations for new aid.

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Minutes of the Federal Open Market Committee’s September 15-16 meeting revealed policymakers “assumed the enactment of some additional fiscal policy support this year.” Without such support from Congress, “the pace of the economic recovery would likely be slower,” according to the minutes.

The absence of new stimulus would also “exacerbate economic hardships in minority and lower-income communities,” FOMC participants added. The two groups are among those hit hardest by the virus and its economic fallout.

“For the time being, the Fed is sending the message that they have, in fact, done a lot already,” Bob Miller, BlackRock’s head of fundamental fixed income in the Americas, said. “What is clearer, however, is the committee members’ revealed preference that fiscal policy is the optimal response

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