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.
“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