Delta Air Lines (NYSE: DAL) reported revenue of $8.6 billion, down 18% year-over-year. The company posted GAAP loss of $0.84 per share vs. income of $1.09 per share in the first quarter of 2019.
Amid COVID19 impact, Delta has raised a capital of $5.4 billion in early March and suspended shareholder returns, including its stock repurchase program and future dividend payments.
Paul Jacobson, CFO said:
“With the significant impact of COVID-19 on Delta’s revenue, we were burning $100 million per day at the end of March. Through our decisive actions, we expect that cash burn to moderate to approximately $50 million per day by the end of the June quarter.”
Shares up 3.3% during the pre-market hours following the earnings announcement.
Will the Airline Industry Evolve or Die After the Black Swan-ish Disruption?
Is the airline industry staring at an evolutionary cycle after the Coronavirus-induced Pandemic that has no parallels in the past? What was the thought process of top airline executives as Covid-19 unfolded? Were they prepared? What lies ahead? We try to find out from the treasure trove of Earnings Transcripts & Press Releases.
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