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Delta Reports $549 Million Profit

July 19, 2010 By: George Dooley

Delta Air Lines reported financial results for the June 2010 quarter, including Delta's net income for the June 2010 quarter of $549 million. This is a $748 million improvement year over year, Delta said. Net income was $467 million in the June 2010 quarter. Results include $90 million in profit sharing expense, in recognition of Delta employees' achievements toward meeting the company's financial targets. Delta also generated more than $1 billion in operating cash flow and ended the June 2010 quarter with $6.0 billion in unrestricted liquidity.

"Delta's profit this quarter is our best result in a decade and proof that our plan has positioned us well as the economy begins its recovery," said Richard Anderson, Delta's CEO.

Delta's operating revenue grew $1.2 billion, or 17 percent in the June 2010 quarter compared to the 2009 quarter. Passenger revenue increased 19 percent, or $1.1 billion, compared to the prior year period on 1 percent lower capacity. Passenger unit revenue (PRASM) increased 19.4 percent, driven by a 17 percent improvement in yield and a 1.9 point improvement in load factor. Cargo revenue increased 22 percent, or $38 million, on higher cargo volume and yield. Other, net revenue increased 3 percent, or $24 million, primarily due to increased baggage fees.

“We are seeing strong improvements in these early stages of the economic recovery and believe there's room for more revenue growth as the economy continues to stabilize," said Ed Bastian, Delta's president. "We anticipate double-digit year over year unit revenue gains for the September quarter."



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