Delta Air Lines reports its revenue gains, strong operations and capacity discipline were keys to offsetting $1 billion impact of higher fuel prices in the September 2011 quarter. Delta's net income for the quarter was $765 million and GAAP net income was $549 million.
Delta also reported strong top line revenue growth of 10 percent year over year that helped offset the $1 billion impact of higher fuel prices. Results include $167 million in profit sharing expense, in recognition of Delta employees' achievements toward meeting the company's financial targets, bringing total profit sharing expense for the year to date to $175 million. The company ended the September 2011 quarter with $5.1 billion in unrestricted liquidity.
"We are successfully adapting Delta to the challenging economic environment by producing a solidly profitable quarter in the face of $1 billion of fuel price pressure," said Richard Anderson, Delta's chief executive officer. "Delta people worldwide are committed to building a leading global airline. We are pleased to recognize their contributions with $167 million this quarter for our profit sharing program and we appreciate their hard work."
Delta's operating revenue grew $866 million, or 10 percent in the September 2011 quarter compared to the September 2010 quarter. Load factor increased to 86.1 percent with traffic flat on a 1 percent decrease in capacity. Passenger revenue increased 10 percent, or $793 million, compared to the prior year period, Delta said.