Delta Airlines (NYSE: DAL) reported another quarterly loss, as the COVID-19 pandemic continues to pummel demand for flights. The result has been prompting major airlines to dismiss thousands of workers.
During the third quarter, Delta lost almost $5.4 billion on a net basis, or $6.9 billion pre-taxes. This is compared to a profit of over $1 billion in the comparable year-ago period. It highlights what CEO Ed Bastian called “the magnitude” of the COVID-19 pandemic on the carrier’s business.
Here are the main takeaways from the report, compared to consensus estimates compiled by Bloomberg:
- Total operating revenue: $3.1 billion vs. $3.1 billion expected
- Adjusted loss per share: $3.30 vs. $2.97 expected
- Adjusted pre-tax loss: $2.6 billion
- Adjusted net income loss: $2.09 billion vs. $1.87 billion expected
Delta increased its adjusted revenue to $2.6 billion during the third quarter. This is up from $1.47 billion in the second quarter. The daily average cash burn fell to $24 million and was as low as $18 million in September.
