Delta Airlines reported another poor quarter with losses of $1.18bn and revenues of $4.15bn. It’s earnings release compared all Q1 2021 numbers to Q1 2019. Revenues were down 65% vs. the same quarter in 2019. Cash burn averaged $11mn/day in Q1 but turned positive in March to $4mn/day, Delta said. The carrier added that it expects Q2 revenue to be 50-55% lower than the same period of 2019. The airline noted that it had $16.6bn in liquidity with total debt and finance lease obligations of $29bn, and adjusted net debt of $19.1bn, higher than prior guidance as a result of aircraft financing decisions. “Recent demand trends are encouraging with rising confidence in air travel as vaccination rates improve and travel restrictions ease, with current domestic leisure bookings 85% recovered to 2019 levels,” said Glen Hauenstein, Delta’s president.
For the full story, click here