Healthy airline? When was the last time Delta actually made a profit? (Include the "Special Items", not excluding the special items....)
Q2. Q3 will supposedly be the biggest in Delta history.
Delta Air Lines Announces $549 Million Profit Excluding Special Items
Company Reports GAAP Profit of $467 Million
Jul 19, 2010
ATLANTA, July 19 /PRNewswire-FirstCall/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the June 2010 quarter. Key points include:
Delta's net income for the June 2010 quarter was $549 million, or $0.65 per diluted share, excluding special items(1). This is a $748 million improvement year over year.
Delta's net income was $467 million, or $0.55 per diluted share, for 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 generated more than $1 billion in operating cash flow and ended the June 2010 quarter with $6.0 billion in unrestricted liquidity.
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"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 chief executive officer. "These results would not have been possible without the dedication and determination of Delta people. We're happy to recognize our employees' contributions with $90 million in profit sharing."
Revenue Environment
Delta's operating revenue grew $1.2 billion, or 17% in the June 2010 quarter compared to the 2009 quarter.
Passenger revenue increased 19%, or $1.1 billion, compared to the prior year period on 1% lower capacity. Passenger unit revenue (PRASM) increased 19.4%, driven by a 17% improvement in yield and a 1.9 point improvement in load factor.
Cargo revenue increased 22%, or $38 million, on higher cargo volume and yield.
Other, net revenue increased 3%, or $24 million, primarily due to increased baggage fees.