General Lee
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PR Newswire Delta Air Lines 34 minutes ago
ATLANTA, Jan. 21, 2014 /PRNewswire/ -- Delta Air Lines (DAL) today reported financial results for the December 2013 quarter. Key points include:
Delta's net income for the December 2013 quarter was $558 million, or $0.65 per diluted share, excluding special items1.
Delta's net income for 2013 was $2.7 billion, excluding special items, a $1.1 billion increase over 2012.
Delta's GAAP net income was $8.5 billion, or $9.89 per diluted share, for the December 2013 quarter and $10.5 billion for 2013. These results include an $8.0 billion non-cash gain associated with the reversal of the company's tax valuation allowance.
2013 results include $506 million in profit sharing expense, including $119 million in the December quarter, recognizing Delta employees' contributions toward meeting the company's financial goals.
Delta generated nearly $5 billion of operating cash flow and $2.1 billion of free cash flow in 2013, allowing the company to reduce its adjusted net debt at the end of 2013 to $9.4 billion, contribute an incremental $250 million above required funding to its defined benefit pension plans, and return $350 million to shareholders through a combination of $100 million of dividends and $250 million of share repurchases.
"Our December quarter profit caps off a successful year for Delta with strong profitability and margin expansion, industry-leading operations and significant improvements in customer satisfaction. Across the board this was an outstanding year and all credit for these achievements goes to the 78,000 Delta employees worldwide," said Richard Anderson, Delta's chief executive officer. "We have a solid set of initiatives in place to improve our financial results, operational performance and customer satisfaction levels beyond 2013's record levels and remain focused on being the best airline for our employees, customers and shareholders."
Revenue Environment
Delta's operating revenue improved 6 percent, or $474 million, in the December 2013 quarter compared to the December 2012 quarter. Traffic increased 2.0 percent on a 2.9 percent increase in capacity.
Passenger revenue increased 6.1 percent, or $451 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 3.0 percent year over year with a 4.0 percent improvement in yield.
Cargo revenue decreased 1.0 percent, or $3 million, as higher freight volumes partially offset declining freight yields.
Other revenue increased 2.8 percent, or $26 million, driven by higher SkyMiles revenue.
Not bad at all......
Bye Bye----General Lee
ATLANTA, Jan. 21, 2014 /PRNewswire/ -- Delta Air Lines (DAL) today reported financial results for the December 2013 quarter. Key points include:
Delta's net income for the December 2013 quarter was $558 million, or $0.65 per diluted share, excluding special items1.
Delta's net income for 2013 was $2.7 billion, excluding special items, a $1.1 billion increase over 2012.
Delta's GAAP net income was $8.5 billion, or $9.89 per diluted share, for the December 2013 quarter and $10.5 billion for 2013. These results include an $8.0 billion non-cash gain associated with the reversal of the company's tax valuation allowance.
2013 results include $506 million in profit sharing expense, including $119 million in the December quarter, recognizing Delta employees' contributions toward meeting the company's financial goals.
Delta generated nearly $5 billion of operating cash flow and $2.1 billion of free cash flow in 2013, allowing the company to reduce its adjusted net debt at the end of 2013 to $9.4 billion, contribute an incremental $250 million above required funding to its defined benefit pension plans, and return $350 million to shareholders through a combination of $100 million of dividends and $250 million of share repurchases.
"Our December quarter profit caps off a successful year for Delta with strong profitability and margin expansion, industry-leading operations and significant improvements in customer satisfaction. Across the board this was an outstanding year and all credit for these achievements goes to the 78,000 Delta employees worldwide," said Richard Anderson, Delta's chief executive officer. "We have a solid set of initiatives in place to improve our financial results, operational performance and customer satisfaction levels beyond 2013's record levels and remain focused on being the best airline for our employees, customers and shareholders."
Revenue Environment
Delta's operating revenue improved 6 percent, or $474 million, in the December 2013 quarter compared to the December 2012 quarter. Traffic increased 2.0 percent on a 2.9 percent increase in capacity.
Passenger revenue increased 6.1 percent, or $451 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 3.0 percent year over year with a 4.0 percent improvement in yield.
Cargo revenue decreased 1.0 percent, or $3 million, as higher freight volumes partially offset declining freight yields.
Other revenue increased 2.8 percent, or $26 million, driven by higher SkyMiles revenue.
Not bad at all......
Bye Bye----General Lee