By Iain Gilbert
Date: Wednesday 14 Jul 2021
LONDON (ShareCast) - (Sharecast News) - Air carrier Delta Air Lines posted its first quarterly profit since the Covid-19 pandemic decimated the industry over a year ago on Wednesday, with vacation travellers and US taxpayer funds helping to offset weak corporate and international travel demand.
Delta reported second-quarter earnings of $652.0m. However, without $1.5bn worth of federal pandemic relief and assorted one-time events, the airline would have delivered an adjusted loss of $678.0m, or $1.07 per share, for the period.
When excluding sales from its fuel refinery, revenues were $6.3bn, $100.0m better than expected but down 49% when compared to the second quarter of 2019.
Delta cut its labor and profit sharing costs by 36%, more than $1.0bn, and spent $804.0m less on fuel than it did two years earlier.
The Atlanta-based company also cautioned that, even as airport crowds begin to return to pre-pandemic levels, it also expects costs to rise as a result of efforts to rebuild its operations - including hiring and training new employees.
As of 1355 BST, Delta shares were up 1.74% in pre-market at $42.05 each.
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Currency | US Dollars |
Share Price | $ 50.71 |
Change Today | $ -1.13 |
% Change | -2.18 % |
52 Week High | $53.26 |
52 Week Low | $30.65 |
Volume | 2,812,242 |
Shares Issued | 643.45m |
Market Cap | $32,629m |
RiskGrade | 208 |
Strong Buy | 8 |
Buy | 11 |
Neutral | 0 |
Sell | 0 |
Strong Sell | 0 |
Total | 19 |
Time | Volume / Share Price |
14:19 | 100 @ $50.71 |
14:19 | 100 @ $50.71 |
14:19 | 100 @ $50.71 |
14:19 | 100 @ $50.71 |
14:19 | 161 @ $50.70 |
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