Delta Air Lines was first up this morning among U.S. carriers to post its third-quarter earnings, and as expected it was not a pretty bottom line.
The coronavirus pandemic continues to play havoc with the industry as Delta announced a $5.4 billion loss for the quarter, according to CNBC, compared to a profit of $1.5 billion in the third quarter of 2019.
Revenue dropped 76 percent from $12.56 billion a year ago to $3.06 billion in the three months that ended Sept. 30, leading the carrier to say that things might not return to normal for “two years or more.”
Delta has now lost almost $12 billion in the last two quarters, although it was able to cut its cash burn from $27 million a day in the second quarter to $18 million a day last month.
Like other large airlines, Delta was hurt by two major factors. Business travel has dramatically decreased over the last seven months and, in the specific case of the third quarter, travel restrictions and a reluctance to fly impacted leisure travel over summer, the most lucrative air travel portion of the year.
But Delta CEO Ed Bastian remains optimistic.
“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” he said in a statement.
Millions of Americans live with heart disease, kidney disease, and metabolic conditions like obesity and…
The Federal Aviation Administration is investigating a close call between American Airlines and Delta Air…
Guests are now going through security before they reach CityWalk and the theme park gates.…
The Jet Set is watching a new Consumer Reports investigation that says Uber and Lyft…
Here's the truth nobody says out loud: the Greek Islands are not one destination. They're…
American Airlines will begin using anti-terror barricades on June 18. Although the barriers had already…