ATLANTA (dpa-AFX) - Delta Air Lines (DAL, DALRQ.PK) reported an adjusted pre-tax loss of $2.9 billion for the March quarter 2021 compared to profit of $831 million for March quarter 2019. Loss per share was $3.55 compared to $0.96. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $3.13, for the quarter. Analysts' estimates typically exclude special items. March quarter GAAP net loss was $1.18 billion or $1.85 per share.
March quarter adjusted operating revenue was $3.61 billion, down 65 percent on 55 percent lower sellable capacity from March quarter 2019. Analysts expected revenue of $3.91 billion, for the quarter.
At the end of the March quarter, the company had $16.6 billion in liquidity. The company had total debt and finance lease obligations of $29.0 billion with adjusted net debt of $19.1 billion.
For the June Quarter, the company expects total revenue decline of 50% - 55% from June quarter 2019. Adjusted net debt is projected in a range of $19.0 - $19.5 billion.
Glen Hauenstein, Delta's president, stated: 'In the June quarter, we expect significant sequential improvement in revenue as leisure demand accelerates into the peak summer period and we add capacity efficiently with the removal of our seat block May 1 with revenues recovering to 45 to 50 percent of 2019.'
Copyright RTT News/dpa-AFX
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