Delta Air Lines today reported financial results for the September quarter 2021 and provided its outlook for the December quarter 2021. Highlights of the September quarter 2021 results, including both GAAP and adjusted metrics, are on page six of the full press release.
«Our September quarter marked an important milestone in our recovery, with our first quarterly profit since the start of the pandemic,» CEO Ed Bastian said. «Our revenues reached two-thirds of 2019 levels thanks to the industry-leading operational performance our people delivered through a busy summer, once again showing why they are the best in the business.»
«While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter. As the recovery progresses, I am confident in our path to sustained profitability as we continue to provide best-in-class service to our customers, strengthen preference for our brand, while creating a simpler, more efficient airline.»
SEPTEMBER QUARTER FINANCIAL AND OPERATING RESULTS
- Adjusted pre-tax income of $216 million excludes a $1.3 billion net benefit related to the second payroll support program extension (PSP3) partially offset by debt extinguishment charges and mark-to-market adjustments on our investments
- Adjusted operating revenue of $8.3 billion, which excludes refinery sales, was 66 percent recovered versus September quarter 2019 on capacity that was 71 percent restored. Sequentially versus the June quarter 2021, adjusted operating revenue improved by $1.9 billion, or 30 percent, on an 11 percent increase in capacity
- Total operating expense, which includes the remaining $1.8 billion of benefit related to PSP3, decreased $3.5 billion compared to the September quarter 2019. Adjusted for the benefit related to PSP3 and costs from third-party refinery sales, total operating expense decreased $2.6 billion or 25 percent in the September quarter 2021 versus the comparable 2019 period
- Remuneration from American Express in the quarter was just over $1 billion, up 1 percent compared to September quarter 2019
- Generated $151 million of operating cash flow and invested $619 million back in the business
- At the end of the September quarter, the company had $15.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities
- Led the industry on key operating metrics, including a record combined completion factor of 99.72 in August for both mainline and Delta Connection. These operating results and other enhancements to the customer experience supported domestic net promoter scores above September quarter 2019 levels…
