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Delta Air Lines loss $422 million

Christian Fernsby |
Delta Air Lines reported, on an adjusted basis, loss per share of $0.51 for the March quarter compared to profit of $0.96, a year ago.

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Adjusted pre-tax loss was $422 million, for the quarter. First quarter total revenue declined 18 percent to $8.59 billion. Total unit revenue was down 13 percent, for the quarter. At the end of the March quarter, the company had $6.0 billion in unrestricted liquidity.

The company targets to end the June quarter with approximately $10 billion in liquidity.

Delta Air Lines has decided to make significant capacity reductions for the June quarter from prior year with total system capacity down 85 percent, including domestic down by 80 and international capacity down by 90 percent.

The company expects June quarter total expenses to decline by approximately 50%, or $5 billion, over prior year.

"With the significant impact of coronavirus on Delta's revenue, we were burning $100 million per day at the end of March.

Through our decisive actions, we expect that cash burn to moderate to approximately $50 million per day by the end of the June quarter," said Paul Jacobson, Delta's CFO.

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