Delta Air Lines pre-tax income up $593 million
Delta's net income for the June 2014 quarter was $889 million, or $1.04 per diluted share, and its operating margin was 15.1 percent, excluding special items.
On a GAAP basis which includes special items, Delta's pre-tax income was $1.3 billion, operating margin was 14.9 percent and net income was $801 million, or $0.94 per diluted share.
Results include $340 million in profit sharing expense in recognition of Delta employees' contributions toward achieving the company's financial goals.
Delta generated over $2 billion of operating cash flow and $1.5 billion of free cash flow during the June 2014 quarter. As of mid-July, the company has used its strong cash generation in 2014 to reduce its adjusted net debt below $8 billion, contribute more than $900 million of funding to its defined benefit pension plans, and return $550 million to shareholders through dividends and share repurchases. ■