Delta posts first quarter loss.

[CorvetteMan]

ATLANTA — Delta Air Lines posted a wider loss than it previously estimated for the first three months of the year, but forecast revenue growth and profit for the second quarter that were ahead of analysts’ estimates, signaling strong travel demand despite weakness in other sectors.

Delta Air Lines posts quarterly loss but forecasts profit as peak travel season approaches

Delta forecast revenue growth and adjusted profit for the second quarter that were ahead of analysts' estimates.

www.cnbc.com

 

[CorvetteMan]

Pilot agreement payment. In March 2023, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023. The agreement includes numerous work rule changes and pay rate increases during the four-year term, including an initial pay rate increase of 18%. The agreement also includes a provision for a one-time payment upon ratification in the March 2023 quarter of $735 million.

And so a GAAP loss.

March Quarter 2023 GAAP Financial Results
• Operating revenue of $12.8 billion
• Operating loss of $277 million with an operating margin of (2.2) percent
• Pre-tax loss of $506 million with a pre-tax margin of (4) percent
• EPS of ($0.57)
• Operating cash flow of $2.2 billion
• Payments on debt and finance lease obligations of $1.2 billion
• Total debt and finance lease obligations of $22 billion at quarter end