Delta Air Lines (DAL) Tops Q2 EPS by 33c, Offers Guidance

(Updated - July 14, 2021 7:29 AM EDT)

Delta Air Lines (NYSE: DAL) reported Q2 EPS of ($1.07), $0.33 better than the analyst estimate of ($1.40). Revenue for the quarter came in at $7.13 billion versus the consensus estimate of $6.2 billion.

• Adjusted pre-tax loss of $881 million excludes $1.5 billion of benefit related to the first and second payroll support program extensions (PSP2 and PSP3, respectively) and mark-to-market adjustments on our investments
• Adjusted operating revenue of $6.3 billion, which excludes refinery sales, declined 49 percent on 39 percent lower sellable capacity (see Note A) versus June quarter 2019
• Total operating expense, which includes $1.5 billion of benefit related to PSP2 and PSP3, decreased $4.1 billion relative to the June quarter 2019. Adjusted for the benefit related to the PSP programs and third-party refinery sales, total operating expense decreased $3.3 billion or 32 percent in the June quarter 2021 versus the comparable 2019 period
• Generated $1.9 billion of operating cash flow, $1.5 billion of free cash flow and $195 million of free cash flow, adjusted in the June quarter
• At the end of the June quarter, the company had $17.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities. The company had total debt and finance lease obligations of $29.1 billion with adjusted net debt of $18.3 billion

September Quarter 2021 Outlook

For earnings history and earnings-related data on Delta Air Lines (DAL) click here.

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