ATLANTA, April 23, 2013 /PRNewswire/ –?Delta Air Lines (NYSE:DAL) today reported financial results for the March 2013 quarter.? Highlights from the quarter include:
- Delta’s net profit for the March 2013 quarter was $85 million, or $0.10 per diluted share, excluding special items1.? This result is a $124 million improvement year-over-year.
- Including $78 million in special items, Delta’s GAAP net income was $7 million, or $0.01 per diluted share.
- Results include $20 million of profit sharing expense in recognition of Delta employees’ contributions to the company’s financial performance.
- Delta generated $1.1 billion of operating cash flow and $457 million of free cash flow in the March 2013 quarter, and ended the period with adjusted net debt of just under $11.0 billion.
“Our results represent Delta’s strongest March quarter financial and operational performance in over a decade and I want to thank Delta people worldwide for all the hard work that went into producing these results for our company.? This performance is proof that we are on the right path to making Delta the airline of choice for our shareholders, employees, and customers,” said Richard Anderson, Delta’s chief executive officer.? “With a solid financial foundation and building momentum from initiatives like our LaGuardia expansion, Virgin Atlantic investment and new Terminal 4 at New York-JFK, we are well positioned to generate significant improvements in Delta’s profitability going forward.”
Revenue Environment
Delta’s operating revenue grew $87 million, or 1.0 percent, in the March 2013 quarter compared to the March 2012 quarter.? Load factor increased to 81.2 percent, with traffic down 0.6 percent on a 2.5 percent decrease in capacity.
- Passenger revenue?increased 1.4 percent, or $107 million, compared to the prior year period.? Passenger unit revenue (PRASM) increased 4.1 percent, driven by a 2.1 percent improvement in yield.
- Cargo revenue?decreased 2.4 percent, or $6 million, on declining freight yields.
- Other revenue?decreased 1.4 percent, or $14 million, as a result of lower third-party maintenance revenue.
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