A $1.2 BILLION LOSS FOR DELTA, BUT RECOVERY IS ON THE RADAR
Techlife News|Techlife News #494
Delta Air Lines lost $1.2 billion in the first quarter, more than expected, but executives said Thursday that the airline could be profitable by late summer if the budding recovery in air travel continues.

CEO Ed Bastian said Thursday that ticket sales have been stronger in the last two weeks than at any time since the pandemic hit the U.S. last year. So far most of the people boarding planes are vacationers booking trips to mountains, beaches and resorts.

The increase in passengers, combined with lower costs for labor and fuel, helped Delta generate $4 million in cash per day in March after burning cash for the past year.

“It’s clear that our business is turning the corner and we’re moving into an active recovery phase,” Bastian said in an interview. “We see the business continuing to improve as consumer confidence grows.”

However, Delta shares fell 2% in morning trading.

Several airlines have reported that bookings began to pick up in February and gained speed in March. Delta’s bookings doubled from January to March, with U.S. leisure sales recovering to 85% of pre-pandemic levels.

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