United Kingdom
United States
Asia Pacific
Delta posts another huge quarterly loss
Delta Air Lines posted another hefty quarterly loss, and expects a recovery to be at leastt two years away.
Despite aggressive cost-cutting, it reported a loss of $5.4 billion for the third quarter.
Delta’s revenue was only $3.06 billion for the quarter, marking a 76% year-over-year decline.
Last year it posted a profit of $1.5 billion.
It is the second consecutive quarter it posted losses exceeding $5 billion.
However, this quarter’s losses included $4 billion in one-off costs such as voluntary separation and early retirement pay-offs of about 18,000 employees.
Delta has managed to reduce daily cash burn to $18 million, CFO Paul Jacobson said.
A travel recovery could be ‘two years or more,’ Delta CEO Ed Bastion said.
"The virus has had a much broader impact over the course of the year than any of us were suspecting," Bastion said.
"While our September quarter results demonstrate the magnitude of the pandemic on our business, we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn."
By deferring new aircraft orders and retiring older jets Delta says it will save roughly $5 billion through 2022.
Delta President Glen Hauenstein said there is ‘good booking momentum’ for the holiday season.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Dozens fall ill in P&O Cruises ship outbreak
Woman dies after getting ‘entangled’ in baggage carousel