 Delta Air Lines Inc. (DAL) reported its second consecutive quarterly loss as the U.S. airline pared back its flight capacity plans for August by 50% with demand stalling again amid a renewed rise in Covid-19 cases.Delta ended the second quarter with an adjusted $2.8 billion net loss, or a $4.43 loss per share, as total adjusted revenue, which excludes refinery sales, plunged 91% to $1.2 billion year-on-year.Looking ahead, the U.S. airline expects overall revenue for the September quarter will be only 20% to 25% of last summer, as demand growth flattened recently with the rise in Covid-19 cases. Meanwhile, business travel, which typically provides 50% of Delta's revenue, has not yet returned in any meaningful way, the company added.The "decline in revenue over last year, illustrates the truly staggering impact of the Covid-19 pandemic on our business. In the face of this challenge, our people have acted quickly and decisively reducing our average daily cash burn by more than 70% since late March to $27 million in the month of June," said Delta's CEO Ed Bastian. "Given the combined effects of the pandemic and associated financial impact on the global economy, we continue to believe that it will be more than two years before we see a sustainable recovery."Delta ended the June quarter with $15.7 billion in liquidity. The U.S. carrier had total debt and finance lease obligations of $24.6 billion with adjusted net debt of $13.9 billion. During the June quarter it recorded a w
|
Private Label