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April 23, 2014

It's Airline Earnings Week! Delta posts $213 million profit

Airlines are reporting their first quarter earnings this week and of the major carriers, Delta Air Lines was up first, reporting a $213 million profit on Wednesday morning.

The Atlanta-based carrier's revenues rose 5 percent to $8.92 billion even as it canceled 17,000 flights in January and February due to winter storms. The cancellations cost the company $90 million in revenue and $55 million in pre-tax income.

"We increased revenue by $415 million, which was a 5 percent improvement over last year, and generated 107 percent of industry average. Our New York and Seattle investments are taking shape and we are continuing to gain corporate travel share," Delta chief financial officer Paul Jacobson wrote in a letter sent to employees on Wednesday.

Excluding one-time accounting items, Delta said its income was $281 million, or 33 cents per share, matching Wall Street analysts' estimates.

On Thursday, American Airlines and Southwest Airlines are both scheduled to report their first quarter earnings before the stock markets open.

-Andrea Ahles

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Comments

Greg

Congrats to Delta, and great to see the employees sharing in that success.

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