Delta Announces $5.7 Billion Net Loss, Daily Cash Burn Rate Improving
Delta Air Lines (NYSE: DAL) today reported a net loss of over $9 per share, or $5.7 billion, in the second quarter. The net loss includes the recognition of $1.3 billion the company received under the CARES Act payroll support program. Passenger revenue was down 94% compared to a year ago, but "non-ticket" revenue, which includes cargo, fared slightly better, with a decline of 65%. The revenue drop stems from the airline operating at 85% lower capacity than a year ago.
When the company reported first-quarter results in April, it said it was burning through $100 million per day in cash at the end of March. Today, Delta said it had reduced that daily cash burn rate to $27 million for the month of June, and said its goal was to be cash burn breakeven by the end of 2020.
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Source Fool.com
