Delta Air Lines (NYSE:DAL) earnings for the airline company’s second quarter of 2020 have DAL stock dipping lower on Tuesday. This comes after reporting adjusted losses per share of $4.43 on revenue of $1.46 billion. For comparison, Wall Street was expecting adjusted per-share losses of $4.12 on revenue of $1.4 billion.
Here’s a closer look at the most recent Delta Air Lines earnings report.
- Adjusted per-share losses are a negative switch from adjusted earnings per share of $2.35 in the same period of the year prior.
- Revenue comes in 88% worse than the $12.54 billion reported in the second quarter of 2019.
- The net loss reported in the Delta Air Lines earnings report is sitting at $5.72 billion.
- That’s a massive decline compared to the company’s net income of $1.44 billion reported during the same time last year.
Ed Bastian, CEO of Delta Air Lines, said this about the earnings results.
“A $3.9 billion adjusted pre-tax loss for the June quarter on a more than $11 billion 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 to protect our customers and our company, reducing our average daily cash burn by more than 70 percent since late March to $27 million in the month of June.”
Delta Air Lines isn’t providing guidance at this time due to the novel coronavirus. That has it following a trend with many other companies withholding outlooks during the pandemic.
DAL stock was down 2.4% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.