Delta Air Lines announces $929 million profit excluding special items

Delta Air Lines (Atlanta) today reported financial results for the September 2010 quarter. Key points include:

Delta’s net income for the September 2010 quarter was $929 million, or $1.10 per diluted share, excluding special items. This is an $878 million improvement year over year.

Delta’s GAAP net income was $363 million, or $0.43 per diluted share, for the September 2010 quarter.

Results include $185 million in profit sharing expense, in recognition of Delta employees’ achievements toward meeting the company’s financial targets, bringing total profit sharing expense for the year to date to $275 million.

Delta executed $750 million in debt reduction and delevering initiatives during the quarter and ended the September 2010 quarter with $5.5 billion in unrestricted liquidity.

Delta recorded special items totaling a $566 million charge in the September 2010 quarter, including:

$360 million in primarily non-cash loss on extinguishment of debt;
$153 million in costs related to the Comair fleet reduction; and
$53 million in merger-related expenses.

Copyright Photo: Tony Storck. Please click on the photo for additional details.