Tag Archives: msn 175

Delta Air Lines reports a first quarter pre-tax loss of $2.9 billion

Delta Air Lines Airbus A350-941 N506DN (msn 175) AMS (Ton Jochems). Image: 950895.

Delta Air Lines issued this financial report for the first quarter of 2021:

Delta Air Lines reported its financial results for the first quarter 2021 and provided its outlook for the second quarter 2021.  Highlights of the first quarter 2021 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

“A year after the onset of the pandemic, travelers are gaining confidence and beginning to reclaim their lives. Delta is accelerating into the recovery with our brand stronger and more trusted than ever before,” said Ed Bastian, Delta’s chief executive officer.  “Thanks to the incredible efforts of our people, we achieved positive daily cash generation in the month of March, a remarkable accomplishment considering our middle seat block and the low level of demand for business and international travel.  If recovery trends hold, we expect positive cash generation for the June quarter and see a path to return to profitability in the September quarter as the demand recovery progresses.”

First Quarter Financial Results 

  • Adjusted pre-tax loss of $2.9 billion excludes $1.2 billion of benefit related to the first payroll support program extension (PSP2), which is partially offset among other items by the debt extinguishment charges incurred when prepaying our $1.5 billion slots, gates and routes term loan
  • Adjusted operating revenue of $3.6 billion declined 65 percent on 55 percent lower sellable capacity (see Note A) versus March quarter 2019
  • Total operating expense, which includes the $1.2 billion benefit related to PSP2, decreased $3.9 billion over the March quarter 2019.  Adjusted for the benefit related to PSP2 and third-party refinery sales, total operating expense decreased $3.1 billion or 33 percent in the March quarter compared to March quarter 2019, driven by capacity- and revenue-related expense reductions, lower salaries and related costs and strong cost management across the business
  • During the March quarter, cash burn (see Note B) averaged $11 million per day and turned positive in the month of March with cash generation of $4 million per day
  • At the end of the March quarter, the company had $16.6 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities.  The company had total debt and finance lease obligations of $29.0 billion with adjusted net debt of $19.1 billion, which was higher than prior guidance as a result of aircraft financing decisions

Read the full report.

Top Copyright Photo: Delta Air Lines Airbus A350-941 N506DN (msn 175) AMS (Ton Jochems). Image: 950895.

Delta Air Lines aircraft slide show (Airbus):

Air Creebec improves its network of routes to connect all the Cree Communities on the eastern and western shores of James Bay

Air Creebec de Havilland Canada DHC-8-103 Dash 8 C-GYWX (msn 175) YUL (Pierre Langlois). Image: 934146.

Air Creebec has made this announcement:

Aware of the challenges facing air travel for the Cree communities along the shores of James Bay, Air Creebec has decided to open new routes. Starting in the summer of 2018, travellers from the Ontarioside will be able to fly from the James Bay coast to Montréal via Timmins!

Since last spring, the King Air has been replaced by the Dash-8 100 and transports passengers on all regular Air Creebec flights. This aircraft, which is more comfortable and can accommodate more passengers and a larger volume of freight, offers better service on all air routes originating on the James Bay coast.

Beginning July 9, 2018, the Ontario coast of James Bay will be connected to the other air routes on the Quebec side, with a stop in Rouyn-Noranda. From Timmins, passengers will be able to travel to Montreal with Air Creebec. The new stop planned in Rouyn-Noranda will offer two flights per day to Montreal-Trudeau every week day and once a day on the weekend. Air travel across Canada and around the world will be considerably simpler.

 

Founded in 1982, Air Creebec is a regional airline based in Waskaganish, Québec. The airline offers regular flights, charters and cargo services in Quebec and Ontario. Air Creebec is based principally at the Val-d’Or, Montreal and Timmins airports, and also has hubs in Waskaganish, Chisasibi and Moosonee.

Top Copyright Photo (all others by Air Creebec/Jean-Philippe Richard): Air Creebec de Havilland Canada DHC-8-103 Dash 8 C-GYWX (msn 175) YUL (Pierre Langlois). Image: 934146.

Air Creebec aircraft slide show:

Route Map: