Shares of Delta Air Lines Inc. DAL, -2.23% slumped 2.9% in premarket trading Tuesday, after the air carrier reported a wider-than-expected third-quarter loss, as passenger revenue dropped 83% to miss expectations. Delta swung to a net loss of $5.38 billion, or $8.47 a share, from net income of $1.50 billion, or $2.31 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was $3.30, compared with the FactSet loss consensus of $3.04. Total revenue fell 76% to $3.06 billion, below the FactSet consensus of $3.13 billion, as passenger revenue slid 83% to $1.94 billion to miss expectations of $2.31 billion. Cargo revenue declined 25% to $142 million, topping expectations of $131 million. Load factor fell to 41% from 88%, compared with the FactSet consensus of 48.8%. Passenger revenue per available seat mile (PRASM) fell 55% to $6.85, compared with the FactSet consensus of $5.61. “While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” said Chief Executive Ed Bastian. The stock has dropped 44.2% year to date through Monday, while the U.S. Global Jets ETF JETS, -2.06% has lost 43.2% and the S&P 500 SPX, -0.78% has gained 9.4%.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Buffett’s Kraft-Heinz investment takes another blow – Fox Business

Huntington Private Bank CIO John Augustine discusses what Berkshire Hathaway CEO Warren…

FDA reports 1st drug shortage due to novel coronavirus outbreak – ABC News

Countries around the world are scrambling to respond to the influx of…

SEC Karate-Chops Steven Seagal Over Promoting Cryptocurrency Touted as the Next Gen Bitcoin – Bitcoin News

The U.S. Securities and Exchange Commission (SEC) has charged actor Steven Seagal…