Delta Air Lines reports improved March quarter results

Delta Air Lines reported financial results for the March 2012 quarter. Excluding special items, Delta’s net loss for the March 2012 quarter was $39m and its pre-tax loss was $36m. The pre-tax result is a $355m improvement year over year despite $250m higher fuel expense. Including a $163m gain from special items, Delta’s GAAP net income was $124m and its pre-tax income was $127m. Delta’s passenger unit revenues increased 14% and the company produced a unit revenue premium to the industry. Delta ended the March 2012 quarter with $5.7bn of unrestricted liquidity and adjusted net debt of $12.2bn.