Delta Air Lines posts December quarter profit

Delta’s net income for the December 2013 quarter was $558m excluding special items. Delta’s net income for 2013 was $2.7 bn, a $1.1bn increase over 2012. Delta’s GAAP net income was $8.5bn for the December 2013 quarter and $10.5bn for 2013. These results include an $8.0bn non-cash gain associated with the reversal of the company’s tax valuation allowance. Delta generated nearly $5bn of operating cash flow and $2.1bn of free cash flow in 2013, allowing the company to reduce its adjusted net debt at the end of 2013 to $9.4bn.