Delta Air Lines announces March quarter profit

Delta’s pre-tax income for the March 2014 quarter was $444m, excluding special items, an increase of $363m over the March 2013 quarter on a similar basis. Delta’s net income for the March 2014 quarter was $281m, excluding special items. This is $196m higher year over year despite $163m of non-cash tax expense now recognized after the reversal of the company’s valuation allowance. On a GAAP basis including special items, Delta’s pre-tax income was $335m and net income was $213m.