Delta Airlines posted substantial loss for the last quarter of 2020, amid coronavirus pandemic.
The air carrier’s adjusted loss of -$2.53 per share was even steeper than the -$2.49 expected by consensus compiled by Bloomberg. Operating revenue plunged -69% year-over-year $3.5 billion, vs. $3.58 billion expected by analysts.
The company lost -$755 million in net income during the quarter. CEO Ed Bastian said that the December quarter results capped the toughest year in Delta’s history.
As of 2020-end, Delta has $16.7 billion in liquidity. Its average daily cash burn fell to $12 million during the fourth quarter.
The company said that it anticipates receiving approximately $3 billion from the U.S. Treasury as part of the PSP extension.