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Bond Market News
Delta Air Lines Reports First Profit Since 2019
July 15, 2021
Delta Air Lines reported a net income of $652mn, or $1.02 per share in the three months to June 30. Delta reported a fall in adjusted operating revenue of 49% YoY to $6.35bn, marking an improvement from the 60.4% slump in Q1 and surpassing analysts predictions of $6.22bn. The company said that it lost $1.07 per share in Q2, without taking into account items such as government payroll support. Delta is forecasting that adjusted operating revenue will 30% to 35% lower vs. 2019 levels in Q3, with a $8.47bn midpoint, above a Refinitiv-IBES estimate of $8.23bn. Additionally, the airline is adding 36 used jets to its fleet starting 2022, after it posted its first quarterly profit since the pandemic, and is predicting to remain profitable for the rest of 2021.
Delta´s USD bonds were up, its 7% 2025s up 0.19 to 117.45, yielding 2.17% and its 3.75% 2029s up 0.29 to 99.98, yielding 3.75%
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