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Breakingviews - Delta’s earnings are bad and worse

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Airline companies just can’t get it right. Despite the fact that Delta Air Lines is showing some strong signs of a rebound, the Atlanta-based company’s shares took a 7% dive on Wednesday after it reported second-quarter profit of $1.44 a share, well below analyst expectations of $1.73, according to Refinitiv.

Delta Air Lines 737 passenger planes are seen lined up on a runway where they are parked due to flight reductions made to slow the spread of coronavirus disease , at Atlanta Hartsfield-Jackson International Airport in Atlanta, Georgia, U.S. March 21, 2020.NEW YORK, July 13 - Airline companies just can’t get it right. Despite the fact that Delta Air Lines

is showing some strong signs of a rebound, the Atlanta-based company’s shares took a 7% dive on Wednesday after it reported second-quarter profit of $1.44 a share, well below analyst expectations of $1.73, according to Refinitiv.: It was up 10% in the quarter versus to the same quarter in 2019. But that was mostly due to a jump in sales at the oil refinery Delta owns, not its main business.

That’s the bad news. The worse news is that while Delta exhibited some pricing power – it was able to charge 21 cents per passenger per mile, an 18% increase from 2019, that’s likely because the number of available seats per mile fell as much. Meantime costs per available seat mile jumped 44%. It suggests that whatever small gains Delta can wring from its passengers will be swiftlyRegister

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