Delta Announces First Quarter Loss; Says It's Burning Through $100 Million Per Day
Delta Air Lines (NYSE: DAL) today announced its first quarter results, saying operating revenue dropped 18% versus the year ago period and that it was burning cash at a rate of $100 million per day at the end of March. The company said that its biggest financial priority remains conserving cash and improving liquidity.
Delta CEO Ed Bastion had previously announced financial initiatives, including securing a new $2.6 billion credit facility while drawing down $3 billion on an existing facility. Bastion also has announced the largest capacity reduction in the company's history, at least $2 billion in capital expenditure cuts, and suspension of his full salary for a six month period.
Source Fool.com
