Earnings Preview: Is Delta Air Lines Turning the Corner?
The COVID-19 pandemic decimated Delta Air Lines' (NYSE: DAL) profitability last year. The global airline giant reported a whopping pre-tax loss of $15.6 billion for the full year. Even after backing out one-time items -- such as severance costs and asset writedowns related to the carrier's fleet simplification efforts -- the company logged an adjusted pre-tax loss of $9 billion.
Delta is set to report another ugly loss when it releases its first-quarter earnings results later this week. That said, business trends have improved dramatically over the past couple of months, which bodes well for the second quarter and beyond.
Entering 2021, Delta executives believed that a sustainable demand recovery had already begun. However, the pandemic was still raging in the U.S. and abroad in January.
Source Fool.com
