Delta Air Lines (DAL) Tops Q1 EPS by 4c

Delta Air Lines (NYSE: DAL) reported Q1 EPS of $0.33, $0.04 better than the analyst estimate of $0.29. Revenue for the quarter came in at $8.92 billion versus the consensus estimate of $8.92 billion.

Company Highlights

Delta has a strong commitment to its employees, customers and the communities it serves. Key accomplishments in the March 2014 quarter include:

• Recognizing the achievements of Delta employees toward meeting the company's financial and operational goals with $114 million of incentives so far this year, including $99 million in employee profit sharing and $15 million in Shared Rewards;
• Ranking in Fortune's Top 50 of the World's Most Admired Companies for the first time in the company's history, and named as World's Most Admired Airline for the third time in four years;
• Unveiling of new SkyMiles program that will take effect in 2015 that will better reward our most valuable customers for what they spend instead of distance flown. Delta is the first of the legacy carriers to make this transition to a revenue-based model;
• Launching of immunized joint venture with Virgin Atlantic allowing coordination on pricing and scheduling, and also co-locating London Heathrow departures to Boston, New York JFK, and Seattle to Terminal 3 at Heathrow to enhance the customer experience.
• Supporting the communities served through the Habitat for Humanity International partnership and building 10 homes in four days on a Global Build in the Philippines. This marks the ninth year that Delta has partnered with Habitat for Humanity on a Global Build.

Special Items

Delta recorded a net $68 million special items charge in the March 2014 quarter, including:

• a $31 million charge associated with Delta's domestic fleet restructuring;
• a $21 million mark-to-market adjustment on fuel hedges; and
• a $16 million charge for debt extinguishment and other.

Delta recorded a net $78 million special items charge in the March 2013 quarter, including:

• a $102 million charge for facilities, fleet and other, primarily associated with Delta's domestic fleet restructuring; and
• a $24 million mark-to-market adjustment on fuel hedges.

Other MattersI

ncluded with this press release are Delta's unaudited Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013; a statistical summary for those periods; selected balance sheet data as of March 31, 2014 and December 31, 2013; and a reconciliation of non-GAAP financial measures.

For earnings history and earnings-related data on Delta Air Lines (DAL) click here.

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