Delta Air Lines (NYSE: DAL) reported Q2 EPS of ($4.43), $0.31 worse than the analyst estimate of ($4.12). Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.4 billion.

• Adjusted pre-tax loss of $3.9 billion excludes $3.2 billion of items directly related to the impact of COVID-19 and the company's response, including fleet-related restructuring charges, write-downs related to certain of Delta's equity investments, and the benefit of the CARES Act grant recognized in the quarter
• Total adjusted revenue of $1.2 billion, which excludes refinery sales, declined 91 percent versus prior year on system capacity reduction of 85 percent compared to the prior year
• Total operating expense decreased $4.1 billion over prior year. Total adjusted operating expense decreased $5.5 billion or 53 percent in the June quarter compared to the prior year, driven by lower capacity- and revenue-related expenses and strong cost management throughout the business
• At the end of the June quarter, the company had $15.7 billion in liquidity

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