Delta Air Lines (NYSE: DAL) reported Q2 EPS of $1.04, in-line with the analyst estimate of $1.04. Revenue for the quarter came in at $10.62 billion versus the consensus estimate of $10.65 billion.

"Delta's performance this quarter, with 9 percent top line growth, more than 4 points of margin expansion and $1.5 billion of free cash flow, shows the financial strength and resilience of our company. We expect our September quarter performance will be even stronger, as we expand our operating margins to 15-17% and further improve our profitability," said Delta chief executive officer Richard Anderson. "All credit goes to Delta people worldwide who not only produced this record financial performance, but also continue to lead the industry in operational reliability and customer satisfaction."

Passenger revenue increased 9 percent, or $772 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 5.7 percent year-over-year with a 3.8 percent improvement in yield. Seat-related products and other merchandising initiatives increased revenues by $45 million versus the prior year period.

• Delta's pre-tax income for the June 2014 quarter was $1.4 billion, excluding special items1, an increase of $593 million over the June 2013 quarter on a similar basis. Delta's net income for the June 2014 quarter was $889 million, or $1.04 per diluted share, and its operating margin was 15.1 percent, excluding special items.
• On a GAAP basis which includes special items, Delta's pre-tax income was $1.3 billion, operating margin was 14.9 percent and net income was $801 million, or $0.94 per diluted share.
• Results include $340 million in profit sharing expense in recognition of Delta employees' contributions toward achieving the company's financial goals.
• Delta generated over $2 billion of operating cash flow and $1.5 billion of free cash flow during the June 2014 quarter. As of mid-July, the company has used its strong cash generation in 2014 to reduce its adjusted net debt below $8 billion, contribute more than $900 million of funding to its defined benefit pension plans, and return $550 million to shareholders through dividends and share repurchases.

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