Delta Air Lines Reports $1.2 Billion Net Loss for 2009

Delta Air Lines reported financial results for the December quarter and full year 2009. The airline said its net loss excluding special items for the December 2009 quarter was $225 million, or $0.27 per share.

This result, Delta said, is $285 million better than the prior year quarter on a combined basis excluding special items. Delta’s net loss for 2009 was $1.2 billion, including $169 million in special items.

Excluding special items and $1.4 billion of fuel hedge losses, Delta’s net profit for 2009 was $291 million. Delta ended 2009 with $5.4 billion in unrestricted liquidity, a $400 million increase year over year. The airline said it continued its integration of Northwest Airlines and received approval from the Federal Aviation Administration for a single operating certificate at year end.

Delta’s operating revenue on a GAAP basis grew 1 percent to $6.8 billion in the December 2009 quarter compared to the prior year period as a result of its merger with Northwest. On a combined basis, total operating revenue declined nearly $1 billion, or 12 percent, and total unit revenue (RASM) declined 5 percent in the December 2009 quarter compared to the 2008 quarter.

On a combined basis, total operating revenue declined 12 percent in the December 2009 quarter versus the prior year quarter due to the global economic recession. Passenger revenue decreased 13 percent, or $878 million, compared to the prior year period on an 8 percent capacity reduction. Passenger unit revenue (PRASM) declined 5 percent, driven by a 7 percent decline in yield and a 1 point improvement in load factor.