Delta Reports $794 Million First-Quarter Loss, Adds Baggage Fee

Delta Air Lines reported a net loss for the March 2009 quarter of $693 million, excluding special items. Excluding $684 million in realized fuel hedge losses and special items, Delta’s results were break-even.

Delta’s reported net loss for the March 2009 quarter was $794 million, or $0.96 per diluted share. In the March 2009 quarter, Delta realized approximately $100 million in synergy benefits from its merger with Northwest Airlines.

Delta generated approximately $600 million in operating cash flow and ended the quarter with $5 billion in unrestricted liquidity, which was unchanged from the balance at Dec. 31, 2008.

Delta completed its merger with Northwest Airlines on Oct. 29. The results beat Wall Street expectations. Also, Delta executives said they’ve seen some signs of revenue stabilization and the airline still expects to be profitable for the year.

Delta also said it would immediately institute a $50 fee to check a second bag on international trips, which the company expects to generate more than $100 million annually.