http://www.morningstar.com/earnings/14394490-delta-air-lines-inc-dal-q1-2010.aspx

Delta Air Lines Inc DAL
Q1 2010 Earnings Call Transcript

Transcript Call Date 04/20/2010

Operator: Good morning, ladies and gentlemen, and welcome to the Delta Air Lines March 2010 Quarter Financial Results Conference Call. My name is Cynthia, and I will be your coordinator. As a reminder, today’s call is being recorded. At this time, all participants are in a listen-only mode until we conduct the question-and-answer session, following the presentation.

I would now like to turn the conference over to (Jill Greer), Director of Investor Relations for Delta Air Lines.

Jill S. Greer - IR: Thanks, Cynthia. Good morning, everyone, and thanks for joining us to discuss Delta's March quarter financial results. Joining us from Atlanta today are Richard Anderson, our CEO; Ed Bastian, our President; and Hank Halter, our CFO. Also here for the Q&A session will be Mike Campbell, EVP of HR and Labor Relations; Ben Hirst, our General Counsel; and Ned Walker, our Chief Communications Officer.

Richard will begin the call with a Delta and industry overview, Ed will then address our March 2010 quarter financial and revenue performance and give an update on our merger, and Hank will conclude with a review of Delta's cost performance and liquidity.

We have allocated about 25 minutes for management comments, after those comments we've allocated 25 minutes for questions with the analysts. And then we'll conclude the call with a 10 minute Q&A with the media. When we get to the Q&A, I'd like to request that you limit yourself to two questions that should allow us to get to as many questions as possible during today’s call.

Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings. Also we’ll discuss certain non-GAAP financial measures. Operating expense, operating margin, and unit cost results exclude special items unless otherwise noted. And you can find the reconciliation of non-GAAP measures on our Investor Relations website at delta.com.

So with that I'll turn the call over to our Richard.

Richard H. Anderson - CEO: Thank you, Jill. Good morning, everyone, and thanks for joining us on the call today. This morning we reported a net loss of $192 million excluding special items for the March quarter, which is an improvement of more than $500 million compared to March quarter year-on-year. We’re encouraged by the improvements we’re seeing in the revenue environment and expect to be solidly profitable in the June quarter.

The strong momentum we built through successful merger integration, investments in our product and network, and a pretty solid financial foundation position us to take advantage of the economic recovery that we see taking shape around the world.

I first want to thank the Delta team worldwide for the great job they’ve done. Their achievements are a testament to our culture; hardworking, collaborative, and focused on achieving common goals. It’s been a monumental effort over the last 18 months to integrate two airlines into a single operating carrier and the team has been successfully executing the integration while running a solid operation against backdrop of a really difficult recession. So I want to thank all of my colleagues worldwide.

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