Concise insights on global finance in the Covid-19 era.
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BETTER VISIBILITY. Delta Air Lines (DAL.N) may have rounded the corner. The $30 billion U.S. carrier’s first-quarter earnings on Thursday revealed that cash flow turned positive in March. After five straight quarterly losses, boss Ed Bastian foresees a return to profitability in the third quarter. Delta’s shares slipped read more , but nonetheless it signals the beginning of the end of the pandemic.
It hasn’t come easy for Delta or its industry read more . The company has cut 33% of operating costs compared with the first quarter of 2019. Domestic leisure bookings are back to 85% of pre-Covid strength, but business and international travel remain in intensive care. International passenger demand in February was down 89% from two years earlier, according to the International Air Transport Association.
Delta will unblock middle seats on May 1, boosting domestic capacity at little extra cost. International flights, though, aren’t busy enough for that to matter. Things like the hoped-for U.S.-UK travel corridor need to materialize. Rich countries’ vaccine programs will help, but they need to get their border bureaucracies in order, too read more . (By Richard Beales)
On Twitter http://twitter.com/breakingviews
Earlier in Capital Calls:
L'Oreal’s cash pile is a nice problem to have read more
BlackRock, the anti-Coinbase read more
Elliott’s GSK punt looks well timed read more
Italian bank M&A bump hits sweet spot read more
Leverage adds voom to Tesla party
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