Delta Air Lines on Wednesday announced its quarterly earnings in a call with analysts and investors, acknowledging it did not reach expectations due to rising fuel prices and other costs, but nonetheless earning $753 million for the second quarter - its biggest profit in the last two-plus year since the pandemic, according to CNBC.
Here are some takeaways from the call and what CEO Ed Bastian had to say.
- Bastian believes after almost to-and-a-half-years the Atlanta-based carrier is approaching a sense of normalcy. "(The industry) as starved for revenue for the last two years," Bastian told CNBC's "Squawk Box." "We pushed too hard. We scaled back a bit ... and in July we're running a great operation."
- The CEO admitted that the period between Memorial Day and right now has been brutal, alluding to the plethora of industry-wide delays and cancellations caused by pilot shortages, other staff shortages, weather issues, and an unexpected amount of air travelers with a pent-up demand for flying. "We had a rough six weeks. We've issued compensation and the appropriate level of apology," adding that Delta allowed fliers to change flights without charging them the difference in fares.
- Bastian said Delta added 18,000 employees since the start of 2021 and is back to 95 percent of what its 2019 staffing levels were. "The chief issue we're working through is not hiring but a training and experience bubble," Bastian said.
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