In a memo to employees with the subject line "Protecting Delta's Future," Delta Air Lines Inc. (DAL) Chief Executive Ed Bastian said Wednesday it expects March revenue to be down by $2 billion over March 2019, and April sales projected to fall "even more." Delta will continue to make "significant capacity reductions," planning on a 70% system-wide pullback until demand recovers, Bastian said. "Our international operation will take the largest reduction, with over 80% of flying reduced over the next two to three months," he said in the memo, submitted as a filing. Bastian said Delta is in talks with the Trump administration and Congress and he is "optimistic" the airline industry "will receive support to help address this crisis." Cash preservation remains Delta's "top financial priority," he said. Delta also announced the deferment of nearly all capital spending, including all new aircraft deliveries, looking to arrive at $4 billion in cash savings, including capacity-related savings, and temporarily consolidating airport presences in its Atlanta hub. U.S. stocks tanked again Wednesday, triggering circuit-breakers to halt trade for 15 minutes.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 18, 2020 13:18 ET (17:18 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.