Jim Cramer: Wait, Before Making Moves on Delta
Let's talk about Delta.
The company posted an adjusted quarterly loss of 51 cents compared with year-earlier earnings of 96 cents. Revenue was $8.6 billion, down 18% from a year ago and below analysts’ estimates of $9.3 billion.
Delta said it had $6 billion in cash on hand at the end of the quarter, though it had burned cash at a daily rate of $100 million per day. It said it is looking to get that figure down by half by the end of June while beefing up liquidity.
“With the significant impact of Covid-19 on Delta’s revenue, we were burning $100 million per day at the end of March," Delta CFO Paul Jacobson said. "Through our decisive actions, we expect that cash burn to moderate to approximately $50 million per day by the end of the June quarter."
So, what does Jim Cramer think?
Watch the full video above for Cramer's full take.
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