<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Delta Air Lines (DAL) on Wednesday reported a narrower-than expected loss in the first quarter, with revenues plunging 18% from a year ago as worldwide restrictions linked to the coronavirus pandemic began decimating the travel industry.” data-reactid=”16″>Delta Air Lines (DAL) on Wednesday reported a narrower-than expected loss in the first quarter, with revenues plunging 18% from a year ago as worldwide restrictions linked to the coronavirus pandemic began decimating the travel industry.

Here were the main results from the report, compared to consensus estimates compiled by Bloomberg:

  • Revenue: $8.6 billion vs. $9.19 billion expected

  • Adjusted loss per share: 84 cents vs. 87 cents expected

“Government travel restrictions and stay-at-home orders have been effective in slowing the spread of the virus, but have also severely impacted near term demand for air travel, reducing our expected June quarter revenues by 90 percent, compared to a year ago,” CEO Ed Bastian said in a statement.

With the COVID-19 crisis gripping the world, Delta and its airline peers have been forced to take a number of steps, such as making steep cuts to capacity and making significant travel concessions to flyers.

Delta has also taken aggressive steps to conserve cash, ending the quarter with $6 billion in unrestricted liquidity. The company expects that amount to rise to $10 billion by the end of Q2.

According to CFO Paul Jacobson, “we were burning $100 million per day at the end of March [but] decisive actions” taken by the company will cut that amount in half by the end of the second quarter.

Those steps include grounding 650 aircraft, more than two thirds of Delta’s fleet, and Instituting a company-wide hiring freeze as well as offering voluntary leave options. Delta employs 90,000 people and 37,000 have taken short-term unpaid leave to help get through the crisis.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="United Airlines (UAL) reported a similar situation this week in a regulatory filing, which contributed to a $2.1 billion loss in the first quarter. The company will report earnings later this month.” data-reactid=”26″>United Airlines (UAL) reported a similar situation this week in a regulatory filing, which contributed to a $2.1 billion loss in the first quarter. The company will report earnings later this month.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Delta says it has already received $2.7 billion from the U.S. Treasury under the&nbsp;Coronavirus Aid, Relief, and Economic Security (CARES) Act. The total amount, $5.4 billion, includes a $3.8 billion grant and a $1.6 billion low interest unsecured loan to maintain employee salaries and benefits through September 30th.” data-reactid=”27″>Delta says it has already received $2.7 billion from the U.S. Treasury under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The total amount, $5.4 billion, includes a $3.8 billion grant and a $1.6 billion low interest unsecured loan to maintain employee salaries and benefits through September 30th.

In return, the U.S. Treasury will receive warrants to purchase over 6.5 million shares of Delta common stock at a strike price of $24.39, with a 5-year maturity.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Delta has until the end of April to apply for an additional $4.6 billion in secured loans from the Treasury. Bastian is expected to discuss applying for those funds during an earnings report webcast at 10am eastern.” data-reactid=”29″>Delta has until the end of April to apply for an additional $4.6 billion in secured loans from the Treasury. Bastian is expected to discuss applying for those funds during an earnings report webcast at 10am eastern.

In addition to the government grants and loans, Delta has secured an additional $5.4 billion in new capital which includes $3.0 billion in new lines of credit. But all of it comes with a heavy price for the airline, which has cut its domestic capacity 80 percent and its international capacity by 90 percent.

Bastian says Delta is taking all of these steps to “prioritize the safety of our employees and customers while protecting our business and bolstering liquidity.”

Delta’s stock, traded on the New York Stock Exchange, closed at $23.10 on Tuesday, off -2.28%.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Adam Shapiro is co-anchor of Yahoo Finance’s On the Move.” data-reactid=”34″>Adam Shapiro is co-anchor of Yahoo Finance’s On the Move.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn,&nbsp;YouTube, and&nbsp;reddit” data-reactid=”44″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, YouTube, and reddit