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The leader of Delta Air Lines is telling workers that he expects some recovery from the retraction of travel with the coronavirus in the spring.
CEO Ed Bastian writes in a New Year’s memo to employees that he expects 2021 to start with deeply depressed travel as it did last year. But as vaccines become more widely available, he expects a turnaround, especially on business trips. He says Delta is expected to generate positive cash flow in the spring.
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Bastian wrote that there is uncertainty about what the demand for travel will look like when a significant number of people are vaccinated, and that Delta must be agile and ready for change.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 40.21 | -0.35 | -0.86% |
“Just as we have never experienced a global pandemic in our history, we have never had to create and execute a recovery plan for one,” wrote Bastian. “Our success will depend on our collaboration, our willingness to be open to new ideas, our ability to adapt and our humility in recognizing that we will not always know the answers.”
GENERAL MOTORS LOW DELTA CFO TO FILL FINANCIAL SEAT
Air travel is less than half what it was in 2019, but recovered somewhat from an impressive 96% drop in mid-April last year.
It is not clear how quickly vaccines will be distributed in the United States. In recent weeks, the Trump administration’s health officials have talked about the goal of sending enough vaccine by the end of the month to inoculate 20 million Americans. Earlier this week, the government said 14 million doses were sent, but only 2.8 million injections were administered. Officials said there was a delay in the dissemination of vaccinations, but they are still happening more slowly than expected. They expect the pace to pick up next week.
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On Tuesday, President-elect Joe Biden said the Trump administration is “lagging behind” and promised to pick up the pace as soon as he takes office on January 20. In early December, Biden promised to distribute 100 million doses in the first 100 days of his administration.