Cash burn cut in half

Delta Air Lines said Thursday it halved its cash burn and narrowed its losses in the fourth quarter as the coronavirus pandemic drove the carrier to its worst year ever.

The Atlanta-based airline posted a net loss of nearly $12.39 billion in 2020 — a record, according to FactSet data.

Here’s how Delta performed in the quarter, compared with what Wall Street expected, based on average estimates compiled by Refinitiv:

• Adjusted earnings per share: a loss of $2.53 versus an expected loss of $2.50
• Total revenue: $3.97 billion versus expected $3.59 billion in revenue

Delta swung to a $755 million net loss…