Delta Air Lines saw its liquidity position improve to $3.59 billion during the first quarter compared to three months earlier.
The Atlanta-based carrier saw cash, cash equivalents and short-term investments rise by 6.5% quarter-on-quarter, according to a stock exchange filing on 24 April. Liquidity was down 7.2% from $3.87 billion in March 2012.
Long-term debt and capital leases fell 3.6% to $10.7 billion at the end of the quarter versus 31 December 2012. Debt was down nearly 7% year-on-year.
Capital expenditures were $647 million during the first quarter. This was split between $400 million related to aircraft purchases and modifications, and $47 million for two pairs of slots at London's Heathrow International airport, says Paul Jacobson, chief financial officer of Delta, during an earnings call on 23 April.
He says that the airline spent $120 million to buy 21 aircraft off their leases during the period.
Delta anticipates capital expenditures of $2 billion this year, including aircraft purchases and modifications, as well as equity investments.
Richard Anderson, chief executive of Delta, says that the airline will make a decision regarding the "next phase of capital deployment" in May.