Delta Air Lines Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2011. For the quarter, the company reported total operating revenues of $8,399 million, operating income of $726 million, income before income tax of $417 million, net income of $425 million or $0.50 per diluted share as compared to total operating revenues of $7,789 million, operating income of $294 million, income before income tax of $21 million, net income of $19 million or $0.02 per diluted share for the same period prior year. Cash from operations was $1.2 billion. Capital expenditures were $400 million, including $230 million in aircraft, parts and modifications. The quarter's expenditures also include Delta's $100 million investment in GOL and the $15 million net expenditure associated with the company's slot transaction and the related slot divestitures. Excluding special items, the company reported net income of $379 million for the December quarter or $0.45 per share, ahead of consensus estimates of $0.38 per share. These results are $221 million better than last year as fully covered higher fuel prices with higher revenues. The company reported $158 million of net income excluding special items for the quarter ended December 31, 2010. For the year, the company reported total operating revenues of $35,115 million, operating income of $1,975 million, income before income tax of $769 million, net income of $854 million or $1.01 per diluted share as compared to total operating revenues of $31,755 million, operating income of $2,217 million, income before income tax of $608 million, net income of $593 million or $0.70 per diluted share for the same period prior year. Adjusted net debt as at Dec. 31, 2011 was $12.9 million compared to $17 billion as at December 31, 2009. Capital expenditure came in below $1.3 billion. The company's net income for 2011 was $1.2 billion, excluding special items, as the company offset $3 billion higher fuel expense through strong revenue performance and its fuel hedging program compared to $1.44 billion for the same period last year. The company expects capital expenditures of $450 million for the first quarter ending March 2012. The company is expecting a positive operating margin of 2% to 4%. This is a substantial improvement over the $390 million pretax loss during the first quarter of 2011. The company is forecasting January unit revenues to be up 15% from the prior year.