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Delta loses $20M after trans-Atlantic flights canceled

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Delta Air Lines said flights from the U.S. to Europe will be back to normal by Wednesday, after an ash cloud cleared the air of nearly all trans-Atlantic flight traffic.

Company President Ed Bastian told investors in a conference call that Delta canceled roughly 400 flights. Bastian said the shutdown cost Delta about $5 million a day, or $20 million as of Monday night.

"The good news is that the aerospace has been reopened and that we'll be operating 50 percent of our westbound schedule today and expect to operate 100 percent of our eastbound schedule tonight as well," he said.

Delta reported a $256 million loss for the first three months of the year. Baggage fees brought in $215 million during the quarter. Officials expect the company to be solidly profitable in the second quarter as travel demand rebounds.