Delta Air Lines swung to a first-quarter net profit of $124 million from a $318 million loss a year earlier,

boosted by $163 million in fuel-hedge gains and other one-time items. Excluding such items, the company's pre-tax loss was $36 million, representing a $355 million improvement from the first quarter of 2011 "despite $250 million higher fuel expense." The airline posted solid revenue metrics, including a 10 percent increase in consolidated passenger revenue to $7.2 billion, a 9 percent improvement in passenger yield and a 14 percent jump in passenger unit revenue. "We expect the June quarter and full year will be not only solidly profitable but also a significant improvement over last year, despite higher fuel prices," according to CEO Richard Anderson. Delta for the June quarter said it expects both domestic and international system capacity to be down between 1 percent and 3 percent year over year.