Delta turns a profit.

$1.8 billion with a ‘b.’

Delta Air Lines reported a second quarter net profit of $1.8 billion, but the results were pumped up by big accounting adjustments related to its emergence from a Chapter 11 restructuring.

Excluding those gains, the Atlanta-based airline said its profit was $274 million, or 70 cents a share, easily exceeding Wall Street forecasts.

The results reflect improved industry conditions this year that have lifted results at most carriers, as well as the deep cost-cutting and re-working of Delta’s flight network and other pieces of its business.

Delta’s operating margin, a profit measure that excludes taxes, most accounting charges and other one-time items, was a healthy 9.8 percent.

Revenue topped $5 billion during the quarter, 5.5 percent higher than a year earlier.