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Delta Air Lines Announces Financial Results for the September 2023 Quarter
Delta Air Lines today reported financial results for the September quarter and provided its outlook for the December 2023 quarter.
- Record revenue in September quarter with profit growth of over 30% year-on-year
- Expect full-year adjusted revenue growth of 20% over 2022, with a double-digit operating margin
- Full year adjusted EPS of $6.00 – $6.25 and free cash flow of $2 billion
- Balance Sheet Progressing Toward Investment Grade Metrics with S&P Rating Upgraded to BB+
Delta Air Lines (NYSE: DAL) today released September quarter financial results and provided its outlook for the December 2023 quarter. September quarter highlights, including GAAP and adjusted metrics, are on page five and embedded here.
“Thanks to the excellent work of our entire team, Delta delivered record revenue in the September quarter and a double-digit operating margin. Our operational reliability continues to strengthen, thanks to our people, and I am pleased to recognize their exceptional efforts with over $1 billion accrued year-to-date in profit sharing,” said Ed Bastian, CEO of Delta.
“Delta continues to distinguish itself as a trusted consumer brand that offers warm, thoughtful and elevated service from the best people in the industry. Our differentiated position supports our expectations of 20% annual revenue growth over 2022 and pretax profits of more than $5 billion, nearly double the prior year’s earnings.”
September 2023 Quarter GAAP Financial Results
- Operating revenue of US$15.5 billion
- Operating profit of US$2.0 billion with operating margin of 12.8%
- Pre-tax profit of $1.5 billion with a pre-tax margin of 9.8%
- Earnings per share of $1.72
- Operating cash flow of US$1.1 billion
- Debt payments and finance lease obligations of US$724 million
- Total debt and finance lease obligations of US$19.5 billion at the end of the quarter
September 2023 Quarter Adjusted Financial Results
- Operating revenue of US$14.6 billion, 13% higher than the September 2022 quarter
- Operating profit of US$2.0 billion with operating margin of 13.5%
- Pre-tax profit of $1.7 billion with a pre-tax margin of 11.8%
- Earnings per share of $2.03
- Operating cash flow of US$1.1 billion
- Adjusted net debt of US$20.2 billion at the end of the quarter
Outlook for the December quarter and full year1
|
Forecast 4Q23 |
Forecast for fiscal year 2023 |
|
|
Total annual revenue |
Up to 9% – 12% |
Up to ~20% |
|
Operating margin |
9% – 11% |
~11.5% |
|
Earnings per share |
$1.05 – $1.30 |
US$6.00 – US$6.25 |
1 Non-GAAP measures; See non-GAAP reconciliations for comparison values
Additional metrics for financial modeling can be found in the Supplementary Information section under Quarterly Results ir.delta.com.
DOWNLOAD (PDF) | Delta Air Lines Announces Financial Results for the September 2023 Quarter
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