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Delta Air Lines Announces March 2024 Quarterly Financial Results
Delta Air Lines today released its March quarter financial results and provided its outlook for the June quarter. March quarter highlights, including GAAP and adjusted metrics, are on page five and embedded here.
Delta Air Lines (NYSE: DAL) today released its March quarter financial results and provided its outlook for the June quarter. March quarter highlights, including GAAP and adjusted metrics, are on page five and embedded here.
“Thanks to the extraordinary work of our 100,000 employees, Delta is delivering the best operational reliability in our history and we have widened the gap on our competitors. We were excited to recognize their efforts with $1.4 billion in profit-sharing payments during the quarter,” said Ed Bastian, CEO of Delta.
“In the March quarter, we delivered record revenues based on excellent operating performance, enabling strong earnings growth. We anticipate continued strong momentum for our business and in the June quarter, we expect to deliver record revenues, a mid-range operating margin and profits $2.20 to $2.50 per share We remain confident in our full-year goals of earnings of $6 to $7 per share and free cash flow of $3 to $4 billion. “
March Quarter 2024 GAAP financial results
- Operating revenue of US$13.7 billion
- Operating profit of US$614 million with operating margin of 4.5%
- Pre-tax profit of $122 million with a pre-tax margin of 0.9%
- Earnings per share of $0.06
- Operating cash flow of US$2.4 billion
- Debt payments and finance lease obligations of US$712 million
- Total debt and finance lease obligations of US$19.4 billion at the end of the quarter
March Quarter 2024 Adjusted Financial Results
- Operating revenue of US$12.6 billion, 6% higher than the March 2023 quarter
- Operating profit of US$640 million with operating margin of 5.1%
- Pre-tax profit of $380 million with a pre-tax margin of 3.0%
- Earnings per share of $0.45
- Operating cash flow of US$2.5 billion
- Free cash flow of US$1.4 billion
- Adjusted debt to EBITDAR of 2.9x, down from 3.0x at the end of 2023
- Return on invested capital of 13.8% on an average of the last five quarters, an increase of 2.8 points compared to the previous year.
Read the full statement at PR News or through download.
Forward-Looking Statements
Statements made in this press release that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered “forward-looking statements” under the Securities Act . All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, objectives, aspirations, commitments and strategies reflected or suggested by the forward-looking statements. These risks and uncertainties include, among others, the possible effects of serious accidents involving our aircraft or the aircraft of our partner airlines; breaches or lapses in the security of the technological systems we use and rely on, which could compromise the data stored therein, as well as failure to comply with evolving global privacy and security regulatory obligations or to adequately address increasing customer focus on issues privacy and data security; disruptions to our information technology infrastructure; our dependence on technology in our operations; increases in the cost of aircraft fuel; prolonged interruptions in aircraft fuel supplies, including from Monroe Energy, LLC (“Monroe”), a wholly owned subsidiary of Delta that operates the Trainer refinery; failure to receive expected results or returns from our business relationships with airlines in other parts of the world and from investments we have in some of these airlines; the effects of a significant disruption to the operations or performance of third parties we rely on; failure to meet financial and other commitments in our financing agreements; labor issues; the effects on our business of seasonality and other factors beyond our control, such as changes in the value of our capital investments, severe weather conditions, natural disasters or other environmental events, including those resulting from the impact of climate change; failure or inability of insurance to cover a significant liability at the Monroe refinery; failure to comply with existing and future environmental regulations to which Monroe refinery operations are subject, including costs related to compliance with renewable fuels standard regulations; significant harm to our reputation and brand, including due to exposure to significant adverse publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees and maintain our company culture; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat them; the effects of terrorist attacks, geopolitical conflicts or security events; competitive conditions in the airline sector; prolonged outages or disruptions in service at major airports at which we operate or significant problems associated with the types of aircraft or engines we operate; the effects of extensive government regulation to which we are subject; the impact of environmental regulation, including, but not limited to, the regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate change, and the cost of complying with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in exchange rates.
Additional information about risks and uncertainties that could cause actual results to differ from forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Caution must be exercised. We have taken measures not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release and which we undertake no obligation to update, except to the extent required by law.
© 2024 Delta Air Lines, Inc.