Delta Air Lines has reported a first quarter 2023 net loss of $363 million or ($0.57) per diluted share on a year-over-year increase in revenue of 36 percent to $12.8 billion.
On Thursday (April 13, 2023), Delta Air Lines reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter GAAP net loss of $363 million or ($0.57) per diluted share on a year-over-year increase in revenue of 36 percent to $12.8 billion. On an adjusted basis, Delta reported operating income of $546 million or $0.25 per diluted share. The airline’s first quarter total revenue per available seat mile (TRASM) increased year-over-year by 23 percent to 19.30 cents, while costs per available seat mile (CASM) increased 26 percent to 11.3 cents. Costs excluding fuel (CASM-ex) increased 4.7 percent versus Q1 2022 to 13.9 cents. At March 31, 2023, Delta had $9.5 billion in total liquidity, including cash, cash, equivalents, short-term investments and undrawn revolving credit facilities, and an adjusted net debt of $21 billion.
In Thursday’s announcement, Delta Air Lines’ Chief Executive Officer, Ed Bastian, said,
“Thanks to the outstanding work and dedication of the Delta team, 2023 is off to a strong start. We provided well-deserved pay increases for our people and paid more profit sharing than the rest of the industry combined. Delta is building momentum, with the best people in the industry generating nearly $5 billion of operating profit over the last twelve months. For the June quarter, we expect to deliver record revenue, and an adjusted operating margin of 14 to 16 percent with earnings per share of $2.00 to $2.25.
“With solid March quarter profitability and a strong outlook for the June quarter, we are confident in our full-year guidance for revenue growth of 15 to 20 percent year over year, earnings of $5 to $6 per share and free cash flow of over $2 billion.”
Atlanta-based Delta Air Lines (NYSE: DAL) is the global U.S. airline leader in safety, innovation, reliability and customer experience. The carrier operates over 4,000 daily flights across more than 275 destinations on six continents. Delta has over 90,000 team members and has served as many as 200 million customers annually. Headquartered in Atlanta, the airline operates significant hubs and key markets in Amsterdam, Atlanta, Boston, Detroit, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Seattle, Seoul-Incheon and Tokyo. For the last decade, Delta has led the industry in operational excellence, while maintaining their reputation for award-winning customer service.
In trading Thursday morning (April 13, 2023), shares in Delta Air Lines, Inc. (NYSE: DAL) were down 1.78% to $33.14 per share (10:31 AM EDT).
Source: Delta Air Lines