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Delta Air Lines Reports Fourth Quarter and Full Year 2023 Financial Results, Orders 20 Airbus A350-1000s

Delta Air Lines has reported a fourth quarter 2023 net profit of $2.04 billion or $3.16 per diluted share on a six percent year-over-year increase in revenue to $14.22 billion.  The carrier has also today ordered 20 Airbus A350-1000s.

Delta Air Lines Airbus A350-1000 Rendering - Courtesy Airbus

On Friday (January 12, 2024), Delta Air Lines reported their fourth quarter and full year 2023 financial results for the period ending December 31, 2023.  For the fourth quarter, Delta reported a net profit of $2.04 billion or $3.16 per diluted share on a six percent year-over-year increase in revenue to $14.22 billion.  For the full year 2023, the carrier reported a net profit of $4.61 billion or $7.17 per diluted share on an increase in revenue of 15 percent compared to FY2022 to $58.0 billion.  At December 31, 2023, Delta had total liquidity of $6.8 billion, including a $2.9 billion undrawn revolving credit facility.

In Friday’s financial announcement, Delta Air Lines’ Chief Executive Officer, Ed Bastian, said,

“2023 was a great year for Delta with industry-leading operational and financial performance.  Our people and their commitment to deliver unmatched service excellence for our customers is at the foundation of Delta's success.  We are thrilled to recognize their outstanding work with $1.4 billion in profit sharing payments next month.  In 2024, demand for air travel remains strong and our customer base is in a healthy financial position with travel a top priority.  We expect to grow full year earnings to $6 to $7 per share and generate free cash flow of $3 to $4 billion, further strengthening our financial foundation."

Delta Air Lines' Fourth Quarter and Full Year 2023 Financial Results - Courtesy Delta Air Lines

Delta’s fourth quarter total revenue per available seat mile (TRASM) was 20.78 cents, down from 22.58 cents during the same period last year.  The airline’s Q4 cost per available seat mile (CASM) was 18.84 cents, down from 20.11 cents in Q4 2022.  Delta’s full year 2023 TRASM was 21.34 cents, down from 21.69 cents for FY2022, while the carrier’s full year CASM was 19.31 cents, down from 20.12 cents in the previous year.  At December 31, 2023, Delta had an adjusted net debt of $21.4 billion, down year-over-year by $879 million, and an air traffic liability of $7.0 billion.

In a separate press release today (January 12, 2024), Airbus announced that Delta Air Lines has ordered 20 A350-1000s and secured 20 additional widebody jet options.  The A350-1000s will be powered by Rolls-Royce Trent XWB-97 engines and are scheduled for delivery starting in 2026.  Delta currently operates over 450 Airbus aircraft ranging in size from the A220 to the A350-900, and also has 200 additional on order. 

In Friday’s order announcement, Airbus’ Chief Executive Officer – Commercial Aircraft, Christian Scherer, said,

“We are thankful for Delta’s continued confidence in Airbus’ solutions to meet its fleet needs.  Delta was the first U.S. airline to operate the A350-900, and is doing so with great success. Delta now welcomes the A350-1000, which will open even more opportunities for the airline and its customers.  We are proud that our aircraft serve the entirety of Delta’s impressive global network as this stellar airline takes fleet efficiency to the next level.”

Delta Air Lines’ Chief Executive Officer, Ed Bastian, added,

“The A350-1000 will be the largest, most capable aircraft in Delta’s fleet and is an important step forward for our international expansion.  The aircraft complements our fleet and offers an elevated customer experience, with more premium seats and best-in-class amenities, as well as expanded cargo capabilities.”

The long-range leader in the 300-410 seat category, the A350-1000 can fly efficiently on any sector from short-haul to ultra-long-range routes up to 9,700 nautical miles. The aircraft’s clean sheet design incorporates state-of-the-art technologies, aerodynamics, lightweight materials and the latest generation engines, which combine to deliver a 25 percent reduction in fuel use and CO2 emissions, along with a 50 percent smaller noise footprint compared to previous generation competitor aircraft.  To date, the Airbus A350 has won over 1,206 orders from 58 customers worldwide.

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 280 destinations on six continents.  Delta has over 100,000 team members and served over 190 million customers in 2023.  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.


Source(s): Delta Air Lines, Airbus


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