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Delta Air Lines Reports Second Quarter Adjusted Net Income of $921 Million or $1.44 per Share

Delta Air Lines has reported a second quarter net profit of $735 million or $1.15 per diluted share on a year over three increase in revenue of 10 percent to $13.8 billion. The carrier’s second quarter adjusted net income was $921 million or $1.44 per diluted share.

Delta Air Lines Airbus A321neo - Courtesy Delta Air Lines

On Wednesday (July 13, 2022) Delta Air Lines reported their second quarter financial results for the period ending June 30, 2022. The carrier reported net income of 735 million or $1.15 per diluted share on a year over three increase in operating revenue of 10 percent to $13.8 billion. On an adjusted basis, Delta reported a second quarter net profit of $921 million or $1.44 per share on revenue of $12.3 billion. The company's adjusted total revenue per available seat mile (TRASM) increased 20 percent compared to Q2 2019 to 20.90 cents, while cost per available seat mile excluding fuel (CASM-ex) was 12.76 cents, an increase of 22 percent on 18 percent less capacity versus the June 2019 quarter. At June 30, 2022, Delta Air Lines had cash, cash equivalents, short term investments and undrawn credit facilities totaling $13.6 billion and adjusted net debt of $19.6 billion.

In Wednesday’s announcment, Delta Air Lines’ Chief Executive Officer, Ed Bastian, said,

“I would like to thank our entire team for their outstanding work during a challenging operating environment for the industry as we work to restore our best-in-class reliability. Their performance coupled with strong demand drove nearly $2 billion of free cash flow as well as profitability in the first half of the year, and we are accruing profit sharing, marking a great milestone for our people. For the September quarter, we expect an adjusted operating margin of 11 to 13 percent, supporting our outlook for meaningful full year profitability.”

Also commenting on the carrier’s June quarter results, Delta’s President, Glen Hauenstein, said,

“With growing demand across our network in the June quarter, we recaptured higher fuel prices and delivered adjusted revenue recovery of 99 percent with unit revenues up 20.5 percent versus 2019. We also delivered another record quarter of American Express co-brand remuneration, up 35 percent from the June quarter 2019, reflecting growing brand preference and further diversification of our revenue base. With sustained strength in bookings, we expect September quarter revenue to be up 1 to 5 percent compared to 2019 with total unit revenue growth improving sequentially.”

Delta’s Chief Financial Officer, Dan Janki, added,

“Our June quarter non-fuel unit cost performance of up 22 percent compared to 2019 was impacted by lower capacity, higher selling-related expenses and investments in operational reliability. We remain confident in our ability to meaningfully improve our unit costs as we fully scale the network and return our operations to Delta's high standards. In the near-term, as we prioritize restoring reliability, our full year non-fuel unit cost will remain higher than our previous plan by approximately 8 points on 5 points less capacity. In the June quarter, we repaid $1 billion of gross debt after delivering strong profitability and generating free cash flow ahead of our expectations. We remain committed to achieving investment-grade metrics and a return on invested capital in the mid-teens over the next 3 years.”

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 75,000 team members and has served as many as 200 million customers annually. For the last decade, the carrier has led the industry in operational excellence, while maintaining their reputation for award-winning customer service.

Source: Delta Air Lines / PRNewswire


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