Delta Air Lines has reported a second quarter 2023 net profit of $1.83 billion or $2.84 per diluted share on a year-over year increase in revenue of 13 percent to $15.6 billion. At June 30, 2023, the carrier had total liquidity of $8.8 billion.
On Thursday (July 13, 2023), Delta Air Lines reported their financial results for the second quarter ending June 30, 2023. The carrier reported a second quarter net profit of $1.83 billion or $2.84 per diluted share on a year-over-year increase in revenue of 13 percent to $15.6 billion. Delta’s total revenue per available seat mile (TRASM) for the second quarter decreased 4.0 percent to 22.58 cents, while cost per available seat mile (CASM) decreased 9.0 percent to 18.97 cents. Adjusted TRASM for the quarter increased 1.0 percent versus Q2 2022 to 21.18 cents. Costs excluding fuel (CASM-ex) for the second quarter increased 2.0 percent to 13.06 cents. At June 30, 2023, Delta had cash, cash equivalents, short-term investments and undrawn revolving credit facilities totaling $8.8 billion.
In Thursday’s earnings announcement, Delta Air Lines’ Chief Executive Officer, Ed Bastian, said,
“Thanks to the incredible work of our entire team, Delta is delivering for our customers by providing strong operational performance and best in class service during this busy summer period. With this performance, we generated record revenue and profitability in the June quarter. Our people are the best professionals in the industry, and I'm proud to recognize their achievements with $667 million in the first half toward next year’s profit sharing payment. Consumer demand for air travel remains robust. Against this constructive backdrop, we are increasing our 2023 earnings guidance to $6 to $7 per share and reiterating our recently updated outlook for $3 billion of free cash flow.”
Delta Air Lines Second Quarter 2023 Financial Results - Courtesy Delta Air Lines
During the second quarter, Delta took delivery of 12 aircraft including A321neos, A220-300s, and A330-900s. The airline also exercised an option to purchase 12 additional A220s and added one A330-900 to their orderbook with Airbus.
At June 30, 2023, Delta had net debt totaling $19.8 billion, a reduction of $2.5 billion versus year-end 2022. The airline’s Air Traffic Liability at the close of Q2 was $10.4 billion, up year-over-year by $500 million.
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.
Source: Delta Air Lines/PRNewswire