Delta Air Lines Reports Third Quarter 2023 Net Income of $1.1 Billion or $1.72 per Diluted Share
Delta Air Lines has reported a third quarter 2023 net profit of $1.1 billion or $1.72 per diluted share on a year-over-year increase in revenue of 11 percent to $15.5 billion. The carrier ended the quarter with $7.8 billion in total liquidity.
On Thursday (October 12, 2023), Delta Air Lines reported their third quarter financial results for the period ending September 30, 2023. The carrier reported a third quarter net income of $1.1 billion or $1.72 per diluted share on a year-over-year increase in revenue of 11 percent to $15.5 billion. Delta’s third quarter total revenue per available seat mile (TRASM) decreased versus the same period last year by 5.0 percent to 21.15 cents, while cost per available seat mile (CASM) declined 7.0 percent to 18.44 cents. Costs excluding fuel (CASM-ex) increased 1.3 percent versus Q3 2022 to 12.59 cents. At September 30, 2023, Delta had total liquidity of $7.8 billion, including undrawn revolving credit capacity of $2.8 billion.
In Thursday’s announcement, Delta Air Lines’ Chief Executive Officer, Ed Bastian, said,
“Thanks to the outstanding work of our entire team, Delta delivered record September quarter revenue and a double-digit operating margin. Our operational reliability continues to strengthen, thanks to our people, and I’m pleased to recognize their outstanding efforts with over $1 billion accrued year-to-date towards profit sharing.
"Delta continues to set itself apart as a trusted consumer brand delivering welcoming, caring and elevated service by the best people in the industry. Our differentiated position supports our expectations for full year revenue growth of 20 percent over 2022, and pre-tax earnings of over $5 billion, a near doubling over prior year earnings.”
Also commenting on the company’s third quarter financial results, Delta’s President, Glen Hauenstein, added,
“We generated record September quarter revenue, with total revenues 13 percent higher than the September quarter of 2022. With this performance, we expect to deliver a record September quarter unit revenue premium to the industry, reflecting the strength of Delta's diverse revenue streams and continued brand momentum.
“Robust demand for travel on Delta is continuing into the December quarter where we expect total revenue growth of 9 percent to 12 percent compared to the December quarter 2022 with total unit revenue (TRASM) expected to decline 2.5 percent to 4.5 percent. Within this outlook, Domestic and Transatlantic trends are consistent with the September quarter on a year-over-year basis, while unit revenue trends in the Pacific and Latin America are expected to modestly decelerate given capacity growth related to China re-opening and investment in our LATAM JV.”
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. 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