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Delta Air Lines Reports Third Quarter Net Profit of $695 Million or $1.08 per Diluted Share

Delta Air Lines has reported a third quarter net profit $695 million or $1.08 per diluted share on a year-over-three increase in revenue of 11 percent to $14 billion. The carrier’s adjusted net income was $966 million or $1.51 per diluted share.

Delta Air Lines reports Third Quarter 2022 Financial Results - Courtesy Delta Air Lines / PRNewswire

On Thursday (October 13, 2022), Delta Air Lines reported their third quarter financial results for the period ending September 30, 2022. The carrier reported a GAAP net profit of $695 million or $1.08 per diluted share on a year-over-three increase in revenue of 11 percent to $14 billion. On an adjusted basis, Delta reported a Q3 net profit of $966 million or $1.51 per diluted share. During the third quarter, the carrier made $1.8 billion in payments on debt and finance lease obligations and ended the period with total debt and finance lease obligations of $23.2 billion. At September 30, 2022, Delta had $11.2 billion in cash, cash equivalents, short-term investments and undrawn revolving credit facilities, and adjusted net debt of $20.5 billion.

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

“Thanks to the incredible work of our entire team, Delta delivered a strong September quarter with record quarterly revenues and a double-digit operating margin. The travel recovery continues as consumer spend shifts to experiences and demand improves in corporate and international. In this environment, we expect December quarter revenue growth to accelerate versus 2019 with an operating margin of approximately 10 percent.

“With strong demand and a return to best-in-class operational performance, we are ahead of our plan for the year on profitability and expect to be free cash flow positive. We're working towards full network restoration by summer of 2023, which supports a meaningful step up in profitability and cash flow next year on our path to earn over $7 of EPS and $4 billion of free cash flow in 2024.”

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

“We reached a major milestone this quarter, with adjusted revenue 3 percent higher and unit revenues up 23 percent compared to 2019, marking the highest revenue and unit revenue quarter in Delta's history. Our results reflect the strength of our brand and diverse revenue streams, with another quarter of record co-brand remuneration and continued premium product outperformance. With corporate travel improving and robust domestic and international demand, we expect December quarter revenue to be up 5 to 9 percent compared to December quarter 2019.”

Delta Air Lines' Third Quarter 2022 Financial Results - Courtesy Delta Air Lines / PRNewswire

Delta’s total revenue per available seat mile (TRASM) for the third quarter increased year-over-three by 34 percent to 22.18 cents, while cost per available seat mile (CASM) increased 43 percent compared to Q3 2019 to 19.87 cents. The carrier’s third quarter costs excluding fuel (CASM-ex) increased year-over-three by 22.5 percent to 12.43 cents. During the third quarter, Delta received record remuneration from American Express totaling $1.4 billion, an increase of 37 percent compared to Q3 2019, which is expected to total $5.5 billion for the full year. Co-brand credit card spend was up 44 percent compared to the same period in 2019, and card acquisitions were up 17 percent.

On July 18, 2022 Delta announced an order for 100 Boeing 737-10 MAX airplanes and options for 30 more, with deliveries starting in 2025. The carrier’s 737 fleet will grow to over 300 aircraft by 2030, making it one of Delta’s largest fleet families. The company also announced a new agreement with CFM International to service next-generation LEAP engines, with Delta TechOps becoming one of the select few MROs worldwide for the LEAP-1B engine.

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 80,000 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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