For the first three months of the year, Delta Airlines reported adjusted operating revenue of $11.8 billion while analysts expected $11.99 billion.
Delta Air Lines Inc (NYSE: DAL), one of America’s oldest and busiest airlines, announced its financial results for the first three months of 2023 (Q1 2023) today. According to the announcement, Delta Airlines reported a larger-than-expected loss for the first quarter but expects revenue and earnings to grow through the second quarter of the year.
“With strong profitability for the March quarter and strong outlook for the June quarter, we are confident in our full-year guidance of 15 to 20 percent year-over-year revenue growth, earnings of $5 to $6 per share, and free cash flow of more than $2 billion,” Ed Bastian, Delta CEO, noted.
As a result, shares of Delta Air Lines rose more than 2 percent during the pre-market period Thursday, to trade around $34.64. It is worth noting that the company’s shares have gained approximately 3.47 percent year-to-date, after last month’s decline of 14 percent.
Delta Air Lines financial results for the first quarter of 2023
For the first three months of the year, Delta Airlines reported adjusted operating revenue of $11.8 billion while analysts expected $11.99 billion. In addition, the company noted that adjusted earnings per share for the quarter came in at $0.25, while analysts had expected 30 cents. With the company owning about 641.24 million shares, the total dividend paid was approximately $160 million.
Delta Air Lines reported adjusted operating cash flow of $2.9 billion during the first quarter, with adjusted net debt of approximately $21 billion.
However, the company is bullish about profitable quarters ahead after Covid-19 restrictions are included. Moreover, the company announced an increase in the salaries of its employees at a time when other industries including the banking sector were collapsing.
to talk On CNBC, Bastian noted that its corporate bookings have recovered, with domestic sales in March rising nearly 85 billion percent to 2019 levels. The company also noted that its collaboration with American Express contributed nearly $1.7 billion to its revenue, up 38 percent. for the previous year.
“Thanks to the outstanding work and dedication of the Delta team, 2023 is off to a strong start. We’ve delivered well-deserved pay increases to our employees and paid more profit-sharing than the rest of the industry combined. Delta is building momentum, with the best people in the industry making nearly $5 billion. dollars in operating profit over the past 12 months,” Ed Bastian He said.
During the current quarter, Delta Airlines expects its revenue to increase between 15 and 17 percent. In addition, the company has projected earnings per share for the second quarter to be in the range of $2 to $2.25.
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