Delta Air Lines Reports Profit and Beats Revenue Expectations
Delta Air Lines reported a first-quarter profit, beating revenue forecasts and providing a positive outlook for the June quarter and full-year projections.
- Delta Air Lines swung to a first-quarter profit as revenue grew above expectations.
- The company reported a net loss that narrowed to $363 million, or 57 cents a share.
- Excluding nonrecurring items, the company swung to adjusted earnings per share of 25 cents.
- Revenue grew 36.5% to $12.76 billion, above the FactSet consensus $11.98 billion.
- Passenger revenue jumped 50.7% to $10.41 billion, while cargo and other revenue combined fell 3.8% to $2.35 billion.
- Capacity increased 18.4% to 61.35 million available seat miles (ASM), while traffic rose 28.4% to 49.69 million revenue passenger miles (RPM).
- For the June quarter, the company expects record revenue and EPS of $2.00 to $2.25, well above the FactSet EPS consensus of $1.66.
- The FactSet revenue consensus for 2023 of $53.67 billion implies 17.7% growth, and the EPS consensus is $5.36.
- The stock ascended 3.7% in premarket trading, enough to lead all of the S&P 500 index’s gainers ahead of the open.
- The stock has gained 2.7% year to date through Wednesday.