Delta Air Lines has announced record revenue for the second quarter of 2023 ending June 30, 2023.
According to the financial report for the period, the airliner reported a record operating revenue of $14.6bn, which is 19 per cent higher than the June quarter of 2022. Its operating income rose to $2.5 bn with an operating margin of 17.1 per cent.
A Pre-tax income of $2.2 bn was recorded and its earnings per share stood at $2.68 at the end of the quarter.
Speaking on the results, Delta’s Chief Executive Officer, Ed Bastian, hailed the staff of the company for driving the record performance.
He 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.”
Bastian also increased their 2023 earnings forecast on the strength of robust air travel, saying, “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 $3bn of free cash flow.”
“We delivered record revenue in the June quarter, with total revenues 19 per cent higher than the June quarter of 2022. These results reflect the strength of the demand environment, the hard work of our people and the momentum of Delta’s brand,” said Glen Hauenstein, Delta’s president.
“Robust demand is continuing into the September quarter where we expect total revenue to be similar to the June quarter, up 11 per cent to 14 per cent compared to the September quarter 2022 on capacity that is 16 per cent higher,” he added.