CLAYTON COUNTY, Ga. — Delta Air Lines released their latest earnings report Thursday, saying that the results so far for the quarter were in line with expectations from April.
The airline’s CEO said performance in the quarter was strong.
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“In the June quarter, Delta delivered record revenue on a 13% operating margin, generating $1.8 billion in pre-tax profit and leading network peers across key operational metrics. This strong performance is a direct reflection of the outstanding contributions of our people, who continue to set the bar for industry performance,” Ed Bastian, Delta’s chief executive officer, said in a statement.
Heading into the second half of the company’s centennial year, Bastian said Delta remains focused on executing their strategic priorities and delivering strong earnings and cash flow.
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“Delta generated record June quarter revenue of $15.5 billion, approximately 1% higher than prior year. Through the quarter, demand trends stabilized at levels that are flat to last year and we continued to see resilience in our diverse, high-margin revenue streams. The team did a great job leveraging Delta’s structural advantages to optimize performance in this environment,” Glen Hauenstein, Delta’s president, said.
Hausenstein said September’s quarterly revenue is expected to be flat up to 4% compared to last year alongside improved unit revenue.
The company’s chief financial officer said the year is shaping up to generate roughly $3 to $4 billion by the end of the year in free cash flow, having already generated $2 billion.
“With strong cash generation, we are well-positioned to deliver on our capital allocation priorities as we reinvest in the business, pay down $3 billion of debt this year, and return cash to shareholders, including a 25% increase to our quarterly dividend beginning in the September quarter,” Janki said.
The company’s earnings release listed several highlights, including among others:
- Named Best U.S. Airline by The Points Guy for the 7th year running
- Operating the most on-time airline in the past three months compared to network peers
- Gave 4% raises to base pay for employees
- Accrued $470 million toward profit sharing in the June quarter, $594 million year-to-date
- New partnership with Uber to let SkyMiles members earn on rides, deliveries
- Continued rollout of free Wi-Fi for SkyMiles members
- Launched new Fly Delta app 7.0 to enhance customer experience
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