Delta Air Lines has reported a second quarter 2024 net profit of $1.3 billion or $2.01 per diluted share on a year-over-year increase in revenue of 7.0 percent to $16.7 billion.
On Thursday (July 11, 2024), Delta Air Lines announced their second quarter financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of $1.3 billion or $2.01 per diluted share on a 7.0 percent year-over-year increase in revenue to $16.7 billion. Delta’s second quarter total revenue per available seat mile (TRASM) declined 1.0 percent versus the same period last year to 22.3 cents, while cost per available seat mile (CASM) increased 2.0 percent to 19.28 cents. The airline’s second quarter adjusted costs excluding fuel (CASM-ex) increased 0.6 percent compared to Q2 2023 to 13.14 cents.
In Thursday’s financial announcement, Delta Air Lines’ CEO, Ed Bastian, said,
“Thanks to the incredible work of our 100,000 people, Delta is delivering industry-leading operational performance and best-in-class service for our customers. We delivered record June quarter revenue and pre-tax income of $2 billion with a 15 percent operating margin. Our people are the best in the industry, and we are pleased to recognize their efforts with more than $640 million accrued in the first half toward next year's profit sharing.
“For the September quarter, we expect a double-digit operating margin and a pre-tax profit of approximately $1.5 billion. With strong first half results and visibility into the second half, we remain confident in our full-year guidance.”
Delta Air Lines' Second Quarter 2024 Financial Results - Courtesy Delta Air Lines
For Q2 2024, premium, loyalty and other diversified revenue streams comprised 56 percent of Delta’s revenue. Premium revenue grew 10 percent compared to Q2 2023, while loyalty revenue was up 8.0 percent, driven by co-branded credit card spending growth and an increasing premium card mix. Compensation from American Express for the second quarter increased by approximately 9.0 percent versus last year to $1.9 billion. Delta’s Q2 cargo revenue also grew year-over-year by 16 percent.
During the second quarter 2024, Delta took delivery of 11 new aircraft, bringing the year-to-date total to 18, including Airbus A220-300s, A321neos, and A350-900s. In June, Delta launched new service between Seattle and Taipei, further expanding their Asia network. The carrier also announced two new routes between Florida and Europe with the launch of Tampa-Amsterdam and Orlando-London routes in October 2024. Additionally, Delta resumed service between New York-JFK and Tel Aviv in June.
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 290 destinations on six continents. Delta has over 100,000 team members and has served over 190 million customers in 2023. The airline operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), São Paulo, Seattle, Seoul-Incheon and Tokyo. For the last decade, Delta has led the industry in operational excellence, while maintaining their reputation for award-winning customer service.
In trading Thursday morning (July 11, 2024), shares in Delta Air Lines, Inc. (NYSE: DAL) were down 7.75% to $43.23/share (9:49 AM EDT).
Source: Delta Air Lines