Delta Air Lines posts strong first quarter 2024

Delta Air Lines reported revenues of $13.7 billion and a net profit of $37 million in the first quarter of 2024, the first quarter one profit since 2019 prior to the global pandemic.  Revenues were 8% up over 2023, which reported a first quarter net loss of $363 million for the same period last year.  

“For the March quarter we delivered record revenue on outstanding operational performance, enabling strong earnings growth” said CEO Ed Bastian. “We anticipate continued strong momentum for our business, and in the June quarter we expect to deliver record revenue, a mid-teens operating margin and earnings of $2.20 to $2.50 per share. We remain confident in our full year targets for earnings of $6 to $7 per share and free cash flow of $3 to $4 billion.”

Passenger load factors were up 2% over 2023 at 83%, with strong improvements in business travel volume.  Delta CFO Dan Janki

commented “growth is normalizing and we are in a period of optimization, with a focus on restoring our most profitable core hubs and delivering efficiency gains.”