Delta Air Lines Releases Third Quarter 2024 Financial Results
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Delta Air Lines recently released its third-quarter 2024 financial results and provided an outlook for the fourth-quarter 2024 results.
Delta Airways CEO Ed Bastian said: "Thanks to the outstanding efforts of the entire Delta team, we continue to lead the industry in operational and financial performance, with double-digit operating margins and nearly $3 billion in free cash flow in the first three quarters of this year. In recognition of the outstanding performance of Delta employees this year, we have reserved nearly $1 billion for the employee profit sharing plan in February next year."
Ed Bastian also said: "With the overall industry backdrop improving and travelers continuing to demand Delta, we are on track to finish the year strong. We expect pre-tax earnings to increase 30% year-over-year to $1.4 billion in the fourth quarter, making it one of the most profitable fourth quarters in our history."
Financial results for the third quarter of 2024 (GAAP basis)
Operating income was $15.7 billion
Operating profit was $1.4 billion, with an operating margin of 8.9%
Pre-tax profit was $1.6 billion, with a pre-tax margin of 10.0%
Earnings per share was $1.97
Operating cash flow was $1.3 billion
Debt and finance lease debt repayments were $2. $6.3 billion
Debt and finance lease debt totaled $17.7 billion at the end of the quarter
Adjusted financial results for the third quarter of 2024 (including the impact of the CrowdStrike software failure)
Adjusted operating income was $14.6 billion
Adjusted operating profit was $1.4 billion, with an operating margin of 9.4%
Adjusted pre-tax profit was $1.3 billion, with a pre-tax margin of 8.6%
Adjusted earnings per share was $1.50
Adjusted operating cash flow was $1.3 billion
Free cash flow was $95 million, $2.7 billion in the first three quarters of this year
Adjusted debt to EBITDAR ratio was 2.9
Delta Airways President Glen "Throughout the third quarter, our total RevAM grew significantly sequentially across all regions, reflecting an improved balance between demand and supply as industry growth stabilizes and moderates," said Hauenstein. "For the fourth quarter, we expect this improvement to continue, with very strong holiday bookings. We also expect lower travel demand during the U.S. election, which will have a 1 percentage point impact on RevAM. As a result, our overall operating income is expected to grow 2% to 4% year-over-year on a 3% to 4% year-over-year capacity increase. Industry supply growth will continue to moderate, which will position Delta well for the final quarter of the year and into 2025."