DALLAS — Delta Air Lines (DL) has reported its financial results for the March quarter of 2024. The company achieved record revenue and outstanding operational performance during this period.

The airline's quarterly operating revenue increased 6% compared to Q1-2023. During this period, the company also saw improvements in operating income, pre-tax income, and earnings per share.

The highlights of the March quarter, including both GAAP and adjusted metrics, are as follows:

• Operating revenue: US$13.7 billion
• Operating income: US$614 million with an operating margin of 4.5 percent
• Pre-tax income: US$122 million with a pre-tax margin of 0.9 percent
• Earnings per share: US$0.06
• Operating cash flow: US$2.4 billion
• Payments on debt and finance lease obligations: US$712 million
• Total debt and finance lease obligations: US$19.4 billion at the end of the quarter

Adjusted Financial Results

In terms of adjusted financial results for the March quarter of 2024, DL reported the following:

• Operating revenue: US$12.6 billion, a 6% increase compared to the March quarter of 2023
• Operating income: US$640 million with an operating margin of 5.1%
• Pre-tax income: US$380 million with a pre-tax margin of 3.0%
• Earnings per share: US$0.45
• Operating cash flow: US$2.5 billion
• Free cash flow: US$1.4 billion
• Adjusted debt to EBITDAR: 2.9x, down from 3.0x at the end of 2023
• Return on invested capital: 13.8% on a trailing five-quarter average, up 2.8 points over the prior year

2024 Outlook

Delta expects to maintain strong business momentum and deliver record revenue in the June quarter of 2024. The company anticipates a mid-teens operating margin and earnings per share ranging from US$2.20 to US$2.50. The airline remains confident in its full-year earnings per share targets between US$6 and US$7 and free cash flow of US$3 to US$4 billion.

Ed Bastian, Delta's Chief Executive Officer, expressed his appreciation for the exceptional work of DL's 100,000 employees, who contributed to the carrier's best operational reliability to date. The airline recognized its efforts by distributing US$1.4 billion in profit-sharing payouts during the March 2024 quarter.