Delta Air Lines Q2 results: ‘it’s a really strong quarter’

Delta Air Lines Inc (NYSE: DAL) on Wednesday reported quarterly revenue that topped 2019 levels. Shares are still down 6.0% on weaker-than-expected Q2 profit.

Delta Air Lines Q2 results

• Net income printed at $735 million versus $1.44 billion in Q2 of 2019
• Per-share earnings of $1.15 was nearly 50% down on a year-over-two-year basis
• Adjusted for one-time items, EPS stood at $1.44, as per the earnings press release
• At $13.82 billion, quarterly revenue was up 10.3% versus two years ago
• FactSet consensus was for $1.73 of adjusted EPS on $12.37 billion in revenue

Other notable figures

Other notable figures in the earnings report include an 18.2% increase (versus 2019) in total operating expenses, much of which was related to higher jet fuel prices. At 87%, load factor was better-than-consensus but down 1.0% from 2019.

Free cash flow came in at $1.60 billion. On CNBC’s “Squawk Box”, CEO Ed Bastian said:

Delta Air Lines future outlook

For the current fiscal quarter, Delta Air Lines forecasts its revenue to be up 1.0% to 5.0% from 2019 levels. This compares to analysts at 0.3% increase only. The chief executive added: