Delta Air Lines records $500m profit for 2022, targets 20 per cent growth in 2023

Accra, Jan 14, GNA – Delta Air Lines, a US-based airline, with footprints in 52 countries across the world, has reported a profit for the 2022 financial year and declared earnings per share of $2.06 for its shareholders.

Ed Bastian, Delta’s Chief Executive Officer (CEO), attributed the revenue recorded for the full year of 2022 to delivering industry-leading operational reliability and financial performance.

“I’m looking forward to recognizing their achievements with over $500 million in profit sharing payments next month,” Mr Bastian said in a statement shared by KCC, with the Ghana News Agency, in Accra.

He added: “As we move into 2023, the industry backdrop for air travel remains favourable and Delta is well positioned to deliver significant earnings and free cash flow growth.” 

The CEO said the Company expected to grow its 2023 revenue by 15 to 20 per cent and improve unit costs year-over-year, with a full-year outlook for earnings of $5 to $6 per share and more than $7 of earnings per share in 2024.

The company also delivered $45.6 billion in adjusted revenue, a $19 billion increase over the prior year, with record unit revenue performance expected to sustain a revenue premium to the industry of more than 110 per cent.

Commenting on the performance, Glen Hauenstein, Delta’s President said: “Industry-leading operations and the best-in-class service our people provided drove strong customer satisfaction scores and increasing brand preference in 2022.”

“Momentum continues in 2023 with strong demand trends, and we expect March quarter adjusted revenue to be 14 to 17 per cent higher than 2019 on capacity that is 1 percent lower,” Hauenstein said.

Dan Janki, Delta’s Chief Financial Officer, also said the company was confident they would in 2023, complete their network, rebuild and deliver the benefits of scale and efficiency as the group move through the year.

This, he said, would result in a two to four per cent decline in non-fuel unit costs year-over-year, including all expected labor cost increases.”

The company also expects non-fuel unit costs to increase three to four per cent year-over-year, in its March quarter performance, including a full quarter impact from labour cost increases and finalise the rebuild of its network for the peak summer period.

Janki also said: “Our outlooks for the March quarter and full year are consistent with our cost framework provided to investors on December 14, updated for all expected labour costs increases.”

With 4,000 daily flights to more than 275 destinations on six continents, Delta’s mission is to connect the world, creates opportunities, fosters understanding and expands its horizons by connecting people and communities to each other and their potentials.