Delta Air Lines reported financial results Wednesday for the March quarter 2022 and provided its outlook for the June quarter 2022.
“With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10%,” said Ed Bastian, Delta’s Chief Executive Officer.
“As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12% to 14% adjusted operating margin and strong free cash flow in the June quarter.
“I would like to thank the Delta people, who once again enabled our best-in-class operational performance, provided an unmatched customer experience and continue to power our industry leadership each and every day.”
March Quarter 2022 Financial Results
- Adjusted operating loss of $793 million excludes a net gain of $9 million.
- Pre-tax loss of $1.2 billion with adjusted pre-tax loss of $1.0 billion, excluding a net expense of $164 million.
- Adjusted operating revenue of $8.2 billion, which excludes third-party refinery sales, was 79% recovered versus March quarter 2019 on capacity that was 83% restored.
- Total operating expense of $10.1 billion increased $679 million compared to the March quarter 2019.
- Adjusted for costs primarily from third-party refinery sales, total operating expense of $9.0 billion decreased $400 million or 4% in the March quarter 2022 versus the comparable 2019 period.
- Generated $1.8 billion of operating cash flow and $197 million of free cash flow, after investing $1.6 billion into the business, primarily related to aircraft purchases and modifications.
- At the end of the March quarter, the company had $12.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities.