13 Ene Delta Air Lines anuncia los resultados financieros del cuarto trimestre y los beneficios de 2022 (en inglés)

 

• Generated double-digit operating margin in December quarter with EPS ahead of guidance
•  Expect March quarter revenue to accelerate further relative to 2019
• Reiterating outlook for significant earnings and cash flow growth in 2023, including EPS of $5 – $6 and free cash flow of more than $2 billion

 

ATLANTA, Jan. 13, 2023 – Delta Air Lines (NYSE:DAL) today reported financial results for the December quarter and full year 2022 and provided its outlook for the March quarter 2023.  Highlights of the December quarter and full year 2022 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

«Delta people rose to the challenges of 2022, delivering industry-leading operational reliability and financial performance, and I'm looking forward to recognizing their achievements with over $500 million in profit sharing payments next month,» said Ed Bastian, Delta's chief executive officer.  «As we move into 2023, the industry backdrop for air travel remains favorable and Delta is well positioned to deliver significant earnings and free cash flow growth.  We expect to grow 2023 revenue by 15 to 20 percent and improve unit costs year-over-year, supporting a full-year outlook for earnings of $5 to $6 per share and keeping us on track to achieve more than $7 of earnings per share in 2024.»

December Quarter 2022 GAAP Financial Results

• Operating revenue of $13.4 billion
• Operating income of $1.5 billion with an operating margin of 9 percent
• Pre-tax income of $1.1 billion with a pre-tax margin of 3 percent
• Earnings per share of $1.29
• Operating cash flow of $1.2 billion
• Payments on debt and finance lease obligations of $285 million

December Quarter 2022 Adjusted Financial Results

• Operating revenue of $12.3 billion, 8 percent higher than the December quarter 2019
• Operating income of $1.4 billion with an operating margin of 6 percent
• Pre-tax income of $1.2 billion with a pre-tax margin of 1 percent
• Earnings per share of $1.48
• Operating cash flow of $1.2 billion

Full Year 2022 GAAP Financial Results 

• Operating revenue of $50.6 billion
• Operating income of $3.7 billion with an operating margin of 7.2 percent
• Pre-tax income of $1.9 billion with a pre-tax margin of 3.8 percent
• Earnings per share of $2.06
• Operating cash flow of $6.4 billion
• Payments on debt and finance lease obligations of $4.5 billion
• Total debt and finance lease obligations of $23.0 billion at year end

Full Year 2022 Adjusted Financial Results 

• Operating revenue of $45.6 billion, 2 percent lower than the full year 2019
• Operating income of $3.6 billion with an operating margin of 8 percent
• Pre-tax income of $2.7 billion with a pre-tax margin of 5.9 percent
• Earnings per share of $3.20
• Operating cash flow of $6.2 billion
• Free cash flow of $244 million
• $9.4 billion in liquidity* and adjusted net debt of $22.3 billion at year end

*Includes cash and cash equivalents, short-term investments and undrawn revolving credit facilities

 March Quarter and Full Year Outlook¹

 

	1Q23 Forecast	FY 2023 Forecast
Total Revenue	+14% – 17% vs. 2019	+15% – 20% YoY
Operating Margin	4% – 6%	10% – 12%
Earnings Per Share	$0.15 – $0.40	$5 – $6

                                         ¹ Non-GAAP measures; Refer to Non-GAAP reconciliations for comparison figures

    

Additional metrics for financial modeling can be found in the Supplemental Information section under Quarterly Results on ir.delta.com.

 Revenue Environment and Outlook

«Industry-leading operations and the best-in-class service our people provided drove strong customer satisfaction scores and increasing brand preference in 2022,» said Glen Hauenstein, Delta's president.  «For the year we 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 percent.  Momentum continues in 2023 with strong demand trends, and we expect March quarter adjusted revenue to be 14 to 17 percent higher than 2019 on capacity that is 1 percent lower.»

• Consumer demand remains robust: Strong demand through the quarter drove Domestic total passenger revenue 7 percent higher versus December quarter 2019, with International passenger revenue up 5 percent.
• Business bookings steady: Domestic Corporate sales* in the December quarter were 80 percent recovered to 2019 levels. Recent corporate survey results indicate that 96 percent of companies expect their travel will stay the same or increase sequentially in the March quarter.
• Premium product revenue momentum continues: Premium revenue was up 13 percent in the December quarter versus 2019, 8 points higher than main cabin revenue growth.

*Corporate sales include tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period

• American Express remuneration exceeds target: Remuneration for the December quarter was $1.5 billion, approximately 40 percent higher than the December quarter 2019 and was approximately $5.5 billion for the full year 2022, exceeding our initial target of $5 billion. Co-brand card spend was up 45 percent compared to the December quarter 2019 with co-brand card acquisitions exceeding 2019 levels.

Cost Performance and Outlook

 «With a step up in capacity restoration, we reported sequential improvement in December quarter unit cost performance.  In 2023, we are confident in completing our network rebuild and delivering the benefits of scale and efficiency as we move through the year, resulting in a 2 to 4 percent decline in non-fuel unit costs year-over-year, including all expected labor cost increases,» said Dan Janki, Delta’s chief financial officer.

 «For the March quarter, we expect non-fuel unit costs to increase 3 to 4 percent year-over-year, including a full quarter impact from labor cost increases and finalizing the rebuild of our network for the peak summer period.  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 labor cost increases,» Janki said.

December Quarter 2022 Cost Performance 

• December quarter operating expense of $12.0 billion and total adjusted operating expense of $10.9 billion
• December quarter adjusted non-fuel costs of $7.8 billion
• December quarter non-fuel CASM was 13 percent higher than the December quarter 2019 on 9 percent less capacity, including a 1 point impact from severe winter weather
• Adjusted fuel expense of $2.8 billion was up 40 percent compared to the December quarter 2019
• Adjusted fuel price of $3.20 per gallon includes a refinery benefit of 30¢ per gallon
• Fuel efficiency, defined as gallons per 1,000 ASMs, was 6, a 4.1 percent improvement versus 2019

Full Year 2022 Cost Performance 

• Full year 2022 operating expense of $46.9 billion and total adjusted operating expense of $42.0 billion
• Full year 2022 adjusted non-fuel costs of $30.0 billion
• Full year non-fuel CASM was 18 percent higher than the full year 2019 on 15 percent less capacity
• Adjusted fuel expense of $11.5 billion was up 35 percent compared to 2019
• Adjusted fuel price of $3.36 per gallon includes a refinery benefit of 23¢ per gallon
• Fuel efficiency, defined as gallons per 1,000 ASMs, was 14.6, a 4.2 percent improvement versus 2019 

Balance Sheet, Cash and Liquidity

«We made significant progress restoring our financial foundation in 2022 with positive free cash flow generation and three quarters of double-digit margins.  This enabled us to pay down over $4.5 billion of gross debt during the year, strengthening our balance sheet,» Janki said.  «We expect to deliver free cash flow of more than $2 billion in 2023 and further reduce debt on our path to reach investment grade metrics in 2024.»

• Adjusted net debt of $22.3 billion at quarter end; weighted average interest rate of 4.7 percent with 83 percent fixed rate debt and 17 percent variable rate debt
• Payments on debt and finance lease obligations of $285 million in the December quarter, bringing year-to-date total to $4.5 billion
• Operating cash flow in the December quarter of $1.2 billion and gross capital expenditures of $2.1 billion
• Full year operating cash flow of $6.2 billion and gross capital expenditures of $6.0 billion, resulting in $244 million free cash flow
• Air Traffic Liability ended the year at $8.3 billion, up $1.9 billion compared to the end of 2021
• Liquidity of $9.4 billion at year-end, including $2.9 billion in undrawn revolver capacity

 December Quarter and 2022 Highlights

Operational Reliability

• Earned the Cirium Platinum Award for global operational excellence as North America's most on-time airline, reflecting the exemplary work of the Delta people to achieve on-time performance while limiting the impact of disruption to our customers
• Operated the most on-time airline during the quarter, leading our competitors in October, November and December* despite the most impactful weather event of 2022 over the Christmas holiday
• For the full year, Delta’s network system ranked first among our competitors in Completion Factor, A0, A14 and D0**

Culture and People

• Delta people earned $563 million in profit sharing and $61 million in Shared Rewards for the year, recognizing the outstanding performance of Delta's 90,000 employees
• Ranked 6th overall and the top airline recognized on Forbes’ annual list of the “World’s Best Employers”
• Launched fundraising campaign to ensure the long-term health of Delta's employee assistance fund, the Delta Care Fund, with a goal of raising $30 million
• Expanded recruitment strategy giving active-duty military pilots conditional job offers up to two years before retirement
• Announced employee healthcare premiums for 2023 will not increase for the fifth consecutive year
• Helped build Habitat for Humanity homes, bringing the total built or rehabbed by Delta volunteers to 279

Customer Experience and Loyalty

• Announced at CES fast, free, unlimited Wi-Fi on most domestic mainline flights starting February 1, 2023 for all customers through a free SkyMiles account
• Introduced Delta Sync, to create personalized experiences and further elevate the consumer experience across the travel journey, including partnerships with leading brands
• 2022 NPS score higher than 2019, representing growing brand affinity and leading operational reliability
• Added a record 8.5 million new SkyMiles Members in 2022 and a record 1.2 million new Delta American Express cardholders
• Took delivery of 69 aircraft in 2022, including new A321neo, A220-300, A330-900, A350-900 aircraft and gently used Boeing 737-900ER aircraft
• Named No. 1 in the Business Travel News Airline Survey for the 12th consecutive year and No. 1 U.S. airline by Conde Nast Traveler readers
• Received top honors from The Points Guy's Readers' Choice Awards for the Best U.S. Airline Loyalty Program, Best Airport Lounge Network and Best Airline Co-Branded Credit Card with the SkyMiles® Platinum American Express
• Awarded Delta SkyMiles as Americas’ top loyalty program by the Frequent Traveler People’s Awards in four of its five award categories
• Opened the latest phase of the Delta Sky Way in Los Angeles and a new Delta Sky Club at Chicago O’Hare

Environmental, Social and Governance

• Improved fuel efficiency by 2 percent in 2022 versus 2019 through fleet renewal and other initiatives
• Saved more than 10 million gallons of fuel in 2022 as a result of Delta's Carbon Council initiatives including fleet modifications, enhanced landing procedures and optimizations to flight routing and speed
• Partnering with Aero Design Labs to test novel drag-reduction technology to further decrease emissions
• Honored with the Green Partner in Travel Award from the American Society of Travel Advisors
• Awarded the North American Environmental Sustainability Airline / Airline Group of the Year award from the Centre for Aviation
• Engaged more than 70 percent of our officer group in racial equity training

 * Based on FlightStats preliminary data for Delta flights system wide and for Delta's competitive set (AA, UA, B6, AS, WN, and DL), from

October 1 – December 31, 2022. On-time is defined as A0.

** Based on US DOT ATCR for January – September, and FlightStats preliminary data for Delta flights system wide and for Delta's competitive set (AA, UA, B6, AS, WN, and DL), from October 1 – December 31, 2022.

December Quarter Results

December quarter results have been adjusted primarily for the third-party refinery sales, unrealized losses on investments and loss on extinguishment of debt and as described in the reconciliations in Note A.

 

	GAAP		Adjusted		GAAP		Adjusted
($ in millions except per share and unit costs)	4Q22	4Q19	4Q22	4Q19	FY22	FY19	FY22	FY19
Operating income	1,470	1,399	1,422	1,423	3,661	6,618	3,566	6,636
Operating margin	10.9  %	12.2  %	11.6  %	12.5  %	7.2  %	14.1  %	7.8  %	14.2  %
Pre-tax income	1,120	1,397	1,242	1,417	1,914	6,198	2,703	6,214
Pre-tax margin	8.3  %	12.2  %	10.1  %	12.4  %	3.8  %	13.2  %	5.9  %	13.3  %
Net income	828	1,099	950	1,098	1,318	4,767	2,053	4,776
Diluted earnings per share	1.29	1.71	1.48	1.70	2.06	7.30	3.20	7.32
Operating revenue	13,435	11,439	12,292	11,384	50,582	47,007	45,605	46,718
Total revenue per available seat mile (TRASM) (cents)	22.58	17.47	20.66	17.39	21.69	17.07	19.55	16.97
Operating expense	11,965	10,040	10,871	9,961	46,921	40,389	42,039	40,082
Non-fuel cost			7,821	7,590			30,024	29,962
Cost per available seat mile (CASM) (cents)	20.11	15.34	13.14	11.59	20.12	14.67	12.87	10.88
Fuel expense	2,849	2,012	2,778	1,983	11,482	8,519	11,453	8,477
Average fuel price per gallon	3.28	2.01	3.20	1.99	3.36	2.02	3.36	2.01
Operating cash flow	1,189	969	1,211	837	6,364	8,425	6,210	8,476
Capital expenditures	2,200	1,072	2,113	954	6,366	4,936	6,008	5,306
Total debt and finance lease obligations	23,030	11,160			23,030	11,160
Adjusted net debt			22,303	10,489			22,303	10,489

 

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