Delta Air Lines Q2 Earnings: EPS Miss, Revenue Beat, Underwhelming Q3 EPS Outlook And More
Delta Air Lines Q2 Earnings: EPS Miss, Revenue Beat, Underwhelming Q3 EPS Outlook And More
$DAL.US$ shares are trading lower by ~9% premarket on Thursday following the release of its second-quarter 2024 results.
$DAL.US$根据2024年第二季度财报公布后，该公司的股票在周四盘前下跌了约9%。
Delta reported second-quarter 2024 operating revenue growth of 7% year-over-year to $16.658 billion, beating the consensus of $15.452 billion. Adjusted operating revenue was $15.407 billion (+5.4% YoY).
Delta报告，2024年第二季度营收增长了7％，达到了165.8亿美元，超过了合理预期的154.52亿美元。调整后的营收为154.07亿美元（同比增长5.4％）。
Adjusted average fuel price of $2.64 per gallon, up 5% from last year's quarter. Adjusted EPS was $2.36, missing the consensus of $2.37.
调整后的平均燃料价格为每加仑2.64美元，比去年同季度增长了5％。调整后的每股收益为2.36美元，低于市场预期的2.37美元。
Total passenger revenue was $13.841 billion, a 5% increase YoY; Cargo revenue grew 16% YoY to $199 million, and Other revenue was $2.618 billion (+19% YoY).
总客运收入为138.41亿美元，同比增长5％;货运收入同比增长16％，为1.99亿美元;其他收入为26.18亿美元(同比增长19%)。
Delta recorded an adjusted operating income of $2.269 billion, compared to $2.494 billion YoY, with an adjusted operating margin of 14.7%, down ~230 bps.
Delta的调整后营业收入为22.69亿美元，而去年同期为24.94亿美元，调整后营业利润率减少了近230个基点达到14.7%。
"Diverse revenue streams, including premium and loyalty, contributed higher growth and margins, underpinning Delta's industry-leading financial performance and increasing our financial durability," commented Glen Hauenstein, Delta's president.
Delta总裁Glen Hauenstein表示，“包括高息和忠诚度在内的多元化收入流，为Delta业界领先的财务表现和增加我们的财务耐久性做出了贡献。”
"We expect September quarter capacity growth of 5 to 6 percent and revenue growth of 2 to 4 percent, with sequential improvement in unit revenue trends through the quarter," added Hauenstein.
Hauenstein补充道：“我们预计9月份出现5%-6%的产能增长和2%-4%的收入增长，并通过整个季度逐步改善单位收入趋势。”
Adjusted operating expenses increased by 8% YoY to $13.138 billion, and non-fuel costs were $9.808 billion (+9% Y/Y) for the quarter.
调整后的运营开支同比增长8％，为131.38亿美元，其中非燃油成本为98.08亿美元(同比增长9%)。
Delta generated an adjusted operating cash flow of $2.458 billion (-7% YoY). Adjusted net debt at quarter-end decreased ~3% Y/Y to $19.17 billion. Adjusted debt to EBITDAR of 2.8x, down from 3.0x at the end of 2023.
Delta的调整后营业现金流为24.58亿美元，同比下降7％。季末调整后净债务同比减少约3％，达到191.7亿美元。调整后的债务与EBITDAR之比为2.8倍，低于2023年末的3.0倍。
Total revenue per available seat mile decreased by 1% year over year. The passenger load factor was 87% vs. 88% in the second quarter of 2023.
每可用座英里收入同比下降1%。客座因素为87%，而2023年第二季度为88%。
DAL's Air Traffic Liability ended the quarter at $9.4 billion, up $2.4 billion compared to the end of 2023.
Delta的运输流量负债在本季度末达到94亿美元，相比2023年末增加了24亿美元。
"Growth continues to normalize and our teams are consistently running a great operation, enabling us to deliver efficiency. In the September quarter, we expect non-fuel unit costs to increase 1 to 2 percent year-over-year as capacity growth moderates," commented Dan Janki, Delta's chief financial officer.
“创业板持续增长，我们的团队始终在良好的控件下运行，使我们能够提高效率。在9月份季度，我们预计非燃料单位成本将同比增长1至2％，随着控制创新力度的加强，成本增长将趋缓，”Delta的首席财务官丹·詹基（Dan Janki）评论道。
"Debt reduction remains our top financial priority and we are progressing toward investment grade ratings, with gross leverage improving to 2.8x at the end of the first half," added Janki.
Janki补充说：“债务减少仍然是我们的首要财务重点，我们正在朝着投资级评级的方向取得进展，毛杠杆率在上半年末改善至2.8倍。”
Third-quarter 2024 Outlook: On a non-GAAP basis, Delta expects revenue growth of 2%-4%, EPS of $1.70 – $2.00 versus $2.06 consensus, and an operating margin of 11%-13%.
2024年第三季度展望: Delta预计在非GAAP基础上，营收将增长2%到4%，每股收益将达到1.70美元至2.00美元，预期市场预期为2.06美元，营业利润率将在11%至13%之间。
Reiterates 2024 Outlook: On a non-GAAP basis, DAL expects EPS of $6.00 – $7.00 versus the $6.58 consensus, free cash flow of $3 billion-$4 billion, and Adjusted Debt to EBITDAR of 2x – 3x.
重申2024年展望: Delta预计在非GAAP基础上，每股收益将达到6.00美元至7.00美元，预期市场预期为6.58美元，自由现金流将为30亿-40亿美元，调整后的债务与EBITDAR之比将为2倍至3倍。