Delta Air Lines Reports $2B Q4 Profit, Lowers 2024 Earnings Forecast
Despite a strong Q4 2023 performance, Delta has revised its 2024 earnings forecast, leading to an 8% drop in shares. The airline plans to purchase 20 Airbus A350-1000 aircraft to cater to high-end travelers.
- Delta Air Lines reported a net income of $2 billion in Q4 2023, more than double the profit from the same period in 2022. The company's revenue rose 6% to $14.22 billion.
- The airline has seen a steady improvement in corporate travel, with tech companies and auto and entertainment executives returning to regular patterns.
- Delta has announced plans to purchase 20 Airbus A350-1000 aircraft, with deliveries set to begin in 2026. The new aircraft will have more premium seating, aligning with Delta's strategy of targeting high-end travelers.
- Despite the strong performance, Delta has lowered its full-year earnings forecast for 2024 from over $7 per share to $6-$7 per share. This revised outlook led to an 8% drop in Delta shares.
- Delta CEO Ed Bastian remains optimistic about 2024, stating that the company's consumer base is in a healthy financial position and that travel remains a top priority.
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