Delta reports record quarterly profits as US bounces back

Friday, July 14, 2023

Delta Air Lines soared to a record quarterly profit of more than $1.8 billion as summer vacationers packed planes, especially to international destinations, and the airline enjoyed a tailwind from falling fuel prices.

The results released Thursday beat Wall Street expectations, and Delta raised its forecast of full-year earnings.

Delta officials said strong demand for tickets has continued at the beginning of the July-through-September quarter, when it expects revenue similar to the record second quarter, and even into the December holidays.

Revenue on flights between the U.S. and Europe, Delta’s most important overseas market, soared 65%. The airline will run its European summer schedule longer than normal to take advantage of American tourists who are overrunning the place after staying home during the COVID-19 pandemic.

Savanthi Syth, an airline analyst for Raymond James, said Delta’s comments are positive for rivals American and United, which also get a large chunk of revenue from international flights. Last year, when travel to many countries was still restricted, domestic-looking airlines such as Southwest benefitted.

A key part of Delta’s strategy involves pursuing high-income travelers, whom it says account for three-fourths of all spending on air travel. Drawing on government and private research, Delta says high-income households have accumulated $27 trillion in wealth since 2019.

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