Delta Q3 cargo revenue up 27%
For first nine months of 2022, cargo revenue was up 41% to $801 million
Delta Air Lines reported a 27 percent increase in cargo revenue to $240 million for the third quarter ended September 30, 2022 compared to $189 million in Q32019.
For the first nine months of 2022, cargo revenue was up 41 percent to $801 million from $567 million in the same period of 2019.
Total operating revenue was up 11 percent to $14 billion for Q32022 and 4% to $37 billion for nine months of the current financial year.
"Thanks to the incredible work of our entire team, Delta delivered a strong September quarter with record quarterly revenues and a double-digit operating margin," says Ed Bastian, Chief Executive Officer, Delta.
"The travel recovery continues as consumer spend shifts to experiences and demand improves in corporate and international. In this environment, we expect December quarter revenue growth to accelerate versus 2019 with an operating margin of approximately 10 percent.
"With strong demand and a return to best-in-class operational performance, we are ahead of our plan for the year on profitability and expect to be free cash flow positive. We're working towards full network restoration by summer of 2023, which supports a meaningful step up in profitability and cash flow next year on our path to earn over $7 of EPS and $4 billion of free cash flow in 2024."
Delta is likely to report a 5-9 percent increase in total revenue in Q42022 compared to Q42019 and operating margin of 9-11 percent.