Delta Air Lines Sets Growth Trajectory, Prioritizes Debt Reduction After Strong Q1
Delta Air Lines Sets Growth Trajectory, Prioritizes Debt Reduction After Strong Q1
$Delta Air Lines (DAL.US)$ shares are trading higher by ~4% premarket on Wednesday morning following the release of its first-quarter 2024 results.
$达美航空 (DAL.US)$ 在公布2024年第一季度业绩后，周三上午盘前股价上涨了约4％。
Delta reported a first-quarter 2024 operating revenue growth of 8% year-over-year to $13.748 billion and adjusted operating revenue of $12.563 billion (+6% YoY), beating the consensus of $12.57 billion.
达美航空报告称，2024年第一季度营业收入同比增长8％，达到137.48亿美元，调整后的营业收入为125.63亿美元（同比增长6％），超过了预期的125.7亿美元。
Adjusted average fuel price of $2.76 per gallon dropped 10% from last year's quarter. Adjusted EPS was $0.45, above the consensus of $0.36.
调整后的平均燃料价格为每加仑2.76美元，比去年同期下降了10％。调整后的每股收益为0.45美元，高于市场普遍的0.36美元。
Total passenger revenue was $11.13 billion, a 7% increase YoY; Cargo revenue decreased 15% YoY to $178 million, and Other revenue was $2.44 billion (+14% YoY).
客运总收入为111.3亿美元，同比增长7％；货运收入同比下降15％，至1.78亿美元，其他收入为24.4亿美元（同比增长14％）。
Delta recorded an adjusted operating income of $640 million, compared to $546 million YoY, with an adjusted operating margin of 5.1%, up ~50 bps.
达美航空的调整后营业收入为6.4亿美元，同比为5.46亿美元，调整后的营业利润率为5.1％，增长约50个基点。
Adjusted operating expenses increased by 6% YoY to $11.92 billion, and non-fuel costs were $9.23 billion for the quarter.
调整后的运营支出同比增长6％，达到119.2亿美元，本季度非燃料成本为92.3亿美元。
Delta generated an adjusted operating cash flow of $2.478 billion (-16% YoY). Adjusted net debt at quarter-end decreased ~4% Y/Y to $20.22 billion.
达美航空调整后的运营现金流为24.78亿美元（同比下降16％）。季度末调整后的净负债同比下降约4％，至202.2亿美元。
Adjusted debt to EBITDAR of 2.9x, down from 3.0x at the end of 2023. Return on invested capital of 13.8% on a trailing five-quarter average.
调整后的债务息税折旧摊销前利润为2.9倍，低于2023年底的3.0倍。按过去五个季度的平均水平计算，投资资本回报率为13.8％。
Total revenue per available seat mile increased 1% YoY. The passenger load factor was 83% vs. 81% in the first quarter 2023.
每可用座位里程的总收入同比增长了1％。乘客载量系数为83％，而2023年第一季度为81％。
DAL reported liquidity of $7.4 billion at quarter-end, including $2.9 billion in undrawn revolver capacity.
DAL报告称，截至季度末，流动性为74亿美元，其中包括29亿美元的未动用左轮手枪容量。
"We expect to repay at least $4 billion of debt this year and are on track to improve full year leverage. Our commitment to strengthening the balance sheet was recognized this quarter with positive outlook updates from Moody's and Fitch, marking our continued progress towards an investment grade rating," commented Dan Janki, Delta's chief financial officer.
“我们预计今年将偿还至少40亿美元的债务，并有望提高全年杠杆率。我们对加强资产负债表的承诺在本季度得到了认可，穆迪和惠誉公布了乐观的前景信息，这标志着我们在投资级别评级方面持续取得进展。” 达美航空首席财务官丹·扬基评论道。
Second-quarter 2024 Outlook: On a non-GAAP basis, Delta expects revenue growth of 5%-7%, EPS of $2.20 – $2.50 versus $2.25 estimate, and operating margin of 14%-15%.
2024年第二季度展望：按非公认会计准则计算，达美航空预计收入增长5％-7％，每股收益为2.20美元至2.50美元，预期为2.25美元，营业利润率为14％-15％。
Reiterates 2024 Outlook: On a non-GAAP basis, DAL expects EPS of $6-$7 versus the $6.46 estimate, free cash flow of $3 billion-$4 billion, and Adjusted Debt to EBITDAR of 2x – 3x.
重申2024年展望：按非公认会计准则计算，DAL预计每股收益为6至7美元，而预期为6.46美元，自由现金流为30亿至40亿美元，调整后债务与息税折旧摊销前利润的比例为2倍至3倍。
"Strong demand for travel on Delta is continuing into the June quarter where we expect total revenue growth of 5 to 7 percent compared to the June quarter 2023 on TRASM of flat to down 2 percent. Within this outlook, all geographic entities are expected to achieve unit revenue approximately flat to last year, except Latin, where we expect a double-digit decline as we lap strong performance and continue to profitably invest in the network," said Glen Hauenstein, Delta's president.
“对达美航空旅行的强劲需求一直持续到6月季度，我们预计TRASM的总收入与2023年6月季度相比将增长5％至7％，持平至下降2％。在此展望中，预计所有地域实体的单位收入将与去年持平，但拉丁航空除外。我们预计，随着我们表现强劲并继续对该网络进行盈利投资，拉丁航空的单位收入将出现两位数的下降。” 达美航空总裁格伦·豪恩斯坦说。
Price Action: DAL shares are trading higher by 4.25% at $49.33 premarket on Wednesday.
价格走势：周三盘前DAL股价上涨4.25％，至49.33美元。