- Delta Air Lines press release (NYSE:DAL): Q2 Non-GAAP EPS of $1.44 misses by $0.28.
- Revenue of $13.8B (+93.5% Y/Y) beats by $400M.
- Adjusted Revenue of $12.31B vs. consensus of $12.33B.
- The company is on track to achieve 2024 targets of over $7 adj. EPS and $4B of free cash flow.
- Q3 Outlook: Capacity to be down ~15% to 17% vs. 3Q19; Total Revenue to grow by 1% to 5% vs. 3Q19; Adjusted Net Debt of ~$20B down from Q2 net debt of $19.6B.
- "Our June quarter non-fuel unit cost performance of up 22 percent compared to 2019 was impacted by lower capacity, higher selling-related expenses and investments in operational reliability," said Dan Janki, Delta's chief financial officer. "We remain confident in our ability to meaningfully improve our unit costs as we fully scale the network and return our operations to Delta's high standards. In the near-term, as we prioritize restoring reliability, our full year non-fuel unit cost will remain higher than our previous plan by approximately 8 points on 5 points less capacity."
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