Delta Air Lines Inc (NYSE) shares are trading lower by ~5% Friday morning following the release of its fourth-quarter and fiscal 2023 results.
DAL reported a fourth-quarter FY23 operating revenue growth of 5.9% year-over-year to $14.22 billion and adjusted operating revenue of $13.66 billion (+11.1% Y/Y), beating the consensus of $13.52 billion. Adjusted EPS was $1.28 above the consensus of $1.17.
Total passenger revenue was $12.17 billion, a 12% increase YoY. Cargo revenue decreased 24% Y/Y to $188 million.
Delta recorded an adjusted operating income of $1.33 billion (-6.5% Y/Y), with an adjusted operating margin of 9.7%, down ~183 bps.
Adjusted operating expenses increased by 13.4% Y/Y to $12.33 billion, and non-fuel costs were $9.1 billion for the quarter.
Delta Air Lines generated an adjusted operating cash flow of $499 million in the quarter and $7.2 billion for ...