2024-07-11 12:57:09 ET
Delta Air Lines, Inc. (DAL)
Q2 2024 Earnings Conference Call
July 11, 2024 10:00 AM ET
Company Participants
Julie Stewart - Vice President, IR
Ed Bastian - CEO
Glen Hauenstein - President
Dan Janki - CFO
Tim Mapes - SVP, Chief Communications Officer
Conference Call Participants
Conor Cunningham - Melius Research
Savi Syth - Raymond James
Jamie Baker - JPMorgan
Tom Fitzgerald - TD Cowen
Mike Linenberg - Deutsche Bank
Scott Group - Wolfe Research
Sheila Kahyaoglu - Jefferies
Duane Pfennigwerth - Evercore ISI
Brandon Oglenski - Barclays
Ravi Shanker - Morgan Stanley
Andrew Didora - Bank of America
Leslie Josephs - CNBC
Mary Schlangenstein - Bloomberg News
Presentation
Operator
Good morning everyone and welcome to the Delta Air Lines June Quarter 2024 Financial Results Conference Call. My name is Matthew and I'll be your coordinator. At this time all participants are on a listen-only mode until a question-and-answer session following the presentation.
As a reminder, today's call is being recorded. [Operator Instructions]
I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.
Julie Stewart
Thank you, Matthew. Good morning, everyone, and thanks for joining us for our June Quarter 2024 Earnings Call. Joining us from Atlanta today are CEO, Ed Bastian; our President, Glen Hauenstein; and our CFO, Dan Janki. Ed will open the call with an overview of Delta's performance and strategy. Glen will provide an update on the revenue environment, and Dan will discuss costs and our balance sheet.
After the prepared remarks, we'll take analyst questions. We ask that you please limit yourself to one question and a brief follow-up so that we can get to as many of you as possible. And after the analyst Q&A, we'll move to our media questions. Today's discussion contains forward-looking statements that represent our beliefs or our expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements.
Some of the factors that may cause such differences are described in Delta's SEC filing. We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com.
And with that, I'll turn the call over to Ed.
Ed Bastian
Well, thank you, Julie, and good morning, everyone. We appreciate you joining us today. Earlier this morning, we reported our June quarter results, posting pre-tax earnings of $2 billion or $2.36 per share, on record quarterly revenue up 5.4% over last year. These results are the second highest quarterly earnings in our history. We achieved a 15% operating margin and generated $1.3 billion of free cash during the quarter, bringing our first half free cash flow to $2.7 billion.
With strong cash generation, we continued to progress our balance sheet back towards investment grade metrics and announced a 50% increase to our quarterly dividend. We delivered a return on invested capital of 13%, 5 points above our cost of capital and in the top half of the S&P 500....
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Delta Air Lines, Inc. (DAL) Q2 2024 Earnings Call Transcript