LONDON, UK / ACCESSWIRE / July 18, 2018 / If you want access to our free earnings report on Delta Air Lines, Inc. (NYSE: DAL) (?Delta?), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DAL. The Company reported its second quarter fiscal 2018 operating and financial results on July 12, 2018. The Atlanta-based airline outperformed top- and bottom-line expectations. Additionally, the Company updated its guidance. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

For the second quarter of the fiscal year 2018, Delta's revenues totaled a record $11.8 billion, up 10% compared to $10.7 billion in Q2 2017. The Company's adjusted operating revenues improved 8% to $11.6 billion on a y-o-y basis in the reported quarter, and marked a second quarter record, driven by improvements across Delta's business, including double-digit increases in both cargo and loyalty revenues. The Company's revenue numbers beat analysts' estimates of $11.7 billion.

During Q2 2018, Delta's Passenger revenues jumped 8% to $10.5 billion on a y-o-y basis. The Company's Cargo revenues advanced 19% to $223 million in the reported quarter. Delta's Other revenues surged 27% to $1.0 billion on a y-o-y basis.

For Q2 2018, Delta's GAAP pre-tax income was $1.4 billion compared to $1.8 billion in Q2 2017. The Company's adjusted pre-tax income was $1.6 billion in the reported quarter versus $1.8 billion in the prior year's comparable quarter.

Delta reported a net income of $1.0 billion, or $1.47 per diluted share, in Q2 2018 compared to $1.2 billion, or $1.62 per diluted share, in Q2 2017. The Company's adjusted diluted earnings per share (EPS) were $1.77 in the reported quarter compared to $1.59 in the prior year's corresponding quarter, up 11% on a y-o-y basis, and driven by tax reform benefits and a lower share count. Delta's earnings surpassed Wall Street's estimates of $1.72 per share.

Operating Results

During Q2 2018, Delta's total unit revenues excluding refinery sales (TRASM) increased 4.6% to $0.1687 on a y-o-y basis, driven by a strong demand across all entities and improving yields.

For Q2 2018, Delta's total adjusted operating expenses increased $1.1 billion compared to the prior year's same quarter, with more than half of the increase driven by higher fuel prices. The Company's adjusted fuel expenses surged 33% on a y-o-y basis, relative to the year ago comparable period. Delta's adjusted fuel price per gallon was $2.17 in Q2 2018, which included $45 million of benefit from the refinery.

Delta's CASM-Ex increased 2.9% to $0.1002 on a y-o-y basis. Cost pressures were driven by higher revenue-related costs and increased aircraft rent and depreciation associated with Delta's fleet initiatives.

During Q2 2018, Delta's revenue passenger mile yields were $0.1775, up 4.6% on a y-o-y basis. The Company's total revenue per available seat mile advanced 5.9% to $0.1719 in the reported quarter.

Delta delivered 58 days of zero system cancellations on a year-to-date basis, up 23 days from 2017. The Company achieved mainline on-time performance (A0) of 71.7% on a year-to-date basis, up 1.4% on a y-o-y basis.

Cash Matters

Delta generated $2.8 billion of operating cash flow and $1.4 billion of free cash flow in Q2 2018, after the investment of $1.4 billion into the business primarily for aircraft purchases and improvements. For the reported quarter, the Company returned $813 million to shareholders, comprised of $600 million of share repurchases and $213 million in dividends.

Outlook

For Q3 2018, Delta is forecasting all-in fuel price to increase approximately 40% to a range of $2.32 to $2.37, and expects EPS to be in the band of $1.65 to $1.85, which equates to a pre-tax margin of 12% to 14%. Delta noted that with an expected $2 billion higher fuel bill for FY18, it is now forecasting full-year EPS to be in the range of $5.35 to $5.70.

Stock Performance Snapshot

July 17, 2018 - At Tuesday's closing bell, Delta Air Lines' stock was marginally up 0.93%, ending the trading session at $51.14.

Volume traded for the day: 5.29 million shares.

After yesterday's close, Delta Air Lines' market cap was at $35.22 billion.

Price to Earnings (P/E) ratio was at 10.44.

The stock has a dividend yield of 2.39%.

The stock is part of the Services sector, categorized under the Major Airlines industry. This sector was up 0.3% at the end of the session.

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