Delta reports Q2 numbers:
Record Q2 revenue ($16.7bn), incl AmEx remuneration of $1.9bn. But expenses rose faster than revenue (CASM-x up only 0.6% but fuel up 12%, even with the refinery), and margin was down slightly YoY. Slight miss on EPS.
Also revised Q3 to below prior estimates.
#AvGeek
Opening remarks on the call; mostly the usual bits. New D1 lounge in JFK now open, with BOS/LAX later this year and SEA early next.
Also 5% more pax using the app for self-service during IROPs.
Re co-brand card, "about 30% of our active members carrying a Delta SkyMiles American Express credit card in their wallet. New card acquisitions are skewing younger, and the overall portfolio portfolio continues to shift to a more premium mix."
$DAL $AXP
Last Sunday (post July 4th weekend) was Delta's highest ever summer revenue day.
//
I'm a little surprised they qualified that with "summer" as I'd always assumed the best summer days beat the best winter (Christmas/Thanksgiving) days.
Hauenstein blames continued domestic capacity growth for pricing weakness. Believes June/July will be the low points for that. Says $DAL will see negative impact from the Olympics, echoing Air France's comments on that.
