A close look at estimates shows the Atlanta-based carrier is expected to stand out by important measures in 2023 and 2024.
U.S. airlines will begin their flurry of fourth-quarter earnings reports on Jan. 12, when Delta Air Lines Inc. announces its results.
But investors interested in the airline space might be better served to look ahead to what may be a more normal growth environment for U.S. carriers over the next two years. A set of data for the six largest U.S. carriers by market capitalization shows that Delta DAL is expected to be the best generator of free cash flow.
In a Jan. 11 report, Kahyaoglu wrote that unlike United and Southwest, Delta is estimated to be “a cash generator” through 2025 and, unlike American, “has a clear path to returning to an investment grade credit rating.” Here are the largest six U.S. airlines, sorted by market capitalization, with 2019 numbers for gross profit per ASK and expected gross profits per ASK for 2022, 2023 and 2024, based on consensus estimates among analysts polled by FactSet.
Earnings and cash flow Here are the group’s earnings per share for 2019 and consensus estimates for 2022 through 2024: The airline business is capital intensive — equipment and facilities are continually being purchased, leased or upgraded. The bulk of this spending is amortized and is not immediately reflected in a company’s income statement.
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