Delta Air Lines, Inc. (DAL) J.P. Morgan 2025 Industrials Conference (Transcript)
Delta Air Lines, Inc. (NYSE:DAL) J.P. Morgan 2025 Industrials Conference March 11, 2025 7:30 AM ET
Company Participants
Julie Stewart – Vice President, IR
Ed Bastian – CEO
Glen Hauenstein – President
Dan Janki – CFO
Conference Call Participants
Jamie Baker – JPMorgan
Mark Streeter – Managing Director, J.P. Morgan
Jamie Baker
All righty. Good morning, everybody. My name is Jamie Baker. I cover the North American Airlines and Aircraft Leasing companies on the equity side at JPMorgan. I’m joined by my good friend and colleague, Mark Streeter, who does the same thing on the credit side.
And it’s our pleasure to welcome you to the 2025 Industrials Conference. I keep hoping for a conference that nobody attends because all is right with the world and Delta’s trading at 20 times earnings and we have to grab research interns to bring to dinner to fill the table, but it doesn’t appear that 2025 will be that year. Obviously, starting off on a, somewhat somber tone, I’m sure people are caught up with the headlines. For anybody that isn’t on my distribution list or maybe hasn’t gotten to read everything, I would point out that both American and United Equity recently triggered our proprietary down 30 and 30 trading rule. The old adage is you never want to try to catch a falling knife, but that’s exactly what D-30-30 is intended to help you do.
And the statement of fact is that in each and every 29 prior instances that the market has come to such a severe conclusion so quickly on airline equities, the market has been proven wrong. So, we’re certainly hoping lightning will strike a 30th consecutive time.
Let me turn it over to Mark, and then we’ll bring the Delta team up here and get going on the
