Earnings season is upon us once again. One of the first stocks to report every quarter is Delta Air Lines (NYSE: DAL), one of the largest airlines in the world. Generating tens of billions in revenue across the globe, Delta Air's financial health gives investors a great read on the travel industry and the general health of consumer spending.

This quarter, investors are looking pessimistically at Delta Air stock. Despite the company growing revenue and earnings in 2023, shares fell close to 10% the day after its earnings release, likely due to disappointing 2024 guidance for free cash flow. Delta stock now trades at a dirt cheap forward price-to-earnings ratio (P/E) of 6, which is well below the S 500 average. Does that mean the stock is ready to take flight in 2024?

2023 was the year Delta Air fully recovered from the COVID-19 pandemic. Revenue was $58 billion for the year, well above its pre-pandemic levels and up 14.6% compared to 2022.

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Source Fool.com