Delta Air Lines reports earnings of $2.03 a share on revenue of $14.6 billion in the third quarter, firmly beating analysts' expectations.
Delta Air Lines stock turned lower Thursday as the first of the “big four” U.S. carriers reported earnings ahead of expectations. Aa strong demand outlook and steady view on fuel costs wasn’t enough to give the carrier’s shares a boost.
Delta reported earnings of $2.03 a share on revenue of $14.6 billion in the third quarter, beating expectations among analysts surveyed by FactSet of earnings at $1.95 a share on revenue of $14.5 billion. Shares in the airline fell 2.1% to $35.23, after rising about 3% in the premarket session. “Robust demand for travel on Delta is continuing into the December quarter where we expect total revenue growth of 9 percent to 12 percent compared with the December quarter 2022,” said Glen Hauenstein, Delta’s president.
This upbeat demand outlook should allay concerns over the impact of the end of the peak summer travel season and consumers feeling the pinch from inflationary pressures.Delta posted good news on fuel costs, which have been another area of concern amid a surge in the price of oil in recent months. Worries have been recently compounded by the potential disruption to energy markets following the attack on Israel.
“For the December quarter, we expect non-fuel unit costs to be flat to 2% higher year-over-year as we realize the benefits of scale and efficiency while making investments in our people and operational reliability,” said Dan Janki, Delta’s chief financial officer.
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