Delta rallies in premarket trade after forecast-beating results
Shares of Delta Air Lines Inc. DAL, +0.42% shot up 5.4% toward a 5-month high in premarket trading Tuesday, after the air carrier reported fourth-quarter earnings and revenue that rose above expectations. Net income increased to $1.10 billion, or $1.71 a share, from $1.02 billion, or $1.49 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share was $1.70, above the FactSet consensus of $1.40. Revenue rose to $11.44 billion from $10.
2% and above expectations of 85.1%. Total revenue per available seat mile on an adjusted basis increased 2.4%, "exceeding expectations on strong holiday travel demand," while non-fuel costs per available seat mile rose 4.4%, in line with guidance of 4% to 5%. For the first quarter, Delta expects revenue growth of 5% to 7%, while the FactSet consensus of $11.08 billion implies 6.3% growth. The stock has rallied 12.
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