Delta Air Lines boosted its fourth quarter profit to $1.1 billion by adding more flights over the holiday-packed period and packing them even more full of passengers.
FIE - In this Feb. 5, 2019, file photo a ramp worker guides a Delta Air Lines plane at Seattle-Tacoma International Airport in Seattle. . The financial results beat Wall Street expectations. Delta and other U.S. airlines are enjoying a prolonged period of profitability thanks to steadily rising demand for travel.
Delta CEO Ed Bastian says there is no reason to think the industry's good times will end anytime soon. “The domestic market still has quite a ways to go," Bastian said."Airfares are still quite affordable.” Helane Becker, an analyst with financial-services firm Cowen, said Delta continues to benefit from the Max because it is leading to slower-than-normal growth in flying by U.S. airlines.
In the fourth quarter, Delta reported adjusted earnings of $1.70 per share, including a gain of 9 cents per share from existing a partnership with Gol in Latin America. That easily beat the $1.40 mean forecast from 18 analysts surveyed by FactSet.Labor spending rose 8% but Delta's fuel bill dropped 14%, a savings of $315 million compared with the same quarter in 2018.
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