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Delta Air Lines on Wednesday lifted its fourth-quarter earnings forecast. They offered an upbeat outlook for next year as it expects travel-hungry customers to fill planes despite mounting economic worries, sending its shares higher. The airline's stock rose 2.6% on Wednesday after the company raised its earnings guidance.
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The carrier raised its 2022 adjusted EPS guidance to $3.07 to $3.12. Analysts surveyed by FactSet were looking for earnings of $2.88 a share. For 2023, Delta Air Lines forecasts a near doubling of adjusted earnings to $5 to $6 a share. The Atlanta-based carrier said it expects profit to nearly double next year. It forecasts an adjusted profit of $5 to $6 per share for 2023, up from an estimated $3.07 to $3.12 per share for this year.
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Delta's Chief Executive Ed Bastian told a gathering of Wall Street analysts that consumers are estimated to spend $30 billion on travel next year and that demand was not likely to wane any time soon. He said Delta's profit goal for next year is about 20% below what the company earned in 2019.