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☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

Travelers are flocking to airport lounges in search of complimentary food, drinks and perhaps most importantly, a chance to relax away from the hordes of travelers at the gate. Delta's new Sky Club at New York's John F. Kennedy International Airport Benji Stawski / CNBCDelta Air Lines Sky Club lounges — and the credit cards that grant entry to them — became so popular that customers complained about the long lines and crowds at many locations. More spaceDelta, United Airlines and American Airlines are racing to build more lounges and spaces and larger ones to fit high demand. The carrier separately operates a network of Polaris lounges for travelers booked in its highest cabin class, usually on long-haul international routes. United Airlines Polaris lounge at Newark Liberty International Airport.

Persons: John F, Benji Stawski, —, Delta, Allison Ausband, Leslie Josephs Organizations: Sky Club, New, Kennedy International, CNBC Delta Air Lines Sky, —, CNBC, John, Delta, United Airlines, American Airlines, Denver International Airport, Polaris, United Airlines Polaris, Newark Liberty International Airport Locations: U.S, New York, Delta

☆ US airline investors worry the travel boom may be coming in for a landing
▼ + stars: | 2023-10-18 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

Those concerns are battering airline stocks even as earnings reports point to a continuing consumer appetite for travel. While both United and Delta said travel demand is holding up, double-digit declines in airfares year-over-year suggest airline pricing power has peaked. United, which has not forecast profit for 2024, on Tuesday similarly said travel demand remains "strong and steady." New labor contracts as well as the higher fuel prices mean cost pressures aren't going away. American Airlines (AAL.O) and Alaska Air (ALK.N), who will report earnings Thursday, have cut their third-quarter profit estimates due to higher fuel costs.

Persons: Eduardo Munoz, Brian Mulberry, Delta, Ed Bastian, Mulberry, United, Michael Leskinen, Conor Cunningham, Rajesh Kumar Singh, Ben Klayman, Rod Nickel Organizations: United Airlines, Newark Liberty International Airport, REUTERS, Rights, NYSE, Zacks Investment Management, Delta Air Lines, United, Delta, New, American Airlines, Alaska Air, Melius, Thomson Locations: York, Newark , New Jersey, U.S, Chicago, United, Israel, Tel Aviv

The objections focused on the difficulty of achieving elite status and new restrictions on entering airport lounges. In simplifying the path to status, Delta sharply raised spending requirements for each SkyMiles level. The September proposal created a backlash among Delta customers on social media, with some threatening to switch to other airlines. JetBlue and Alaska Airlines tried to poach Delta's best customers by offering to match elite status for anyone leaving the Delta loyalty program. Southwest Airlines announced that next year it will make it easier to qualify for the top levels of its frequent-flyer program.

Persons: Ed Bastian, “, what’s, Delta, ” Bastian, poach, Henry Harteveldt, ”, Bastian, Delta “ Organizations: Delta Air Lines, Delta, Diamond, JetBlue, Alaska Airlines, Southwest Airlines, Flyers, Atmosphere Research, American Express Locations: Atlanta

☆ Delta Air Lines profit jumps almost 60% after strong summer
▼ + stars: | 2023-10-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +4 min

Delta Air Lines' profit rose nearly 60% in the third quarter as strong travel demand continued through the summer, particularly for international trips, though the carrier forecast full-year earnings toward the low end of an earlier estimate after a jump in fuel prices. Delta cut its free cash flow estimate for the year to $2 billion from the $3 billion it forecast in the summer. Delta and other airlines trimmed their third-quarter forecasts in recent weeks because of a surge in fuel prices. Delta and other global airlines have cited particularly strong demand for trips abroad, with trans-Atlantic travel a standout. Main cabin revenue came in at $6.62 billion, up 12% on the year, while premium product sales rose 17% to $5.11 billion, Delta said.

Persons: Delta, Ed Bastian, Bastian, Airfares, Weeks Organizations: Delta Air Lines, Delta, CNBC, United Airlines, American Airlines Locations: LSEG, Atlanta

☆ Delta's quarterly profit tops estimates on booming international travel
▼ + stars: | 2023-10-12 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCHICAGO, Oct 12 (Reuters) - Delta Air Lines (DAL.N) on Thursday reported stronger-than-expected quarterly profit on strong international travel, but trimmed its full-year outlook due to higher fuel costs. In an interview, he said the demand for Delta's products remain "high" as its customers are in "a very healthy condition." Delta now expects adjusted earnings of $6 to $6.25 per share this year, compared with $6 to $7 per share estimated in July. In the December quarter, the airline expects adjusted earnings in the range of $1.05 to $1.30 per share. Ultra-low-cost carrier Spirit Airlines (SAVE.N) last month cut its profit outlook for the third quarter, citing "heightened promotional activity with steep discounting."

Persons: John F, Andrew Kelly, Ed Bastian, Delta, Stephen Trent, Hopper, airfare, Bastian, Rajesh Kumar Singh, Mehr Bedi, Jamie Freed, Arun Koyyur, Nick Zieminski Organizations: Delta Air Lines, Kennedy International Airport, REUTERS, Rights, Delta, U.S, Wall Street, Citi Research, Spirit Airlines, Frontier Airlines, Thomson Locations: Queens , New York City, U.S

☆ Delta sees robust demand for domestic and international travel
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDelta sees robust demand for domestic and international travelCNBC's Phil LeBeau joins 'The Exchange' to discuss Delta's Q4 earnings report, optimism about consumer spending towards airline travel, and the surprise expansion of the UAW strike at Ford's Kentucky truck plant.

Persons: Phil LeBeau Organizations: Delta, UAW Locations: Ford's Kentucky

☆ Delta says Hollywood, auto strikes are denting business travel
▼ + stars: | 2023-10-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Delta Airlines passenger jet approaches to land at LAX during the outbreak of the coronavirus disease (COVID-19) in Los Angeles, California, U.S., April 7, 2021. Recent strikes by Hollywood talent and United Auto Workers union members are a "drag" on business travel demand, which is otherwise recovering, Delta Air Lines President Glen Hauenstein said Thursday. The strikes have had "a not insignificant change in the business travel to and from Los Angeles as well as now the UAW strike, which curtailed a significant amount of the business in Detroit," Hauenstein said on an earnings call Thursday. But Hollywood actors, represented by the Screen Actors Guild-American Federation of Television and Radio Artists, are still on strike. Delta's Hauenstein noted that demand from technology and financial services customers posted double-digit growth in the third quarter, contributing to an overall rebound for business travel.

Persons: Glen Hauenstein, Hauenstein, Delta's Hauenstein Organizations: Delta Airlines, LAX, Hollywood, United Auto Workers, Delta Air Lines, Detroit Metropolitan Wayne County Airport, Los Angeles International Airport, UAW, Detroit, Screen, American Federation of Television, Radio Artists, Alliance, Television Producers, Disney, Universal, Netflix, Comcast, CNBC Locations: Los Angeles , California, U.S, Los Angeles, Detroit, NBCUniversal

Planes packed with summer travelers boosted Delta Air Lines to a $1.11 billion profit in the third quarter, and the carrier said Thursday that it expects revenue to keep rising into the holiday season. Profit was up 59% from a year earlier, as strong ticket sales — especially for premium seats and international flights — helped Delta shrug off higher labor costs. “I think we’re closing the year strong, and the holiday bookings that we see right now are pretty good,” CEO Ed Bastian said in an interview. For the fourth quarter, Delta said revenue will rise as much as 11% from a year ago and it will earn between $1.05 to $1.30 per share. Bastian expressed confidence that Delta and other carriers can raise prices enough to cover any increase in fuel expense.

Persons: “, Ed Bastian, Bastian, ” Bastian, We’ll, ” Organizations: Delta Air Lines, —, Travelers, JFK, Delta, Alaska Airlines, JetBlue, Revenue Locations: Delta, Atlanta, U.S, New

☆ The Latest News, Headlines, and Business Stories for October 10
▼ + stars: | 2023-10-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Business: All the best deals for Amazon's October Prime Day sales. 3 things in businessAmazonAll the best October Prime Day deals. Amazon Prime Big Deals Days (also known as the October Prime Day) kicks off today.

Persons: —, you've, Yasser Qudih, Tom, Khan Yunis, Said Khatib, Janet Yellen, Chip Somodevilla, Yellen, Ray Dalio, David Risher, Kendall Jenner, Naomi Osaka, Charli D'Amelio, Tom Brady, Bob Iger, Nelson Peltz, Brady MacDonald, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Hamas, Getty, Bridgewater Associates, America, Technology, Meta, Disney, ESPN, ABC, National Hockey League, Vegas Golden Knights, Nashville Predators, Tampa Bay Lightning, Chicago Blackhawks, Pittsburgh Penguins, Amazon, PepsiCo, Sky, Delta Sky Club, LAX, LAX Sky Club, Hollywood Locations: Israel, Gaza, AFP, Dadu, Charli, Phoenix, Seattle, New York City, San Diego, London, New York

☆ Cramer's week ahead: Earnings season kicks off with Domino's, Walgreens and PepsiCo
▼ + stars: | 2023-10-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Friday told investors what to focus on going into the week ahead, including the start of earnings season and reports from companies like Walgreens , Domino's and PepsiCo . Thursday will see a slew of companies release earnings, including Delta Air Lines , Walgreens and Domino's. Cramer said he bets Domino's deal with Uber Eats may boost earnings, but he was more pessimistic about Delta's report. He also said he expects poor earnings from Walgreens, saying he thinks the health-care company's drugstore business seems "in total disarray." On Friday, numerous financial services companies will report, including Wells Fargo , JPMorgan Chase , Citigroup and BlackRock .

Persons: CNBC's Jim Cramer, Cramer, we've, Uber Organizations: Walgreens, Domino's, PepsiCo, Natural Resources, Exxon Mobil, Adobe, Delta Air Lines, JPMorgan Chase, Citigroup, BlackRock Locations: Wells Fargo

☆ Delta CEO says carrier went 'too far' in SkyMiles changes, promises modifications after frequent flyer backlash
▼ + stars: | 2023-09-28 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Delta Air Lines Boeing 717-200 airplane as seen on the final approach landing at New York JFK John F. Kennedy International Airport, NYC, USA. "No question we probably went too far," Bastian said at the Rotary Club of Atlanta on Monday. The airline and rivals including American and United have been racing to build bigger airport lounges to cater to swelling numbers of big spenders. Bastian said the airline will announce the updated program changes in the coming weeks. A Delta spokesman declined to comment further on the changes.

Persons: New York JFK John F, Ed Bastian, Bastian, we've, It's, David Neeleman Organizations: Delta Air Lines Boeing, New York JFK, Kennedy International Airport, Delta Air, Rotary Club of Atlanta, Delta, American Airlines, Sky, American Express, JetBlue Airways, Medallion, Breeze Airways, JetBlue, CNBC Locations: New, NYC, USA, Delta, American, Atlanta

☆ Delta says it 'went too far' with SkyMiles changes that caused an uproar
▼ + stars: | 2023-09-27 | by ( Hannah Towey | Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

Delta CEO Ed Bastian said the airline went "too far" in its recent changes to its SkyMiles program. The CEO's comments followed a social media uproar protesting the changes. AdvertisementAdvertisementDelta CEO Ed Bastian said the airline went "too far" in its recent changes to its SkyMiles loyalty program that triggered a social media uproar earlier this month. "We probably went too far in doing that," the CEO said at an Atlanta Rotary Club event on Monday. AdvertisementAdvertisementIt also suggests renting Delta Car Rentals for half of those trips at $400 a rental and spending $8,000 a month for the qualification year on a Delta SkyMiles Reserve Business American Express Card.

Persons: Ed Bastian, —, Bastian, Delta Organizations: Service, Atlanta Rotary, Delta, Delta SkyMiles, American, Diamond, Car Rentals, Delta SkyMiles Reserve Business, Express

☆ Delta's emergency savings initiative offers workers up to $1,000 each. Here's how it works
▼ + stars: | 2023-09-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

The airline will then match up to $250 of an employee's contributions made with payroll deductions to that account for a total of $1,000. When the economy stalled, Delta workers tapped roughly $1 billion in hardship withdrawals from their retirement accounts, Bryant said. "I didn't have a strategy in place on how to save money," said Loretta Day, a Delta flight attendant based in Atlanta. But it didn't take long for Day, 51, to practice better money habits once she completed a financial education class, she said. With the additional support, workers "are going to come in earlier, stay longer and go the extra mile," Bryant added.

Persons: Jeff Greenberg, John Hope Bryant, Bryant, Loretta Day, Kelley Elliott, Fidelity's Taylor, Douglas Boneparth Organizations: Delta Air Lines, Hartsfield, Jackson Atlanta International Airport, Universal, Getty, Delta, Fidelity Investments, Employees Locations: Delta, Atlanta

☆ Delta flyers slam SkyMiles program overhaul: 'The biggest middle finger yet'
▼ + stars: | 2023-09-14 | by ( Hannah Towey | ) www.businessinsider.com time to read: +4 min

Delta is making big changes to its SkyMiles program — and many frequent flyers aren't happy. Starting in 2024, SkyMiles members will no longer be able to earn loyalty status through the number of miles flown. "With Delta's upcoming SkyMiles changes it is clear that loyalty isn't bidirectional," tech executive Randall Hunt wrote Wednesday evening on X. With @Delta's upcoming skymiles changes it is clear that Loyalty isn't bidirectional. "We are already paying a premium to fly Delta," the user wrote Thursday.

Persons: SkyMiles, Delta, Randall Hunt, — Randall Hunt Organizations: Delta, Service, Air Lines, American Express Locations: Wall, Silicon, Delta

☆ Delta just dramatically overhauled its SkyMiles program. You aren't going to like it.
▼ + stars: | 2023-09-14 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Delta's SkyMiles program typically allowed members to earn loyalty rewards through miles flown. Starting January 1, 2024, SkyMiles members will earn the elite Medallion status — which gives rewards such as unlimited complimentary upgrades and waived baggage fees — through cash spent rather than miles flown. The airline has been dealing with overcrowding issues at its lounges and previously restricted access to Delta employees unless they purchase a ticket. Starting February 1, 2025, cardholders of Delta American Express SkyMiles Reserve and Delta American Express Reserve Business will be limited to 10 visits per year. AdvertisementAdvertisementHolders of Delta SkyMiles Platinum and Delta SkyMiles Platinum Business American Express cards will also no longer get automatic access to Sky Club.

Persons: Delta's, SkyMiles, MQD, Dwight James, James Organizations: Sky, Service, Delta, USA, Diamond, Bloomberg, Sky Clubs, Sky Club, SkyTeam, Delta American Express SkyMiles, Delta American Express Reserve, Delta SkyMiles, Business American Express, American Airlines Locations: Wall, Silicon

☆ Delta will make it harder to get into airport lounges, changes rules to earn elite status
▼ + stars: | 2023-09-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Delta Air Lines is changing how customers can earn elite frequent flyer status and is making it harder for many American Express cardholders to get into the carrier's airport lounges, the latest reality check for air travel's era of mass luxury. Starting Jan. 1, customers will earn Delta Medallion status solely based on their spending, instead of a combination of dollars spent with the carrier and flights. Next year, Delta customers will earn 1 Medallion Qualifying Dollar for every $1 they spend on Delta flights, car rentals, hotels and vacation packages booked through the airline. The ratio isn't 1:1 for dollars spent through co-branded American Express cards. Delta SkyMiles Reserve and Reserve Business American Express card members earn 1 Medallion Qualifying Dollar for every $10 spent on the card, while Delta SkyMiles Platinum and Platinum Business American Express Card Members earn 1 Medallion Qualifying Dollar for every $20 spent.

Persons: John F, Dwight James, Delta's Organizations: Kennedy International, Delta Air, American Express, Delta Medallion, American Airlines, CNBC, Delta, SkyMiles Reserve, Reserve Business American Express, Business American Express Locations: New York

The Atlanta-based airline said it plans to cap the number of entries to its Sky Clubs starting Feb. 1, 2025 for holders of the American Express Platinum Card as well as the Delta Reserve American Express Card. Those holding the Platinum Card will be allowed six visits per year, while the Delta Reserve Card holders will get 10 annual visits. The news may not come as a surprise to Delta customers who have visited a Sky Club at Delta's major hubs like JFK Airport or Atlanta, where lines to access Sky Clubs have been a common occurrence. Political Cartoons View All 1157 ImagesThe Platinum Card has become American Express’ most popular product, despite its high annual fee, among Millennials and Gen-Z partially due to its travel perks. The news does not impact access to AmEx's own Centurion-branded airport lounges, which American Express owns and operates.

Organizations: Delta Air, Sky Clubs, American, Delta Reserve American Express Card, Delta Reserve, Delta, Sky, JFK, American Express Locations: Atlanta, Delta's, JFK

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

With these Delta credit card offers, you can earn up to 100,000 Delta miles, which don't expire. Delta Credit Card OffersAmex Delta credit cards give you the ability to use Delta miles in a way that non-cardholders can't. However, Insider estimates that Delta miles are worth 1.1 cents each, on average, when booking award flights. That's much higher than the previous card bonus, which was 50,000 bonus miles and 10,000 MQMs after meeting minimum spending requirements. Amex Business Delta Reserve Card ReviewDo You Qualify for These Delta Card Bonuses?

Persons: cardholders, Insider's, you've, We're, Miles, You'll, you'll, it's Organizations: Delta, Getty, Service, American Express, Delta SkyMiles Gold American, Card, U.S . Supermarkets, U.S, PayPal, Reading Chevron, American, TSA, Delta Sky, Global, TSA PreCheck, Delta Sky Club, SkyMiles Reserve American, ®, SkyMiles ®, Delta SkyMiles ®, Delta Sky Clubs, Chevron, American Express Card, Delta Reserve, Gold Business American, Business American, Delta American Express, SkyMiles Reserve Business, SkyMiles, Delta SkyMiles, Express Locations: Wall, Silicon, delta.com, U.S, Delta

☆ Delta's CEO tells bosses who 'moan' to him about staff not coming into the office more: 'I know where they are – they're on my airplanes.'
▼ + stars: | 2023-07-22 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Ed Bastian told Semafor that bosses complain to him about trying to get employees back in the office. The Delta CEO said remote and hybrid workers now spend more time traveling. But the CEO of Delta CEO says their workers aren't just sitting at home – they're taking trips. American employees are clinging to remote work despite senior management thinking it's time to draw a line. I don't need to be in an office to do my work," she previously told Insider.

Persons: Ed Bastian, Semafor, aren't, Bastian, Nick Bloom, Bloom Organizations: Delta CEO, Morning, Delta, Semafor Locations: Arizona

☆ Airline cargo revenue is cratering. Here's why that's actually good news
▼ + stars: | 2023-07-20 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Leslie Josephs/CNBCAirlines' cargo revenue is slumping. Delta , United and American this month each reported year-over-year declines of about 40% in their second-quarter cargo revenue. That's a significantly smaller portion than 2020, when cargo revenue made up more than 10% of United's sales. Zoom In Icon Arrows pointing outwardsThrough June, cargo revenue made up 1.3% and 1.6% of overall revenue at Delta and American, respectively, down from 3.5% and 12% in 2020. The Baltic Air Freight Index, which tracks worldwide air cargo rates, is down 47% from a year earlier.

Persons: DAL, Leslie Josephs, United, it's Organizations: American Airlines, Philadelphia International Airport, CNBC Airlines, United, Delta, Baltic Air Freight, International Air Travel Association Locations: United, American, U.S, Europe

☆ United Airlines pilots reach labor agreement, boost pay
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

CHICAGO, July 15 (Reuters) - United Airlines (UAL.O) and its pilots on Saturday reached a labor agreement that will give the latter a significant pay increase, after the union rejected an earlier offer last year instead to seek even higher wages with pilots in short supply. The pilots will get cumulative 34.5%-40.2% increase in pay raises in a new four-year contract, the Air Line Pilots Association (ALPA) said. "We're pleased to have reached an agreement with ALPA," United Airlines CEO Scott Kirby said. United, Delta, American Airlines and Southwest Airlines (LUV.N) are estimated to hire about 8,000 pilots this year. United pilots turned down a deal last year that included more than 14.5% in cumulative wage increases and enhanced overtime and training pay.

Persons: We're, Scott Kirby, Rajesh Kumar Singh, Baranjot Kaur, Nick Zieminski, Diane Craft, Aurora Ellis Organizations: United Airlines, Saturday, Air Line Pilots Association, United, ALPA, Delta Air Lines, Industry, Rival American Airlines, American Airlines, Southwest Airlines, Jefferies, Thomson Locations: Chicago, North America, Delta, United States, Bengaluru

☆ Delta Air forecasts stronger earnings on post-pandemic travel boom
▼ + stars: | 2023-07-13 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

The carrier's shares rose 4% before the bell as the raised forecast and record earnings fueled optimism about travel demand despite high inflation. Shares of rivals American Airlines (AAL.O), United Airlines (UAL.O) and Southwest Airlines (LUV.N) were also up about 2% each. Delta said it now expects adjusted earnings of $6-$7 per share this year, compared with its previous forecast of $5-$6 per share. It reported an adjusted profit of $2.68 per share for the second quarter, above the average analyst estimate of $2.40. Delta's total revenue per seat mile (TRASM), a proxy for pricing power, was up 1% in the second quarter from a year ago despite a 17% jump in capacity.

Persons: Ed Bastian, Bastian, Rajesh Kumar Singh, Shivansh, Leslie Adler, Maju Samuel Organizations: Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, Labor, Reuters, Delta, Thomson Locations: Bengaluru

☆ Delta posts record quarterly earnings, hikes full-year outlook on travel boom
▼ + stars: | 2023-07-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Delta Air Lines posted its highest quarterly revenue and earnings ever thanks to scorching travel demand that has defied fears of an economic slowdown for months. CEO Ed Bastian said he expects consumers' desire for travel will fuel bookings for years, calling the current period the "mid-innings" of travel growth. Bastian said international demand remains robust into the fall and he expects a slow but steady increase in corporate travel bookings. In the third quarter, Delta expects to earn $2.20 to $2.50 a share, above analysts' expectations, on a 16% increase in capacity. Adjusted Revenue: $14.61 billion vs. $14.49 billion expected.

Persons: Ed Bastian, Bastian, Delta Organizations: Delta Air Lines, U.S, United Airlines, American Airlines, CNBC, Unit Locations: Atlanta, Europe, France

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