Delta Air Lines Inc. (DAL,DALRQ.PK), while announcing higher third-quarter results, on Thursday issued fourth-quarter outlook, and trimmed earnings forecast for fiscal 2023.
For the fourth quarter, the company expects earnings per share between $1.05 and $1.30, with revenue growth between 9 percent and 12 percent from the prior year.
On average, 16 analysts polled by Thomson Reuters expect earnings of $1.11 per share for the quarter with revenue growth of 10.70 percent. Analysts' estimates typically exclude special items.
For fiscal 2023, the company now expects earnings per share between $6.00 and $6.25, with total year-over-year revenue growth of around 20 percent. The company previously expected full-year earnings of $6 to $7 per share.
The Street is looking for earnings of $6.04 per share for the year with revenue growth of 19.70 percent
The company expects pre-tax earnings of over $5 billion for the year, a near doubling over prior year earnings, adjusted revenue growth of 20 percent over 2022 with a double-digit operating margin.
In the third quarter, Delta Air Lines's profit increased 59 percent from the same period last year and beat the Street estimates.
The company's bottom line totaled $1.11 billion, or $1.72 per share, compared with $695 million, or $1.08 per share, in last year's third quarter.
Adjusted earnings were $1.31 billion or $2.03 per share for the period, compared to $966 million or $1.51 per share a year ago. Analysts expected the company to earn $1.94 per share.
The company's revenue for the quarter rose 10.8 percent to $15.49 billion from $13.98 billion last year.
Adjusted operating revenue grew 13 percent.
In pre-market activity on the NYSE, Delta shares were trading at $36.95, up 2.70 percent.
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