Delta’s stock rallies after adjusted profit, revenue beat expectations

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Delta Air Lines Inc. DAL shares,
-1.50%
It was up 2.1% in premarket trading on Thursday, when the air carrier reported fourth-quarter adjusted profit and revenue that beat expectations, as December revenue jumped to nearly 80% of 2019 levels. Net loss was $408 million, or 64 cents per share, compared to net income of $1.1 billion, or $1.71 per share, in the same period in pre-pandemic 2019. Excluding non-recurring items, adjusted earnings per share came in at 22 cents, up. FactSet consensus of 14 cents. Revenue of $9.47 billion was down 17% from 2019, but above the FactSet consensus of $9.02 billion. The load factor fell from 86% in 2019 to 78%, and missed the FactSet consensus of 83.7%. The company said that while the Omron version of the coronavirus, which causes COVID-19, significantly affected staffing levels and disrupted travel, Delta’s operations have stabilized over the past week and returned to pre-holiday performance . “The recent increase in COVID cases linked to the Omicron variant is expected to impact the pace of demand recovery early [first] The quarter, with the pace of recovery starting again from Presidents Day weekend,” said President Glenn Hounstein. “Taking this into account in our outlook, we expect total March quarter revenue to be 74% compared to December’s 74%.” Will recover from 72 to 76% of 2019 levels. quarter.” The stock has slipped 1.0% over the past three months since Wednesday, while the US Global Jets ETF Jets,
-0.90%
5.8% and the S&P 500 SPX is down,
+0.28%
rose 8.3 percent.

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