Delta Air Lines Inc. stock fell Wednesday even as the company posted its first adjusted pandemic profit, as investors worried about the rising costs of fuel, wages, and maintenance, and as uncertainty swirled around the end-of-the-year travel season.
Delta earlier Wednesday posted its first adjusted profit since the start of the pandemic, and one that was double what Wall Street expected. The results “look like a tale of two quarters,” Stephen Trent at Citi said. Outperformance for its premium segment, “good” cost controls and flight completion factors drove the earnings beat.See also: Goldman Sachs cuts ratings on American and JetBlue, but says it’s still ‘positive’ on airlines
Wage expenses were “down just 14% vs. 2019 on the 29% decline in capacity,” she said. Further headwinds also included landing fees and maintenance costs.Delta guided for fourth-quarter revenue to be down in the high 20% range as compared with 2019, and capacity to be down 20% from 2019 levels.
Investors should be worried how bad flying sucks.
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