Delta Air Lines reported higher quarterly earnings on the back of strong holiday travel demand, but warned of a loss in the quarter through March due to turbulence caused by the Omicron variant $DAL
on Thursday reported higher quarterly earnings on the back of strong holiday travel demand and predicted a swift recovery from turbulence caused by the Omicron coronavirus variant, driving its shares higher.
Overall, it expects a "meaningful" profit in 2022 and backed its target to exceed the company's pre-pandemic financial performance by 2024."If we could pick a period of time for an Omicron variant to surge, we would probably pick this time of year," Delta's President Glen Hauenstein told investors on a call.
Its capital expenditure in the quarter is projected to increase by about 69% from the December quarter to $1.6 billion. Peter McNally, global sector lead for industrials, materials and energy at research firm Third Bridge, said the airline is "managing well" despite the challenges facing the industry.A surge in COVID-19 cases, driven by the Omicron variant, has caused havoc for the airline industry. An increase in daily employee sick calls as well as a series of winter storms have led to mass cancellations of flights.
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