Delta Air Lines announced on Thursday that it expects its profits to grow in 2019, but the news caused the company’s shares to dip, as it’s not as much as investors had hoped for.
Shares are down 4 percent after the airline adjusted its profit forecast of $6 to $7 per share next year, ahead of its investor day in New York. While the estimates are in-line with some analysts, its midpoint of $6.50 is below the $6.70 overall consensus, according to a survey by FactSet.
|DAL||DELTA AIR LINES INC.||35.37||+0.77||+2.21%|
Delta said it spent $2 billion more on fuel this year than last, which hit its bottom line, but as oil prices begin to drop, its outlook for 2019 could see its fuel bill drop by $300 million next year.
Delta’s CEO Ed Bastian also said travel demands have remained solid throughout the year.
The Associated Press contributed to this report