Delta Air Lines (NYSE:DAL) stock is falling on Wednesday following the release of the airline company’s earnings report for the second quarter of the year.
The company starts off its earnings report with adjusted earnings per share of $1.44. That’s below the $1.64 per share that Wall Street was looking for this quarter. Despite that, it’s a positive switch from the -$1.38 per share reported during the same time last year.
The Delta Air Lines earnings report also includes revenue of $13.82 billion. This time around that beats out analysts’ estimate of $13.4 billion for the period. DAL compares this to $12.54 billion reported back in Q2 2019 before the pandemic affected air travel.
Delta Air Lines also provides an outlook for its upcoming quarter in this earnings release. The company is expecting revenue for the period to increase 1% to 5% when compared to its third quarter 2019 revenue.
Dan Janki, CFO of Delta Air Lines, said the following in the earnings report:
Our June quarter non-fuel unit cost performance of up 22 percent compared to 2019 was impacted by lower capacity, higher selling-related expenses and investments in operational reliability. We remain confident in our ability to meaningfully improve our unit costs as we fully scale the network and return our operations to Delta’s high standards.
DAl stock is on the move early this morning following the earnings report. This has some 12 million shares changing hands as of this writing. That’s closing in on its daily average trading volume of about 14.9 million shares.
DAL stock is down 7.3% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.