shares slipped about 9% Friday after the company trimmed its 2024 earnings forecast.
Delta forecast full-year earnings per share of $6 to $7, below its previous estimate of more than $7 per share for 2024.
Other major airlines including , and also fell on the new estimate, released United and American were down about 10% each, while Southwest fell more than 4%.
Delta finished 2023 by doubling its quarterly profit as bookings, both for corporate and leisure travel, continued to pick up from the Covid-19 pandemic lows. The company reported $2.04 billion in net income in the fourth quarter, sharply up from the $828 million reported in the year-ago period.
Delta CEO Ed Bastian said in a that the airline has recovered almost 90% of its travel demand from its pre-pandemic numbers. Bastian said he expects strong growth in international travel as Americans continue to set their sights on .
"We expect to see an inflection point in the first part of this new year, in terms of our domestic unit revenues turning positive," Bastian said.
Delta is coming off a strong 2023 where shares surged more than 20%, but the stock is still down from its all-time high of $63.16, notched in July 2019. The stock closed Friday at $38.47 per share.
Don't miss these stories from CNBC PRO:
