- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
- Myanmar flood death toll jumps to 384
- Chelsea owners 'happy' with win at West Ham amid rift report
- Kane and Olise run riot as Bayern thump Bremen
- Ramos guides unbeaten Toulouse to Montpellier win
- Norris pips Verstappen to dramatic Singapore pole after Sainz crash
- Carey takes Australia to 270 in 2nd ODI against England after collapse
- Two Hezbollah leaders killed in Israel's Beirut strike
- Hungary Danube waters reach decade high after Storm Boris
- Bagnaia cuts Martin's MotoGP lead with Emilia-Romagna sprint win
- Jackson double fires Chelsea to victory at woeful West Ham
- Fiji beat Japan to lift Pacific Nations Cup
- Kasatkina to face Haddad Maia in Korea Open final
- S.Africa snowfall closes roads, strands motorists overnight
- Lawyers of women alleging Al-Fayed sex abuse receive over 150 new enquiries
- President Museveni's son backs Ugandan strongman for 7th term
- Norris quickest as Verstappen bounces back in Singapore practice
- Wallabies lament All Blacks' fast start
- Germany's Oktoberfest opens under tight security after attacks
- Environmental protesters block French cruise liner port
- Hezbollah in disarray after Israeli strike kills top commanders
- No place like home: Biden hosts 'Quad' leaders
- One dead, 7 missing as heavy rains trigger floods in central Japan
- Zelensky says no UK, US go-ahead to use long-range missiles
- New Zealand edge Australia 31-28 in Bledisloe Cup thriller
- Japan orders evacuations as heavy rains trigger floods in quake-hit area
- New Zealand pilot freed in Indonesia after 19 months in rebel captivity
- Hezbollah in disarray after Israeli air strike kills top commanders
Delta shares fly as strong demand offsets jet fuel drag
Delta Air Lines offered an upbeat outlook for the summer travel season on Wednesday, saying strong demand is providing enough pricing power to make up for soaring fuel costs.
Shares jumped on the report and outlook, with Delta reporting a smaller than expected loss in the first quarter, even as it contended with a nearly 50 percent increase in jet fuel prices.
"Delta is well-positioned to capitalize on robust consumer demand and accelerating return of business and international travel," said Delta President Glen Hauenstein in a press release.
"In the June quarter, we are successfully recapturing higher fuel prices," he said, adding that the company expects revenues equivalent to between 93 and 97 percent of the 2019 quarter.
For the quarter ending March 31, Delta reported a loss $940 million, smaller than the year-ago loss.
Revenues were $9.3 billion, more than double those from the 2021 quarter, but lower than the $10.5 billion in the pre-pandemic 2019 quarter.
Airlines are adjusting to a higher cost environment in general amid the tight labor market and supply chain problems. Jet fuel is typically the biggest cost for an airline, after labor.
Hauenstein said in March that the airline was targeting price increases of about $15 to $20 a ticket on a fare of $200 to make up for higher jet fuel costs.
On Wednesday, Delta executives declined to update those figures, but said brisk ticket sales meant higher prices on remaining available seats.
A July flight between Orlando and Los Angeles is currently priced at about $750 or more at most times.
"We haven't seen a lot of resistance in the price points," Hauenstein said. "My advice is to book early and be flexible if fare is your main attribute."
Executives said the heady market reflects pent-up consumer demand after two years of Covid-19 constraints.
"You're seeing a pretty significant shift from goods to experiences," said Delta Chief Executive Ed Bastian on a conference call with analysts.
"Consumers have not been traveling the last two years. So this is a category they have been prioritizing."
Shares rose 4.3 percent to $40.26 in late-morning trading.
E.Schubert--BTB