Delta Air Lines Inc. DAL raised guidance for 2023 and reiterated its guidance for 2024 in a presentation released ahead of an analyst day later Tuesday. The carrier said it’s now expecting 2023 per-share earnings to come in at the top of its range of $5 to $6 and for free cash flow to total $3 billion, up from $2 billion previously. The air line is expecting return on invested capital of more than 13%, compared with earlier guidance of low double-digit growth. It expects its operating margin to come in at the high end of its 10% to12% guidance range. For 2024, Delta is still expecting EPS of more than $7, free cash flow of more than $4 billion, an operating margin of 13% to 15% and ROCI in the mid-teens. The company raised its revenue outlook for the June quarter to a rise of 178% to 18% from previous guidance of 15% to 17%. For all of 2023, it expects revenue to climb 17% to 20%, compared with earlier guidance of 15% to 20%. The stock was up 0.8% premarket and has gained 31% in the year to date, while the US Global JETS ETF JETS has gained 18% and the S&P 500 SPX has gained 13%.
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