: Delta Air Lines raises guidance for 2023 and reiterates 2024 targets ahead of investor day

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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