Delta reports highest quarterly revenue since late 2019

• Revenue for the quarter was $9.47 billion, beating analysts’ expectations of $9.21 billion

• Delta expects to turn a profit this year despite a first-quarter loss due to omicron variant

Delta Air Lines Inc (NYSE: DAL) reported on Thursday its fourth quarter sales and also said it expects to turn a profit this year despite a first-quarter loss due to omicron variant.

Delta posted its highest revenue since late 2019 in the fourth quarter due to strong holiday booking and business travel.

Revenue for the quarter was $9.47 billion, beating analysts’ expectations of $9.21 billion. Revenue in the quarter was still 17% down from $11.44 billion during the last three month of 2019.

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“Amid the continuing challenges, including one of the most difficult holiday environments we’ve ever encountered, you continue to rise above and provide unmatched service to our customers,” CEO Ed Bastian said in a note Thursday to employees.

In the fourth quarter, Delta posted a net loss of $408 million due to rise in fuel costs. The airline reported per-share earnings of 22 cents, adjusting for one-time items, compared to 14 cents as expected by Wall Street.

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Delta reported $280 million in profit for the full year, the first time in two years. Delta posted its biggest-ever loss in 2020 of $12.4 billion after crash in travel demand.

For the first quarter revenue, Delta expects revenue to come in 24% to 28% below 2019 levels. The airline forecast a roughly 15% increase in costs, excluding fuel, compared to 2019.

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