US airlines had a rocky quarter, but Delta was the notable exception. The airline told investors Tuesday that results were better than it expected.
Delta said that its total revenue grew between 8% and 8.5% for the quarter that ended Saturday. In April it projected revenue would increase 6% to 8%. Unit revenue, a reading that measures air fares, grew about 3.5%, it said. That was at the high end of the 1.5% to 3.5% growth it had forecast in April.
Profits should also hit the top end of its guidance, since profit margins should be about 1% better than expected. The airline was also helped by the fact that it paid slightly less for jet fuel than it had forecast.
Shares of Delta jumped 2% in early trading on the new earnings guidance. Shares of American, United and Southwest were also narrowly higher on Delta’s signal of a strong fare environment.