Despite strong demand, Delta Air Lines Inc. lowered its earnings forecast for the second quarter due to a surge in fuel prices.
The carrier expects to earn between $1.65 per share and $1.75 per share in the quarter ending in June, compared to a previous forecast range of $1.80 to $2.00.
Delta projects second-quarter revenue to grow between 4% and 5% from the year-ago period. Its earlier guidance was a range of 3% to 5%.
Fuel prices are up 50% year over year and 12% higher since the start of the quarter, Delta said.
Delta's shares fell 0.91% to close at $54.17.
