Delta sees international travel boom

The Street
The Street
  • 7 months ago
Delta's fourth quarter profit doubled, driven by a significant increase in international travel.
Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look at what we
00:03 are watching on the street today. Investors are digesting a better than expected inflation
00:08 report. Wholesale prices fell 0.1 percent for the month of December below analysts' expectations of
00:14 a 0.1 percent increase. It's an encouraging sign as the Federal Reserve attempts to bring inflation
00:20 back down to earth. Investors also reacting this morning to the start of earnings season. J.P.
00:25 Morgan, Bank of America and Citigroup all reporting disappointing fourth quarter earnings.
00:31 Bank earnings are typically closely watched by Wall Street observers to determine the health
00:35 of the U.S. economy. In other news, if it seems as if everyone you know is traveling abroad except
00:41 for you, you could have a point. In its earnings call, Delta's fourth quarter income more than
00:46 doubled from the previous year, largely thanks to a steep increase in global travel. Delta said
00:52 international travel was 25 percent higher than the same reporting period in 2022 and said it
00:57 expects the trend to continue. And the airline is putting its money where its mouth is, announcing a
01:02 plan to buy 20 Airbus A350 1000 long-range jets as well as options to buy 20 more. This comes as
01:11 the Boeing 737 Max 9 remains grounded during an ongoing FAA investigation, Boeing's part in an
01:17 incident that saw Alaska Airlines experience a mid-flight blowout of a door plug. Delta,
01:23 which operates both Airbus and Boeing jets, says the investigation has nothing to do with its
01:28 decision to build out its Airbus fleet. In an interview, Delta CEO Ed Bastian said the company
01:33 needs to do well, adding, quote, "It's a great company. It's an important company to our country
01:39 and our industry." That'll do it for your daily briefing. From the floor of the New York Stock
01:43 Exchange, I'm J.D. Durkin with The Street.
01:46 [BLANK_AUDIO]

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