July 11, 2019 / 11:04 AM / 3 months ago

Delta Air quarterly profit surges 39% on higher fares

FILE PHOTO: A Delta Air Lines flight is pushed put of its gate at the airport in Salt Lake City, Utah, U.S., January 12, 2018. REUTERS/Mike Blake/File Photo

(Reuters) - Delta Air Lines Inc (DAL.N) reported a 39.3% rise in quarterly profit on Thursday, as the second-largest U.S. carrier benefited from higher fares and flying fuller planes.

Supply constraint due to the extended grounding of the Boeing 737 MAX planes is expected to help U.S. airlines that do not have the jet in their fleet, including Delta.

The company also raised its full-year profit forecast to between $6.75 and $7.25 per share from a previous range of $6 to $7 per share.

Net income rose to $1.44 billion, or $2.21 per share, in the quarter ended June 30 compared with $1.04 billion, or $1.49 per share, a year earlier.

On an adjusted basis, the airline earned $2.35 per share for the quarter. Analysts on average expected a profit of $2.28 per share, according to IBES data from Refinitiv.

Total operating revenue rose 6.5% to $12.54 billion.

Reporting by Sanjana Shivdas in Bengaluru and Tracy Rucinski in Chicago; Editing by Arun Koyyur

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