Delta Air Q2 Profit Tops Views

reported better-than-expected earnings for the second quarter on Wednesday. The Atlanta, Georgia-based company reported quarterly earnings of $1.49 billion, or $1.83 per share, compared to $801 million, or $0.94 per share, in the year-ago period. Excluding special items, the company earned $1.27 per share. Its revenue surged to $10.71 billion from $10.62 billion. However, analysts were estimating a profit of $1.21 per share on revenue of $10.65 billion. The average estimate among 41 Estimize users was for earnings of $1.26 per share and revenue of $10.70 billion. Its passenger unit revenue slipped 4.6 percent in the quarter. Adjusted fuel expense dropped over $463 million year-over-year in the latest quarter. For the remainder of 2015, the company projects fuel expense of $1.90 to $2.00 per gallon, versus $2.65 per gallon in the first six months of the year. "Delta's record results have allowed the company to invest in its employees through higher wage rates and profit sharing; improve the experience for our customers through new aircraft and innovative partnerships with global carriers; and uniquely deliver value for our shareholders by accelerating our capital returns while also paying down debt," said Richard Anderson, Delta's chief executive officer. Delta projects Q3 unit revenue to drop 4.5 percent to 6.5 percent. The company also expects capacity growth of around 3 percent for the current quarter. Delta Air shares fell 1.74 percent to $42.90 in pre-market trading.