Delta Air Lines and BlackRock released their third quarter earnings reports before opening bell this morning. Delta posted adjusted earnings of $1.74 per share, a 45% year over year increase, on revenue of $11.1 billion, compared to the analyst estimates of $1.72 per share in earnings and $11.1 billion in revenue.
BlackRock posted earnings of $5 per share and revenue of $2.91 billion. In last year’s third quarter, the firm reported earnings of $5.37 per share and revenue of $2.85 billion. Analysts had been expecting earnings of $4.57 per share and revenue of $2.82 billion.
Gates Capital Management's Excess Cash Flow (ECF) Value Funds have returned 14.5% net over the past 25 years, and in 2021, the fund manager continued to outperform. Due to an "absence of large mistakes" during the year, coupled with an "attractive environment for corporate events," the group's flagship ECF Value Fund, L.P returned 32.7% last Read More
Delta Air Lines swings to higher profit
Delta’s net earnings were $1.65 per share, compared to 42 cents per share last year. Operating revenue fell 0.6% or by $71 million due to $235 million in currency headwinds. Delta reported a 4.9% decline in passenger revenue, which includes about 2.5 points of negative impact from currency exchange rates. Total domestic revenue was $6.3 billion, and total passenger revenue, including international, was $9.6 billion. Delta logged $196 million in cargo revenue and $1.3 billion in other revenue.
For the December quarter, Delta management expects to see an impact of $175 to $1.80 per share from fuel prices and an operating margin of between 16% and 18%. The airline expects passenger unit revenue to decline by between 2.5% and 4.5%.
Shares of Delta Air Lines rose as much as 1.59% to $48.50 per share in premarket trading this morning.
BlackRock posts lower profit
BlackRock reported $50 billion in total net inflows for the third quarter. Long term net inflows increased from $29 billion last year to $35 billion this year. In the previous quarter, long term outflows were $7.3 billion, marking the firm’s first outflow in three years. BlackRock had $4.51 trillion in assets under management as of the end of the quarter, a slight decline from the $4.52 trillion the firm managed at the end of last year’s third quarter.
As of this writing, shares of BlackRock were flat at $315.12 per share.