Delta Air Lines (NYSE: DAL) kicked off airline earnings season with predictably miserable results. But the company also predicted better days ahead, and that has airlines flying higher on Thursday.
Shares of Delta peaked at up more than 5% in Thursday-morning trading, while shares of Spirit Airlines (NYSE: SAVE) climbed as much as 8% and shares of American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) each were up more than 5%.
The pandemic wreaked havoc on the airlines in 2020, and Delta’s year-end results demonstrated what a miserable year it was for the industry. Delta lost $2.1 billion in the fourth quarter and $15.6 billion for the year, posting a mind-bogglingly bad negative 91% margin for the year.