Delta is the first of the U.S. airlines to post its semiannual results, and its report sets an upbeat tone for the rest of the year. United Airlines and American Airlines are scheduled to report next week.

Here's what Delta reported against consensus estimates quoted by Bloomberg:

● Adjusted net income: $1.72 billion vs. $1.54 billion expected
● Adjusted earnings per share: $2.68 vs $2.41 expected
● Revenue: $14.6 billion vs. $14.4 billion expected
● The company also raised its FY earnings guidance to $6.00-$7.00 from the prior forecast of $5.00-$6.00.

Delta Air Lines is one of the largest airlines in the United States and internationally. Of course, Delta's business had been facing serious difficulties during the Covid-19 pandemic. That's why the company's just-released quarterly results are so important; investors are wondering if travel will actually recover in 2023.

Remarkably, demand for international travel and premium seats such as first class stood out in Q2, while Delta's fuel costs fell 22%, boosting the airline's bottom line.

DAL also raised its 2023 earnings guidance to an adjusted $6 to $7 per share, compared with last month's forecast at the high end of the $5 to $6 per share range. In Q3 2023, Delta expects to earn $2.20 to $2.50 a share, also above analysts’ expectations, on a 16% increase in capacity. As a result, the air carrier forecast a corresponding jump in revenue of as much as 14% on an annual basis.

Delta stock was lower around 0.3% in premarket trading today, on Friday, July 14, after edging higher by 0.5% yesterday. Year to date, shares of Delta are up 45%, outperforming the S&P 500's 16% gain as well as airline industry peers.