Shares of Delta Air Lines dropped in late-Monday trading after the airline cut its sales and profit guidance for the first quarter, citing economic “uncertainty” that has hit demand for U.S. travel.
Delta (DAL), in an evening regulatory filing, said revenue would increase 3% to 4% and earnings per share would be 30 cents to 50 cents. Those numbers were down from a range of 7% to 9% and 70 cents to $1, respectively.
“The outlook has been impacted by the recent reduction in consumer and corporate confidence caused by increased macro uncertainty, driving softness in domestic demand,” the company’s filling read. CEO Ed Bastian cited weakness in both corporate and consumer spending in a Monday appearance on CNBC.
“Consumers, in a discretionary business, do not like uncertainty,” Bastian said.
Delta’s stock was down nearly 13% in late trading after sliding more than 5% in the regular session.
The company announced the numbers ahead of an investor conference scheduled for Tuesday morning.