U.S. airlines have largely passed on higher fuel costs to consumers, with ticket prices up 23% year over year. Delta CEO Ed Bastian said he was surprised the airline’s profits held up despite a 60% jump in fuel costs in the third quarter, adding $1.6 billion in expenses. The company reported $17.6 billion in adjusted revenue for the third quarter, a 16% year-over-year increase. U.S. Gulf Coast jet fuel cost $4.34 a gallon, nearly double from a year ago. Despite higher fares, Delta cut its full-year profit outlook to between $5.10 and $5.60 per share, down from its previous forecast of $6.50 to $7.50.
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