Movers: Delta Air Lines, Fastenal, Infosys, Progressive Corp

Scott Peters
13 Apr, 2023
New York City

Delta Air Lines, Inc increased 0..2% to $33.87 after the company forecasted June quarter earnings per share between $2.0 and $2.25 and full-year earnings per share between $5.0 and $6.0 and free cash flow of $2.0 billion.  

"With record advance bookings for the summer, we expect June quarter revenue to be 15% to 17% higher on capacity growth of 17% year over year," said Glen Hauenstein, Delta's president.

Delta said March quarter operating revenue rose 36% to $12.8 billion and net loss shrank 61% to $363 million from $940 million and diluted loss per share fell to 57 cents from $1.48 a year ago. 

Delta's strong summer booking lifted United Airlines Holdings by 1.4% and American Airlines Group by 0.6%.   

Fastenal Co fell 2.2% $51.44 after the company reported first quarter results ahead of market expectations. 

First quarter ales increased 9.1% to $1.86 billion and net income rose 9.5% to $295.1 million from $269.6 million and diluted earnings per share rose to 52 cents from 47 cents a year ago. 

Price increases impacted net sales between 290 and 320 basis points in the quarter, in addition to between 580 and 610 basis points increase in the quarter a year ago.  

Infosys Ltd declined 8.2% to $15.69 after the India-based global tech services provider reported weaker-than-expected quarterly results. 

Revenue in the March quarter increased 6.4% to $4.6 billion and net income declined to $744 million from $752 million and diluted earnings per share held at 18 cents. 

For the fiscal year 2023, revenue increased 11.7% to $18.2 billion and net income was stable at $2.9 billion and diluted earnings per share was 71 cents compared to 70 cents a year ago. 

The company guided fiscal year 2024 revenue to rise between 4% and 7% in constant currency and operating margin between 20% and 22%. 

Progressive Corporation decreased 6.7% to $138.20 after the company reported March quarter results. 

Net premium written in the quarter rose 22% to $16.1 billion and net income soared 43% to $447.9 million from $313.9 million and diluted earnings per share increased to 75 cents from 52 cents a year ago. 

Total revenues increased 21% to $14.3 billion from $11.8 billion a year ago. 

The personal and commercial auto insurer said net premium earned in March increased 17% to $4.3 billion but swung to a loss of $151.8 million from a profit of $226.5 million and diluted earnings per share of ($0.26) from $0.38 a year ago. 

Progressive said it reduced the impact from Hurricane Ian on its vehicle insurance business by $40 million or about 0.9% on a companywide basis. 

The March results took a dive after the insurance company said unfavorable prior year accident years development of $146.5 million, about 55% related to its personal auto products and a majority form the recently passed legislation in Florida.