2023-04-13 07:29:13 ET
The aviation focused exchange traded fund U.S. Global Jets ETF ( NYSEARCA: JETS ) received a boost early on during Thursday's pre-market trading activity as one of its key holdings Delta Air Lines ( DAL ) flew higher after its latest quarterly earnings report.
JETS which offers investors access to the global airline industry, including airline operators and manufacturers from all over the world labels DAL as its second largest portfolio position only to be behind Southwest Airlines ( LUV ). DAL holds a 10.64% portfolio position in JETS and has jumped 3.8% early on. The topside push has lent support to JETS which has picked up 2% .
DAL reported Q1 Non-GAAP EPS of $0.25 which missed estimates by $0.05 but delivered revenue of $12.8B (+36.9% Y/Y) which surpassed expectations by $550M.
Supporting the airlines move even further was its upbeat forecast as CEO Ed Bastian stated : “For the June quarter, we expect to deliver record revenue, and an adjusted operating margin of 14 to 16 percent with earnings per share of $2.00 to $2.25.”
DAL’s jump has supported JETS which currently finds itself trading +6.2% over the course of 2023 and +15.8% over the past six months.
Despite JETS’ recent gains, Seeking Alpha’s Quant Ratings are not as optimistic about the funds future as it classifies the ETF as a Strong Sell. See below a snapshot of SA’s quant rating along with its factor grades as it pertains to the fund’s momentum, expenses, dividends, risk, and liquidity.
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Airline ETF JETS climbs higher thanks to Delta Air Lines earnings