07:58 AM EDT, 07/12/2024 (MT Newswires) -- Delta Air Lines ( DAL ) expects this summer's Olympic Games in France to cost the airline $100 million in revenue as travelers avoid Paris during what would typically be the peak season for European travel, CNBC reported, citing Chief Executive Ed Bastian.

"Unless you're going to the Olympics, people aren't going to Paris...very few are," Bastian told CNBC. "Business travel, you know, other type of tourism is potentially going elsewhere."

On Thursday, Delta said it expects Q3 adjusted EPS of $1.70 to $2, compared with $2.06 projected by analysts surveyed by Capital IQ.

Bastian expects demand to Paris will likely be strong following the Olympics, which will take place between July 26 and Aug. 11. However, he there could be "a little bit of a hesitation" due to the high hotel prices in mid-summer.

On Thursday during an earnings call, Delta's president, Glen Hauenstein said many travelers were shifting their European vacations beyond the traditional summer season, extending travel into September and October, which, Hauenstein believes is more appealing due to less crowded conditions and cooler weather.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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