iStock

Shares of Delta Air Lines Inc. (DAL) slipped 4.85% to close at $53.55 Thursday after the Atlanta-based carrier's 2019 profit forecast fell short of expectations.

During a meeting with investors, Delta said it will report a profit of $6 to $7 per share next year. The lower end of the forecast fell short of Wall Street's expectations of $6.70 per share.

CEO Ed Bastian said Delta would continue segmenting its cabins with an increased focus on higher-margin premium products, which now account for 30% of Delta's revenue stream, or twice the amount from six years ago. He said travel demand remains solid.

Delta plans to increase average seats per aircraft by 2% annually between 2018 and 2023, with premium seats increasing by 40% on every aircraft.

The airline said it expects a $300 million drop in oil prices in 2019. Oil prices registered the steepest monthly decline since 2008 in November.

Delta expects to increase capacity by 3% next year. In January, United Continental Holdings (UAL) said it wants to increase capacity by 4 to 6% through 2020. In addition, Delta said it expects $3 billion to $4 billion in free cash flow and about $4.5 billion in capital expenditures.

Other airlines were feeling the heat Thursday: Southwest Airlines (LUV) fell 1.20 to $50.29; United Continental Holdings fell 2.89% to $87.04; JetBlue Airways (JBLU) slipped 2.32% to $17.24; and American Airlines Group (AAL) lost 4.57% to $32.78.

More from Investing

Trading in the Age of Computer Algorithms

Trading in the Age of Computer Algorithms

Harman CEO Talks Self-Driving Cars, Voice Assistants and More with TheStreet

Harman CEO Talks Self-Driving Cars, Voice Assistants and More with TheStreet

What the Government Shutdown Means for Retail

What the Government Shutdown Means for Retail

Jim Cramer's Take on Netflix Earnings (and the Other FAANG Stocks)

Jim Cramer's Take on Netflix Earnings (and the Other FAANG Stocks)

Tesla's Decline Causes Concern for Almost $1 Billion in Bond Payments

Tesla's Decline Causes Concern for Almost $1 Billion in Bond Payments