Delta Air Lines Inc. fell after the carrier cut its profit outlook, citing the rising price of jet fuel.

Second-quarter earnings will be no more than US$1.75 a share, Delta said in a statement Wednesday. That’s down from a previous forecast of as much as US$2 a share.

Fuel prices have risen about 12 per cent since the beginning of the quarter, and fares typically take six months to a year to catch up, Delta said. American Airlines Group Inc. trimmed its profit guidance in April, citing higher fuel costs.

Delta said it would make a decision within the next month on its seating capacity for the fall. Paring the supply typically enables airlines to raise prices, assuming demand remains strong. The Atlanta-based airline maintained its prediction for an increase in capacity of no more than 4 per cent this quarter.

The shares fell 2.8 per cent to US$53.12 at 9:44 a.m. in New York after sliding as much as 3.4 per cent for the biggest intraday decline in a week. Delta’s decline was the most on a Standard & Poor’s index of five major U.S. airlines, which dropped 1.5 per cent.

Delta Chief Financial Officer Paul Jacobson is scheduled to speak at a Deutsche Bank AG conference at 10:20 a.m.