Shares of Delta Air Lines Inc. DAL, +0.42% shot up 5.4% toward a 5-month high in premarket trading Tuesday, after the air carrier reported fourth-quarter earnings and revenue that rose above expectations. Net income increased to $1.10 billion, or $1.71 a share, from $1.02 billion, or $1.49 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share was $1.70, above the FactSet consensus of $1.40. Revenue rose to $11.44 billion from $10.74 billion, above the FactSet consensus of $11.38 billion. Load factor was 85.6%, up from 85.2% and above expectations of 85.1%. Total revenue per available seat mile (TRASM) on an adjusted basis increased 2.4%, “exceeding expectations on strong holiday travel demand,” while non-fuel costs per available seat mile (CASM-Ex) rose 4.4%, in line with guidance of 4% to 5%. For the first quarter, Delta expects revenue growth of 5% to 7%, while the FactSet consensus of $11.08 billion implies 6.3% growth. The stock has rallied 12.3% over the past three months through Monday, while both the Dow Jones Transportation Average DJT, +0.81% and the Dow Jones Industrial Average DJIA, +0.29% have gained 7.9%.