Delta reports $6.4B loss in first quarter [View All]

[rsmith6621]

Source: USAToday

ATLANTA (AP) — Delta Air Lines, the nation's third-largest carrier, says its loss widened in the first quarter to a whopping $6.39 billion due to soaring fuel prices and the steep decline in the company's market value.

The results badly missed Wall Street expectations, despite a 12% increase in sales.

The Atlanta-based company said Wednesday the loss is equivalent to $16.15 a share. That compares with a loss of $130 million that Delta reported in the year-ago January-March quarter, when it was still in bankruptcy.

Excluding special items, primarily a $6.1 billion non-cash charge relating to the decline in Delta's market value due to sustained record fuel prices, the airline lost $274 million, or 69 cents a share, in the first quarter.

Analysts expected a loss of 49 cents a share, excluding one-time items.








Read more: http://www.usatoday.com/travel/flights/2008-04-23-delta-q1_N.htm

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When does the IDIOT PRESIDENT step in and stop this chaos....if the airlines have to reduce flights significantly the economy is FUCKED....I call for the president to release reserves from the strategic oil reserves NOW!!