So it was $340 million operating loss for 4Q 08.
I guess that is what it says.
Here is the same people who wrote that article finishing another article dealing with the loss:
Like rivals AMR Corp (
AMR.N) and UAL Corp (
UAUA.O), which reported losses last week, Delta complained of economic weakness that is eroding travel demand and forcing airlines to cut the number of seats for sale.
But Chief Executive Richard Anderson was optimistic.
"Despite the difficult economic environment, we expect to be solidly profitable in 2009, driven by lower fuel costs, capacity discipline, and merger synergies," he said in a statement.
The airline industry was battered in 2008 by high fuel prices and later by economic weakness. Downsizing helped carriers bolster fares while travel budgets and demand shrank.
Delta had an advantage over its peers, however, as its merger with Northwest allowed it to make its operations more efficient.
Delta, which slashed its domestic capacity by 11 percent in the second half of 2008, said it would cut total mainline capacity by another 6 percent to 8 percent in 2009.
The reduction will require the removal of 40 to 50 mainline aircraft from its fleet. (
RJs or mainline planes? We know 13 742s will probably be parked, but have heard nothing other than RJs for the rest)
"They're definitely taking capacity down probably more than what people thought they would be doing," said Helane Becker, airline analyst at Jesup & Lamont Securities.
Airlines are braced for a particularly tough first quarter, she said, but the outlook improves later in the year.
"
We think the second half of the year will be better," she said. "And I think that's the case for Delta."
RESULTS
Delta said its fourth-quarter net loss had widened to $1.4 billion, or $2.11 per share, from $70 million, or 18 cents per share, a year earlier, before the merger.
The results, however, feature one-time items, including a charge of more than $900 million related to broad-based employee equity awards, and a $91 million loss on out-of-period fuel hedges.
Top carriers have reported losses on these hedges as the price of jet fuel plummeted in the second half of 2008.
Excluding one-time items, the company said it had lost $340 million, or 50 cents per share. Although, fuel prices have fallen since July, Delta said its fourth-quarter fuel bill was 69 percent higher than it was a year earlier.
The company reported operating revenue of $6.7 billion, a 43 percent gain over the comparable period.
Delta ended the quarter with $6.1 billion in liquidity.
Delta shares fell 4.3 percent to $9.50 in trading before the market opened. (Reporting by Kyle Peterson; Editing by Lisa Von Ahn)
Bye Bye--General Lee
" you did to to earn money and buy your job at Southwest. Now it looks when you get your furlough you can go apply to volaris. Comprende?:laugh:
