kngarthur
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http://biz.yahoo.com/rb/061108/airlines_expressjet_earns.html?.v=1
Reuters
ExpressJet profit slip on expenses, lags view
Wednesday November 8, 7:57 am ET
NEW YORK (Reuters) - ExpressJet Holdings Inc. (NYSE:XJT - News), which provides regional service for Continental Airlines (NYSE:CAL - News), posted a lower-than-expected net profit on Wednesday, hurt by higher expenses.
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The feeder airline said net profit fell 11 percent to $22.7 million, or 38 cents per share, from $25.5 million, or 43 cents per share, a year earlier.
Wall Street analysts, on average, were expecting 42 cents per share, according to Reuters Estimates.
Last May, ExpressJet said it would hold on to 69 regional jets after Continental canceled a capacity purchase agreement. That decision left the company searching for new business ventures for the planes.
ExpressJet said it would add five of those freed up aircraft to its Corporate Aviation business, bringing the fleet in that unit up to 15.
Operating revenue rose 8.8 percent to $428.6 million, helped by fuller planes. Load factor, the measure of how full flights are, rose 1.5 points to 78.1 percent.
Operating margin fell to 8.1 percent from 9.6 percent. The company rebated $2.6 million back to Continental to meet its contractual operating margin of 10 percent.
It said it also incurred additional costs related to its diversification, back-office infrastructure and headquarters relocation.
(Additional reporting by Christopher Kaufman)
Reuters
ExpressJet profit slip on expenses, lags view
Wednesday November 8, 7:57 am ET
NEW YORK (Reuters) - ExpressJet Holdings Inc. (NYSE:XJT - News), which provides regional service for Continental Airlines (NYSE:CAL - News), posted a lower-than-expected net profit on Wednesday, hurt by higher expenses.
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Wall Street analysts, on average, were expecting 42 cents per share, according to Reuters Estimates.
Last May, ExpressJet said it would hold on to 69 regional jets after Continental canceled a capacity purchase agreement. That decision left the company searching for new business ventures for the planes.
ExpressJet said it would add five of those freed up aircraft to its Corporate Aviation business, bringing the fleet in that unit up to 15.
Operating revenue rose 8.8 percent to $428.6 million, helped by fuller planes. Load factor, the measure of how full flights are, rose 1.5 points to 78.1 percent.
Operating margin fell to 8.1 percent from 9.6 percent. The company rebated $2.6 million back to Continental to meet its contractual operating margin of 10 percent.
It said it also incurred additional costs related to its diversification, back-office infrastructure and headquarters relocation.
(Additional reporting by Christopher Kaufman)