Delta Airlines Reports Profit for 3rd Quarter

Published by: Dave Simmons on 20th Oct 2010 | View all blogs by Dave Simmons


Delta Airlines Reports Profit for 3rd Quarter

Delta Airlines Inc. announced on Wednesday that they earned a profit in the third quarter and expect another profit for the last three months of the year as international growth fuels a recovery in the global travel market.

The leading US passenger airline to Asia, Delta improved earnings from passengers flying to and from the continent by 54 percent, compared to the third quarter of 2009.  The airline has added 12 new nonstop flights across the Pacific since 2008.  Sales for flights crossing the Atlantic, meanwhile, also increased, by 25 percent.  Sales of tickets on domestic and regional flights, meanwhile, grew the least, at 12 percent each.

The Atlanta-based airline reported net income of $363 million for the quarter, or 43 cents per share.  By comparison, the company reported a loss of $161 million, or 19 cents per share, in the same quarter of 2009.  Excluding one-time items, the airline reported an adjusted profit total of $929 million, or $1.10 per share.  Revenue rose 18 percent over the three months prior to $8.95 billion.

Analysts who had responded to a recent survey conducted by Thomson Reuters had forecast a profit of 94 cents per share on revenue of $8.82 billion, on average.  Passenger revenue for the airline rose 19 percent thanks to higher ticket prices and increasing demand, while revenue from cargo shipping gained 28 percent on increases in volume and pricing.  Higher baggage fees also helped to fuel the boosted results.

Shares of Delta climbed 40 cents, or 3.4 percent, to $12.10 in premarket trading.

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