Airline profits plummet with few exceptions
Bucking industry trends, JetBlue reported a small profit for the first quarter of the year.
JetBlue reported a $7 million profit.
Delta Air Lines reported a loss of $1.07 billion, triple what it lost a year earlier. Northwest lost $458 million, almost twice as a year earlier.
The airlines mainly blame rising fuel costs, which were up 54% for Delta.
Gerald Grinsten, Delta’s chief executive, admitted in a conference call to investors that the latest numbers were “disappointing.”
Mr. Grinstein said Delta was making progress with its turnaround plan until higher fuel prices cut into their profitability.
Other major airlines such as Continental and American also reported losses, though Southwest’s profits nearly tripled. Southwest’s robust performance was attributed in part to their locking into lower fuel prices before the recent price hikes.
Report by David Wilkening
David
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