Delta Delivers Dismal News
Delta officials say 2009 is expected to be a rough ride, but the company still expects to make a profit this year, despite the global financial crisis, Delta Air Lines said Tuesday as it reported a $1.4-billion quarterly loss or $2.11 a share. In the fourth quarter of 2007, the company reported a loss of $70 million.
“It set off a negative tone for all of the airline stocks,” said Ray Neidl, chief analyst at Calyon Securities.For the year, the airline posted a net loss of $8.9 billion or $19.08 per share. Airline officials said demand has dropped nationwide.
“Michigan is in a very difficult place with respect to the economy, as is Ohio,” Bastian said, adding that the auto industry problems in Detroit are leading to lessened corporate demand as well as less leisure travel from those who work for automakers.
Delta expects to cut 6% to 8% of its flight operations systemwide this year, and that is not concentrated in any particular region, said Richard Anderson, Delta’s chief executive.
Karen
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