Delta Airlines Reports $1.4B 4th Quarter Loss

Delta Air Lines wasn't able to fully benefit from the decline in oil prices because of bad bets on fuel hedges.

By By HARRY R. WEBER AP Airlines Writer
Published: January 27, 2009

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ATLANTA (AP) - Delta Air Lines lost $1.4 billion in the final three months of last year as it recorded a massive charge related to employee stock awards and wasn't able to fully benefit from the
decline in oil prices because of bad bets on fuel hedges.

The Atlanta-based carrier's net loss was equivalent to $2.11 a share for the October-December period, compared to a loss of $70 million, or 18 cents a share, for the same period a year earlier.

Excluding special items, Delta said it lost $340 million, or 50 cents a share. Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, expected a loss of 34
cents a share.

Revenue rose 43 percent to $6.7 billion in the quarter, compared to $4.7 billion a year earlier.

(Copyright 2009 by The Associated Press. All Rights Reserved.)