Wednesday, May 18, 2011
(AP) Delta Air Lines Inc. says high fuel prices are here to stay, and it's putting more of its growth plans on hold as a result.
Delta says the amount of flying it does will grow just 1 percent to 3 percent this quarter. It had previously expected to grow as much as 4 percent.
It also announced a major cut in trans-Atlantic flying beginning in September.
Delta President Ed Bastian told analysts on Thursday morning that high fuel prices and the drop in travel to Japan mean that the airline is paying down debt a little slower than it had hoped.
It now expects to get its debt down to $10 billion in early 2013, instead of late 2012.
Delta shares rose 7 cents to $11 in pre-market trading.
(Copyright 2011 Associated Press. All rights reserved.)