Wednesday, July 25, 2012
MINNEAPOLIS (AP) -- For an airline, the whole idea of fuel hedging is to protect against big run-ups in oil prices. It didn't work out that way for Delta Air Lines Inc.
Delta lost $168 million, or 20 cents per share, in the second quarter because bets on oil prices went the wrong way.
The airline lost $561 million on wrong oil price bets that haven't settled yet.
If not for special items like that, Delta would have earned $586 million for the quarter, or 69 cents per share. Analysts surveyed by FactSet had been expecting net income of 68 cents per share.
Revenue rose 6 percent to $9.73 billion, better than analysts had expected.
Delta plans to cut third-quarter flying as much as 3 percent compared to the same period last year.
(Copyright 2012, The Associated Press)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.