Delta (NYSE:DAL) reports Q-3 flat earnings, flat outlook
Delta (NYSE:DAL) reports Q-3 flat earnings, flat outlook
Delta Air Lines Inc. reported Q-3 Y 2012 results before markets opened Wednesday. The airline posted EPS of 0.90 on revenues of $9.92-B. In the same period a year ago, the company reported EPS of 0.91 on revenues of $9.82-B.
Q-3 results compare to the consensus estimates for EPS of 0.91 and $9.97-B in revenues.
Delta’s fully diluted EPS totaled 1.23, which included a mark-to-market gain of $440-M on fuel hedges.
Excluding the effects of fuel costs, profit sharing and other items, Delta’s consolidated unit costs rose 5.6% Y-Y for Q-3.
Delta’s CFO said: With consistent investment in the business, our non-fuel costs have grown in the past few quarters and we expect that trend to continue into the first half of next year. However, we are in the process of implementing a $1 billion program of structural initiatives that we anticipate will generate significant savings in the second half of 2013, while maintaining the high quality product, network and operation we have built.
The company expects its wholly-owned Crude Oil refinery in Pennsylvania to generate a contribution of break even to $25-M in Q-4. The refinery started up in Q-3 and is expected to be fully operational this Quarter.
Delta offered Q-4 guidance on several items. The company expects fuel costs of $3.15 to $3.20 gal, up from $3.14 in Q-3. The operating margin is forecast in the range of 4% to 6%, a fall from the 13.2% mark posted this Quarter.
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