Delta Air Lines Rebounds With 4th-Quarter Profit of $251 Million
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Delta Air Lines, continuing the airline industry’s upward profit trend, reported record earnings for the last quarter of its fiscal year, largely due to cost-cutting measures.
For the quarter ended June 30, the Atlanta-based airline earned $251 million, or $4.49 a share, contrasted with a loss of $250 million, or $5.50 per share, in the same period a year ago. Revenue was $3.22 billion, up slightly from $3.12 billion in 1994. Delta’s results far exceeded analysts’ predictions, which had been around $3 a share at most.
The surprising numbers forced a delay at the start of trading on the New York Stock Exchange. Delta’s stock closed up $1.125 at $80.50.
The 1994 results had included a $414-million pretax charge related to the airline’s ambitious cost-cutting plan. Without the charge, Delta said it would have earned $10 million last year.
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