Cedar Rapids, Iowa News, Sports, and Weather
Delta Swings to Second-Quarter Profit
By George C. Ford, Reporter
CEDAR RAPIDS, Iowa - Delta Airlines, which serves The Eastern Iowa Airport, swung to a profit in the second quarter, topping analysts' expectations.
Delta reported second-quarter earnings of $467 million, or 55 cents a share, compared with a year-earlier loss of $257 million, or 31 cents a share. The latest quarter included a charge of 10 cents for merger costs and aircraft retirements.
Revenue rose 17 percent to $8.17 billion from $7 billion in the second quarter of 2009.
Analysts polled by Thomson Reuters most recently expected earnings of 63 cents a share on $8.25 billion in revenue.
"We are seeing strong improvements in these early stages of the economic recovery and believe there's room for more revenue growth as the economy continues to stabilize," said Ed Bastian, Delta's president. "We anticipate double-digit year-over-year revenue gains for the September quarter."