ATLANTA - Delta Air Lines said Thursday it lost nearly three quarters of a billion dollars in the fourth quarter to finish a sobering year of revenue declines that led to a record $1.2 billion loss in 2001.
Delta, the nation's third-largest airline, had a net loss of $734 million, or $5.98 per share, compared with an $18 million profit, or 12 cents per share, in the same period of 2000.
The results were helped by $288 million from the federal government's airline bailout package during the quarter, bringing the year's federal assistance to $392 million. The Atlanta-based carrier expects to receive another $20 million from taxpayers to help carriers weather the downturn in travel after the Sept. 11 terrorist attacks.
Excluding one-time items, Delta lost $486 million, or $3.97 per share, which was worse than Wall Street had expected.
Analysts surveyed by Thomson Financial/First Call had expected a loss of $3.89 per share. In the last three months of 2000, Delta had operating earnings of $79 million, or 60 cents a share.
"These results clearly reflect a year of challenges unlike any we've seen in the history of aviation," said Leo F. Mullin, Delta's chairman and chief executive.
Revenue fell nearly 29 percent in the quarter, to $2.86 billion from $4.01 billion in the same period of 2000.
For the year, Delta lost $1.2 billion, or $9.99 per share -- the largest annual loss in its 78-year history. The company turned a profit of $815 million, or $7.05 per share, in 2000.
Despite the losses after Sept. 11, Delta ended 2001 in relatively better financial health than many of its rivals. The company has about $2.2 billion in cash reserves.
Yearly revenue plunged nearly $3 billion, to $13.87 billion from $16.74 billion a year earlier.
Wednesday
April 16th, 2025
2:13PM
