Delta Air Lines Expects 1st-Quarter Loss
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Delta Air Lines Inc. said it will have a first-quarter loss of $350 million to $380 million because of higher insurance costs, spending on security and lower fares after the terrorist attacks.
Delta disclosed the estimate, which excludes some costs, in a Securities and Exchange Commission filing without providing per-share forecasts. Delta said it will have additional expenses of about $25 million for costs that include retraining and relocating pilots after cutting capacity.
The carrier’s fifth straight quarterly loss would be about $2.84 to $3.08 a share, Buckingham Research analyst Helane Becker estimated. That’s wider than the average forecast of $2.64 in a Thomson Financial/First Call poll.
The Atlanta-based carrier’s share price fell $1.18 to $34.08 on the New York Stock Exchange.
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