Delta Air Lines ekes out $7 million profit for 4Q after Superstorm Sandy, special charges | iNFOnews

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Delta Air Lines ekes out $7 million profit for 4Q after Superstorm Sandy, special charges

This Aug. 20, 2012 photo, shows a Delta Airlines aircraft taking off at Miami International Airport in Miami. THE CANADIAN PRESS/AP, Alan Diaz
January 22, 2013 - 5:41 AM

MINNEAPOLIS - Delta Air Lines says its fourth-quarter profit was nearly wiped out by Superstorm Sandy and special charges.

Delta recorded a profit of $7 million for the quarter, or a penny per share. During the same period last year it earned $425 million, or 51 cents per share.

Delta says that without special items it would have earned $238 million, or 28 cents per share.

Revenue rose 2 per cent to $8.6 billion. Both its adjusted profit and its revenue were slightly better than expected by analysts surveyed by FactSet.

Superstorm Sandy hurt revenue by $75 million. The storm slowed down the re-opening of Delta's new oil refinery, causing a $63 million loss at the refinery.

Shares of Delta Air Lines Inc., based in Atlanta, are up a penny to $13.62 in premarket trading.

News from © The Associated Press, 2013
The Associated Press

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