Delta Reports Weak Earnings
$7 million in profit in fourth quarter
Delta 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 percent 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.
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