C'est pas les pires
Avec quand même 1.4 Miliard de pertes ! Dont 900 pour les Employées equity awards ??? Comment traduire ! Distribution d'actions ??
Ils réduisent encore la voilure !
Sur un fond quand même pessimiste, malgré le merger Noth West !
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ATLANTA (AP) -- Delta Air Lines Inc., the world's biggest carrier, said Tuesday it lost $1.4 billion in the final three months of 2008 as it recorded a massive charge related to employee stock awards and wasn't able to fully benefit from the decline in oil prices because of bad bets on fuel hedges. Delta shares fell nearly 18 percent in early trading.
The results, when one-time items are excluded, fell short of Wall Street expectations.
The airline operator also projected that 2009 consolidated passenger unit revenue would be down 4 percent. It reiterated its previously announced plans to cut systemwide capacity 6 percent to 8 percent this year.
The Atlanta-based carrier's net loss in the fourth quarter was equivalent to $2.11 a share for the October-December period, compared to a loss of $70 million, or 18 cents a share, for the same period a year earlier. The loss in the latest quarter included a $904 million charge related to employee equity awards.
Delta had said that when it completed its acquisition of Northwest Airlines, it would issue a nearly 13.4 percent equity stake in the combined airline to employees.
Excluding special items, Delta said it lost $340 million, or 50 cents a share. Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, expected a loss of 34 cents a share. Delta said the analyst estimates did not factor in a 12 cents per share loss related to the non-cash impact of purchase accounting.
UBS analyst Kevin Crissey said he was focusing on Delta's expected present and future performance rather than its performance in the fourth quarter of last year.
"We were much more concerned with guidance given the noise from the merger in the fourth quarter," Crissey wrote in a research note.
He said Delta's 2009 consolidated passenger unit revenue projection is worse than what his firm had been expecting.
Revenue rose 43 percent to $6.7 billion in the fourth quarter, compared to $4.7 billion a year earlier, as Delta completed its acquisition of Northwest on Oct. 29, during the latest fourth quarter.
Delta said it had a total net loss of $607 million in the fourth quarter related to fuel hedges. After locking in prices that looked reasonable earlier in 2008, some airlines finished the year paying substantially more than market price for a portion of their fuel.