Delta Air Line Says High Fuel Costs Squeeze Profitability
Dow Jones
Yesterday
Delta Air Lines matched its third-quarter pretax profit of $1.5 billion from last year while absorbing a $6 billion increase in full-year fuel costs. The carrier's adjusted fuel price rose 60% year over year to $3.61 per gallon in the quarter. Chief Executive Ed Bastian attributed the airline's ability to hold earnings steady to structural durability built over many years. For the fourth quarter, Chief Financial Officer Erik Snell expects fuel prices around $4.25 per gallon, which positions earnings consistent with last year only at the upper end of guidance
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