Northwest Airlines Reports Q3 Loss
Northwest Airlines has reported a net loss of $317 million or $1.20 per share in the third quarter of 2008, compared to net income of $244 million or $0.93 per share in the third quarter of 2007.
The net loss includes a $410 million non-cash charge associated with marking-to-market out-of-period fuel hedges. Excluding this charge, Northwest has reported an adjusted net income of $93 million or $0.35 per share, compared to an adjusted net income of $232 million, excluding charges, in the third quarter of 2007.
The operating revenues for the third quarter of 2008 increased 12.4% to $3.8 billion, compared to $3.4 billion in the third quarter of 2007. The airline has reported operating loss of $216 million, compared to operating income of $459 million in the third quarter of 2007.
Douglas Steenland, president and CEO of Northwest Airlines, said: “Northwest continues to maintain its historical position of operational leadership in the industry. Northwest’s stellar operational performance is the direct result of the hard work and dedication of my co-workers and for that, I say thank you.”