Business Services Industry
Continental Airlines Posts 16 Percent Decline in Quarterly Profits.
Knight Ridder/Tribune Business News, July, 1999 by The Star-Ledger, Newark, N.J.
Knight Ridder/Tribune Business News
Jul. 20 -- Hampered by thunderstorms that caused its worst spate of flight diversions in five years, Continental Airlines yesterday reported its second-quarter profits fell 16 percent to $137 million.
Even so, Continental, as well as Delta Air Lines, both did better than anticipated by Wall Street analysts, who revised quarterly estimates downward last month because they did not expect ticket sales to keep pace with the extra seats airlines were adding to their fleets.
That was not the case at Continental, the nation's fifth-largest airline. While capacity swelled 8.6 percent, the miles passengers paid to fly jumped 9.1 percent. At the same time, planes were 73 percent full, up 1.5 points from the year...
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