Manufacturing Industry
Continental Airlines reports financial results for third quarter
Airline Industry Information, Oct 16, 2008
AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD
Continental Airlines (NYSE:CAL) has released financial results for the third quarter of 2008.
The airline reported a net loss of USD236m, or USD2.14 loss per diluted share, for the quarter. Excluding special items of USD91m, Continental reported a net loss of USD145m, or USD1.32 loss per diluted share.
According to the airline, fuel costs were a significant contribution to the high losses, with Gulf Coast jet fuel costing an average of USD3.49 per gallon for the third quarter 2008, in comparison with USD2.16 per gallon for the same period last year.
Related Results
Hurricane Ike was also a significant factor in the airline's losses, Continental reported, estimating that the adverse impact of the hurricane in the quarter was around USD50m.
Total revenue for the third quarter 2008 was USD4.2bn, a growth of 8.8%, or USD336m, in comparison with the third quarter 2007. Passenger revenue showed an increase of 7.1%, or USD249m, including an increase of USD27m in revenue relating to a reduction in Continental's frequent flyer liability.
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