Lindy field From United States of America, joined exactly 14 years ago today! , 3136 posts, RR: 13 Posted (12 years 5 months 1 week 6 days 23 hours ago) and read 1477 times:
PRNewswire is reporting this morning:
HOUSTON, Oct. 17 /PRNewswire-FirstCall/ -- Continental Airlines
(NYSE: CAL) today reported a third quarter net loss of $37 million
($0.58 diluted loss per share), which compares favorably to the First Call
estimate of $0.74 loss per share, while generating operating income of
$46 million for the quarter.
"Winning is defined as outperforming your competition and we clearly
have," said Gordon Bethune, Continental Airlines' chairman and chief executive
officer. "Continental Airlines has led all major hub and spoke airlines in
every respect. Although our industry's future remains uncertain, our team is
best positioned for success."
Continental would have made a profit in the third quarter but for
burdensome security costs, taxes and revenue opportunity restrictions imposed
by the federal government since Sept. 11, which reduced operating income by
approximately $65 million in the quarter. In addition, war risk and other
insurance costs increased $20 million over third quarter 2001.
For the rest of the article, see:
Interesting that Continental's losses are so much lower than American's or Delta's. It doesn't seem like it would take too much for them to be back in black. I'd guess that further cuts at Continental will be much more modest than those at its competitors.
SQ325 From Germany, joined Jul 2001, 1460 posts, RR: 7
Reply 3, posted (12 years 5 months 1 week 6 days 19 hours ago) and read 1390 times:
Maybe the smaller majors like CO and NW will ´become winners out of this crisis! Especially CO seems to have an excellent crisis managment!
I still see DLs situation not that bad. DL is a huge Airline that earned mrd of dolars in the last years!
Anyhow great news for CO!
Artsyman From United States of America, joined Feb 2001, 4745 posts, RR: 33
Reply 5, posted (12 years 5 months 1 week 6 days 16 hours ago) and read 1349 times:
Continental actually had a pre-tax profit this quarter, what forced them into the loss was the extra government security taxes they were burdened with. Before security taxes and burdens, Continental reported a profit of 5 cents per share, or 46 million.
While all RASMS, CASMS and the like were down for Domestic, Transatlantic was up 12.9%
Well done CO
Ps, Southwests profit was down 50% this quarter, but well done to them too for still remaining in the black
Matt777 From Cayman Islands, joined Oct 2001, 503 posts, RR: 6
Reply 6, posted (12 years 5 months 1 week 6 days 16 hours ago) and read 1346 times:
Hi, I think this is mainly due to the fact that they only have 3 types of airplanes (737s, 757-767 and 777s) They are very common between them, leading to lower operating costs.
Good news from Continental, this is hardly a loss. This third quarter can be looked as a break-even one...IMHO.