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Continental Airlines posts 3Q loss on fuel costs

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[October 16, 2008]  DALLAS (AP) -- Continental Airlines says it swung to a $236 million loss in the third quarter from a year-ago profit as it battled high fuel costs and weather disruptions.

For the three months ended Sept. 30, Houston-based Continental Airlines Inc. has reported a loss of $2.14 per share, compared with year-ago earnings of $241 million, or $2.15 per share. Excluding one-time expenses, the loss would have totaled $1.32 per share in the latest period, topping analysts' average forecast of $1.55, according to a Thomson Reuters poll.

Continental says jet fuel, one of its top expenses, cost it $606 million more in the latest quarter that in the 2007 period, and Hurricane Ike trimmed $50 million from operating profit.

Revenue rose nearly 9 percent to $4.16 billion, beating Wall Street's $4.11 billion estimate.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




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