Business
(2009-10-22)
Courtesy: Delta Airlines
Increased baggage fees slightly helped the airline's bottom line.
But, in an effort to regain profitability, Delta president Ed Bastian says the airline will continue cutting capacity:
"Our current expectation is that total system capacity in 2010 will be down about 3% from full year 2009."
Executives say Delta's integration with Northwest is progressing smoothly, and the combined airline will generate a $700-million cost savings for the year.
Jim Burress, WABE News.
(UPDATE: This version corrects the original story, which aired Oct. 22, 2009. In reporting on Delta Airline's third-quarter earnings, WABE incorrectly stated the airline was getting out of the cargo business. In fact, Delta will continue to transport cargo; however, the airline will ground its dedicated freighter fleet by the end of 2009, according to company executives. WABE regrets any confusion the original story may have caused.)
Meanwhile, Sandy Springs-based UPS reported a 43% drop in profit compared to the third quarter of 2008. Even so, the shipping giant beat Wall Street expectations, earning $549-million for the quarter. Executives say cost-cutting measures account for most of that amount.
Atlanta-based SunTrust Bank also reported 3Q results Thursday. Hit hard by the real estate debacle, the regional bank lost $377-million for the quarter.
© Copyright 2009, WABE
