Bankruptcy Charges Kept Northwest From Earning 3rd Quarter Profit

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Nov 2

Bankruptcy Charges Kept Northwest From Earning 3rd Quarter Profit

Rob Willers

November 2, 2006

Know More:

Northwest Airlines would have made a profit if it were not for those pesky bankruptcy charges that propelled the carrier to a $1.18 billion dollar loss for the 3rd quarter of 2006. Northwest said it would have shown a $258 million operating profit for the quarter without reorganization items and income taxes, up from a $309 million loss during the same period last year.

Restructuring, slashing employee benefits and various other cost saving plans have paid off for the carrier. However the month of September was bad for them as they company lost over $300 million in that month alone.

Northwest, the nation’s fifth-largest airline, said it still expects a “modest profit” for all of 2006 on $12 billion in revenue, not counting reorganization expenses. It predicted a loss once bankruptcy expenses are included. Northwest also said it would lose money — even without bankruptcy expenses — during the last four months of the year.

“Our third quarter results are a significant improvement over last year’s results and demonstrate further that we are making steady progress in restructuring Northwest Airlines,” said President and Chief Executive Doug Steenland.

MSNBC.com

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