Delta Air Lines Says Hurricane Florence Cost it $30 Million

A Delta plane makes an approach at Minneapolis-St. Paul International Airport Monday. Photo: KSTP-TV
A Delta plane makes an approach at Minneapolis-St. Paul International Airport Monday.

October 03, 2018 05:36 AM

Delta's stock fell 3.4 percent on Tuesday after the airline said it took a $30 million hit from Hurricane Florence and is paying more for fuel.

Last month's hurricane caused at least 3,500 flight cancellations, mostly in the Carolinas. Delta said on Sept. 17 that it canceled 275 to that point and was still dealing with disruptions at two airports. The company did not give a figure in a regulatory update on Tuesday.

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Delta Air Lines Inc. said that third-quarter revenue for every seat flown one mile rose between 4 and 4.5 percent, a sign of rising prices.


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It said the extra revenue will help "partially offset" a 35 percent increase in spot fuel prices in the past year.

The Atlanta-based airline expects to report adjusted profit of $1.70 to $1.80 per share for the third quarter. Analysts expected $1.78.

Its stock closed down $1.91, at $54.69. Other leading U.S. airline stocks fell by smaller percentages.

Credits

The Associated Press

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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