Southwest Airlines reports second quarter earnings

Southwest Airlines reported its second quarter 2008 results. Net income for second quarter 2008 was $321 million compared to $278 million for second quarter 2007. Excluding special items, second quarter 2008 net income was $121 million compared to $195 million for second quarter 2007. The second quarter 2008 results exceed First Call’s mean estimate of $.12 per diluted share.

Email Post to a Friend Email Post to a Friend

United Airlines reaches agreement in principle to enhance liquidity

UAL Corporation reported that it reached an agreement in principle with its Mileage Plus co-branded bank card partner, Chase Bank U.S.A., N.A. (“Chase”), and Paymentech, one of its credit card processors, to extend the term of their respective agreements. As part of the transaction, United will receive a payment of $600 million from Chase, which relates to the advance purchase of frequent flyer miles and the extension of the contract. The company also expects this transaction will improve cash flow by about $200 million in the next two years.

Email Post to a Friend Email Post to a Friend

Boeing reports second-quarter financial results, reaffirms guidance

The Boeing Company’s second-quarter earnings per share decreased 14% to $1.16 per share, on revenue of $17.0 billion and an operating margin of 7.4%. Results were affected by the previously disclosed charge for the Airborne Early Warning & Control (AEW&C) program and lower profitability due to mix and timing in Commercial Airplanes, partially offset by lower centralized costs. For the first half of 2008, revenue grew 2% to $33.0 billion, operating margin grew to 9.2%, net income rose 7% to $2.1 billion, and earnings per share increased 13% to $2.79 per share, despite the AEW&C charge. Results reflected good performance Read more

Email Post to a Friend Email Post to a Friend

Northwest Airlines reports second quarter loss of $377 million

Northwest Airlines reported a second quarter 2008 net loss of $377 million, or $1.43 per share. Reported results include a net non-cash impairment charge of $547 million and a $250 million gain associated with marking-to-market out-of-period fuel hedges. These results compare to the second quarter of 2007 when Northwest reported net income of $2.1 billion, which included $1.9 billion related to reorganization items.

Email Post to a Friend Email Post to a Friend

Lockheed Martin announces second quarter 2008 results

Lockheed Martin Corporation reported second quarter 2008 net earnings of $882 million, compared to $778 million in 2007. Net sales were $11.0 billion, a 4% increase over second quarter 2007 sales of $10.7 billion. Cash from operations for the second quarter of 2008 was $1.5 billion, compared to $1.4 billion in 2007.

Email Post to a Friend Email Post to a Friend

JetBlue reports 2nd quarter loss of $7 million

JetBlue Airways Corporation reported that operating revenues for the quarter totaled $859 million, representing growth of 17.7% over operating revenues of $730 million in the second quarter of 2007. Operating income for the quarter was $21 million, resulting in a 2.4% operating margin, compared to operating income of $73 million and a 10.0% operating margin in the second quarter of 2007. Net loss for the quarter was $7 million compared with second quarter 2007 net income of $21 million.

Email Post to a Friend Email Post to a Friend