Northwest Airlines Reports First Quarter 2008 Results
Wednesday April 23, 8:38 am ET
-- Northwest and Delta agree to merge, creating America's premier global airline
-- Results impacted by $445 million increase in year-over-year fuel expense
-- $3.9 billion non-cash, non-recurring accounting charge taken to reduce Goodwill
EAGAN, Minn.--(BUSINESS WIRE)--Northwest Airlines Corporation (NYSE:NWA - News) today reported a first quarter 2008 net loss of $4.1 billion, or $15.78 per share. Reported results include a non-cash goodwill impairment charge of $3.9 billion. This compares to the first quarter 2007 when Northwest reported a net loss of $292 million.
Excluding non-recurring, non-cash impairment charges and losses associated with marking-to-market out-of-period fuel hedges, Northwest reported a first quarter 2008 net loss of $191 million versus the first quarter 2007 when the airline reported net income of $73 million before the impact of reorganization items and out-of-period fuel hedge gains.
Excluding taxes and out-of-period mark-to-market adjustments on fuel hedges, Northwest paid $2.77 per gallon for jet fuel in the first quarter compared to $1.85 a gallon in the first quarter of 2007, an increase of 49.7 percent
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Wednesday April 23, 8:38 am ET
-- Northwest and Delta agree to merge, creating America's premier global airline
-- Results impacted by $445 million increase in year-over-year fuel expense
-- $3.9 billion non-cash, non-recurring accounting charge taken to reduce Goodwill
EAGAN, Minn.--(BUSINESS WIRE)--Northwest Airlines Corporation (NYSE:NWA - News) today reported a first quarter 2008 net loss of $4.1 billion, or $15.78 per share. Reported results include a non-cash goodwill impairment charge of $3.9 billion. This compares to the first quarter 2007 when Northwest reported a net loss of $292 million.
Excluding non-recurring, non-cash impairment charges and losses associated with marking-to-market out-of-period fuel hedges, Northwest reported a first quarter 2008 net loss of $191 million versus the first quarter 2007 when the airline reported net income of $73 million before the impact of reorganization items and out-of-period fuel hedge gains.
Excluding taxes and out-of-period mark-to-market adjustments on fuel hedges, Northwest paid $2.77 per gallon for jet fuel in the first quarter compared to $1.85 a gallon in the first quarter of 2007, an increase of 49.7 percent
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