Delta Reports Wider $1.13 Billion Loss

Delta blamed high fuel costs as it reported a wider Q3 loss of $1.13B and said it is concerned it continues to use borrowed money to fund its red ink.

The carrier has said it plans to increase international flights to make more profits. At Thursday's hearing, Beatty questioned if that plan will work, and furthermore, if putting resources into more international flights will "sit well" with workers staring down pay cuts.

Still, Beatty suggested that Delta's pilots are overcompensated, saying, "What's really weird is that anyone agreed to pay them that much money to begin with."

In its earnings release, Delta said it ended the quarter with only $1.4 billion in unrestricted cash.

For the first nine months of the year, Delta said it lost $2.60 billion, compared to a loss of $3.01 billion for the same period a year ago. The latest nine-month loss includes $15 million in dividends paid out to preferred shareholders. Nine-month revenue was $12.05 billion, compared to $11.36 billion recorded a year ago.


AP Business Writer Madlen Read contributed to this report from New York.

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