Delta Air Lines Inc. said its fourth-quarter earnings soared on
a $8 billion gain related to the reversal of a tax-valuation
allowance.
Delta reported a profit of $8.48 billion, or $9.89 a share, up
from $7 million, or a penny a share, a year earlier. Excluding the
tax benefit, restructuring-related charges and other items,
adjusted earnings were 65 cents. Revenue increased 5.5% to $9.08
billion.
Analysts polled by Thomson Reuters expected per-share profit of
63 cents and revenue of $9.04 billion.
The Atlanta-based carrier said it expects to increase capacity
by 2% to 3% in the current quarter.
Passenger unit revenue--a key measure of performance for the
airline industry--rose 6.1%. Traffic increased 2% on a 2.9%
increase in capacity.
Write to Tess Stynes at tess.stynes@wsj.com
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