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Old 05-11-2006, 05:49 PM   #1  
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Default Big quarterly loss at Delta

Last update: May 11, 2006 8:12 PM
Delta Air Lines reports loss of $2.1 billion for first quarter

Associated Press

Delta Air Lines Inc., the nation's third-largest carrier, on Thursday reported a first-quarter loss of $2.1 billion. The Atlanta-based airline has lost more than $14 billion since January 2001.

The results from the three months ended March 31 compare with a loss of $1.1 billion a year ago. The losses include several one-time items, including a $1.4 billion charge primarily from reworking financing agreements for 124 aircraft, and $310 million in accounting adjustments.

Excluding those one-time costs, Delta said it lost $356 million in the quarter. CEO Gerald Grinstein said Delta's performance met internal expectations, particularly in light of fast-rising fuel costs. Delta's stock rose a penny Thursday, or 1.4 percent, to 66 cents.

J.C. Penney Co.

The department store operator said its profit rose 22 percent in the first quarter, as holding overhead costs below the rate of inflation helped supplement a modest revenue increase.

Penney raised its earnings outlook for the year, but not as much as analysts were expecting, and the company burned through some of its cash on hand. Penney shares fell 93 cents, or 1.4 percent, to $65.98.

Penney said it earned $210 million, or 89 cents per share, in the three months ended April 29, compared with $172 million, or 63 cents per share, a year earlier. The earnings were 90 cents a share; analysts had expected 88 cents per share. Revenue rose 2.5 percent, to $4.22 billion, from a year ago.

Kohl's Corp.

The Wisconsin-based discount department store operator said its first-quarter earnings rose 34 percent on a 16 percent jump in revenue.

The announcement sent Kohl's shares up $1.10, or 1.9 percent, to $57.95 in aftermarket trading, after closing down 20 cents, at $56.85.

Kohl's earned $167.2 million, or 48 cents per share, compared with $124.7 million, or 36 cents per share, a year ago. Revenue grew to $3.18 billion, from $2.74 billion in the year-ago period. Analysts had expected earnings of 46 cents per share on $3.14 billion in revenue.

Viacom Inc.

The media conglomerate reported a 9 percent decline in first-quarter earnings, as debt mounted to pay for an acquisition and share buybacks.

Viacom, which separated from CBS Corp. at the beginning of the year, earned $317.2 million, or 43 cents a share, in the three months ended in March vs. $350.3 million, or 47 cents per share, a year ago. Analysts were expecting 39 cents a share. Viacom's Class B shares fell 66 cents, to $38.89.

2006 Star Tribune. All rights reserved.
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