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Northwest Airlines (NWA) Reports a Q1 Loss

April 23, 2008 8:43 AM EDT
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Northwest Airlines Corporation (NYSE: NWA) reported a Q1 loss of $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%.

Northwest’s operating revenues for the first quarter rose to $3.1 billion, up 8.8% from last year. (Consensus is $3.13 billion)[SM]

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