Delta Air Lines 2Q profit falls 58 percent

July 27, 2011 - 8:14 AM
Earns Delta Air Lines

In this photo taken July 22, 2011 a Delta airlines jet takes off at the Detroit Metropolitan Airport in Romulus, Mich. Delta Air Lines said Wednesday, July 27, it’s taking steps to offset the high price of fuel including reducing flying this year by more than it originally planned after announcing its second-quarter net income fell 58 percent. (AP Photo/Carlos Osorio)

NEW YORK (AP) — Delta is taking steps to offset the high price of fuel, including reducing flying in the fourth quarter by more than originally planned and giving voluntary buyouts to 2,000 workers.

Costs for the buyouts, and higher jet fuel expenses, contributed to a 58 percent decline in second-quarter profit.

The Atlanta airline earned $198 million, or 23 cents per share. A year ago it earned $467 million, or 55 cents per share.

Revenue rose 12 percent to $9.15 billion.

FactSet says analysts expected a profit of 46 cents per share on revenue of $9.16 billion.

Fuel costs rose 36 percent to $2.66 billion. Delta Air Lines Inc. said Wednesday it now plans to cut its overall flying in the last quarter of the year by 4 to 5 percent, mostly internationally.