Delta Air Lines Inc. posted a fourth-quarter loss that exceeded analysts' estimates.
Excluding one-time costs for fuel hedges and stock grants related to buying Northwest Airlines, the loss was $340 million, or 50 cents a share, Delta said. Revenue was $6.71 billion, which also trailed some projections.
Delta was hurt when jet fuel prices fell in the second half of 2008 after it had locked in fuel contracts at higher rates. The airline plans to cut capacity by as much as 8% this year.
Delta's net loss was $1.44 billion, or $2.11 a share. That compared with a year-earlier loss of $70 million, or 18 cents, when Atlanta-based Delta was a stand-alone company.
Delta shares fell $2, or 20%, to $7.93.