Continental loses $213 million, will cut 1,700 jobs, raise fares
Most of the earnings that have come out so far this season have been positive, for the companies and often the industries. Airlines continue to be an obvious exception.
Continental (CAL) posted a loss of $213 million for the June quarter, an EPS deficit of $1.72. In the same quarter a year ago the airline had red ink of only $5 million. As a result of its struggles, Continental will cut another 1,700 jobs and raise some fares. Revenue dropped almost 23 percent to $3.13 billion.