Northwest Airlines Corp., which emerged from bankruptcy protection May 31, said Tuesday that it earned $273 million during its second quarter before accounting boosts related to its reorganization.
Including reorganization items, Northwest earned $2.15 billion, or $8.20 a share, during the quarter that ended June 30. Northwest’s finances benefited from $1.94 billion in reorganization items during the quarter, which included two months operating under bankruptcy protection and one month after it emerged.
The Eagan, Minn.-based carrier earned 78 cents a share with reorganization items stripped out. On that basis, analysts surveyed by Thomson Financial were expecting a profit of 79 cents a share. Revenue declined 3 percent, to $3.18 billion.
Although Northwest’s finances improved out of bankruptcy, it has been plagued by operating problems. It has had to cancel hundreds of flights in June and July because it could not provide enough pilots for its planes. The airline said those problems cost it $25 million during the second quarter.
Northwest stock lost 52 cents, to $17.43, on the New York Stock Exchange.
In other earnings news:
*CBS Corp. reported that second-quarter earnings fell sharply from a year ago, when results were boosted by a tax gain and the sale of its Paramount Parks unit.
But the New York-based company, which produces “60 Minutes” and “CSI,” delivered adjusted earnings that beat Wall Street expectations, even as revenue fell at both television and radio stations.
Net income tumbled to $404 million, or 55 cents a share, down 48 percent from a year ago, when CBS earned $781.7 million, or $1.02 a share. The 2006 quarter included gains of 38 cents a share from the sale of the theme parks and 17 cents a share from a tax benefit.
Excluding one-time items, earnings from businesses operated in both periods rose 9 percent, to $393.1 million, or 54 cents a share. On that basis, analysts had forecast earnings of 51 cents a share. Revenue fell 3 percent, to $3.37 billion.
Shares of CBS slid $1.05, to $31.72, on the NYSE.
*Chipotle Mexican Grill Inc. said second-quarter net income nearly doubled, to $20 million, or 60 cents a share, from $10.8 million, or 33 cents a share, a year ago. The Denver-based restaurant chain said revenue jumped 34 percent, to $274.3 million.
The report came out after the close of trading.
