Continental Airlines posts Q2 loss but beats analyst expectations

Tweet   

Continental Airlines Inc. (NYSE:CAL) is up 3% in pre-market trading today, even after the airline’s before-the-open report of a quarterly loss. For the second quarter of 2008, Continental Airlines reported a net loss of $3 million, or $0.03 per share, compared with a profit of $228 million, or $2.03 per share, for the same quarter a year earlier. Despite swinging to a quarterly loss, Continental Airlines beat analyst estimates; Wall Street was expecting a loss of $0.49 per share. Quarterly revenue grew to $4 billion, up about 9% from the quarter a year earlier.

The Houston-based company said it was hit hard by the slowing economy, fewer travelers and the soaring price of fuel. During the past week, however, crude oil has tumbled down from the record highs it achieved earlier this month.

In today’s pre-market trading, shares of Continental Airlines are at $9.45, up $0.26 from Wednesday’s close.

For detailed price information and recent news stories on Continental Airlines Inc., click CAL.