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Summary: Fuel costs push Continental to 2Q loss



By AP
17 July 2008 @ 03:49 pm EST

THE NEWS: Continental Airlines slid to a second-quarter loss of $3 million, or $25 million after one-time gains and expenses. Still, Wall Street expected worse.

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CAL 14.34 -0.82

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WHY?: Record fuel prices. Fuel spending rose $542 million--66 percent--from a year ago.

THE BACKGROUND: The company is grounding gas-guzzling planes and even switching to lighter food carts and life vests to reduce weight, improve mileage.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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