ExpressJet profit drops 57% on rate dispute, pilot training
6:11:17 AM ET 5/9/2007
LONDON (MarketWatch) -- ExpressJet Holdings (XJT) said first-quarter net income dropped 57% to $10.2 million, or 18 cents a share, while revenue rose 1.5% to $412 million. The Houston airline said its operating margin dropped to 3.5% from 9.2%, on being paid at a 2006 rate structure while in arbitration with Continental, higher-than-expected pilot training costs and expenses on its transition of 36 aircraft. Analysts polled by Thomson Financial expected earnings of 21 cents a share.
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