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Winter storms trimmed Pinnacle Airlines Corp. earnings to 9 cents a share, slightly below projections for the January-March quarter, the Memphis-based regional carrier announced today.
The holding company, which contracts to provide regional flights for major carriers through its Pinnacle and Colgan subsidiaries, posted a $1.7 million profit, down $1 million from a year earlier.
“Our first quarter operations were dramatically affected by major winter snowstorms throughout our network, similar to many carriers in the industry,” said Phil Trenary, president and CEO.
“However, I am proud of the way our people at Pinnacle and Colgan managed through the severe winter weather. We are well positioned for strong operating performance in the second quarter of 2010.”
Analysts surveyed by Thomson One Analytics had forecast earnings of 10 cents to 33 cents a share compared to 15 cents a year ago. Revenues held steady at $208.1 million, up $300,000 year over year.
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Tags: Earnings, Pinnacles Firstquarter
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