Delta’s 3rd-Qtr. Earnings Up 11 %

Delta Air Lines said Thursday that third-quarter earnings rose 11% as its passenger load rose 2%.

Net income for the three months ended March 31 was $216 million, or $1.42 per share, up from $195 million, or $1.23, in the same period last year.

The consensus estimate of analysts was $1.26 per share.

But Delta shares fell $3.19, or about 4%, to close at $68 on the NYSE.

Delta said its operating revenue for the quarter rose 3%, to $3.5 billion from $3.4 billion last year.

The company said it flew 25 million passengers during the quarter, up 2% from a year earlier.

President Leo F. Mullin credited Delta’s efforts at improved customer service, in part, for the results. The company also continued to upgrade its fleet during the quarter, refurbishing plane interiors and agreeing to sell some of its older planes.

For the first nine months of the year, Delta reported net income of $737 million or $4.80 per share, up 15%.