Corporations just beginning to tally Sandy's costs

By: Associated Press Email
By: Associated Press Email

BC-US--Superstorm Sandy-Economic Impact
Corporations just beginning to tally Sandy's costs
Eds: APNewsNow. Will be updated.
MATTHEW CRAFT
AP Business Writer

Corporate America is just starting to add up its losses from Superstorm Sandy, expected to be one of the most expensive storms in U.S. history.

Delta Air Lines and Verizon were two of the first major companies to formally indicate the obvious, saying Friday that they will lose money because of the storm.

Delta had to cancel thousands of flights, while Verizon had cell towers blown out of commission and its New York offices flooded by the storm that thrashed the mid-Atlantic and the Northeast.

The corporate bill is sure to swell as casinos, insurance companies and retailers tally the damage.

Companies such as Lowe's and Home Depot, however, could benefit as people load up on generators and other supplies needed for the rebuilding effort.


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