Calyon Securities is holding an investor conference in New York this week, and today there was a chorus of airline executives who basically said the same thing — 2008 is not looking good.  For that matter, neither is the fourth quarter of 2007.

Delta Air Lines’ CFO Ed Bastian told the conference that operating profit for the airline is now forecast to come in flat to down 2% for the fourth quarter, down from the 3%-5% increase the airline projected as recently as mid-October when it presented its third quarter earnings call.

In response to the declining numbers, Bastian told analysts today that the airline now plans to institute a partial hiring freeze, it now plans to increase the number of job cuts, it is cutting its marketing budget, and it is installing lighter seats and winglets on some aircraft to improve fuel efficiency.

Bloomberg also reported today that the airline will also “considerably” reduce U.S. seating capacity by returning some leased planes. For next year, Delta now plans to cut U.S. capacity by 4% to 5% while adding 15% to international flights.

Bastian told the conference that fourth-quarter fuel costs may rise to as much as  $2.60 a gallon, 9.2% higher than its previous estimate. The carrier paid $1.73 per gallon at the beginning of the year.

As for Southwest, CEO Gary Kelly said in a statement today that the airline now plans to reduce its 2008 capacity growth to 4% to 5%. This  is the third announced reduction in 2008 capacity plans for the airline.

“We are concerned about growing evidence of slowing economic growth that would inevitably affect passenger demand, coupled with a surge in energy prices,” Southwest Gary Kelly said today.

The airline said that it will now take only seven to nine new Boeing 737-700 aircraft in 2008, down from its original plans, which called for an increase of 34.

Meanwhile, Continental is also slowing its growth — again. The airline said today that it is now looking at a capacity increase of only 2%-3%, down from its last forecast for 3% to 4% growth.

As for United — CFO Jake Brace said matter-of-factly today, “We see no business case to grow domestically.”

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