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PHOENIX — US Airways Group said Thursday it swung to a loss in the first quarter, punished like other airlines by the rising cost of jet fuel.

The Tempe, Ariz.-based carrier said it lost $236 million, or $2.56 per share, versus a profit of $66 million, or 70 cents per share, a year earlier. Excluding special items, the net loss was $239 million or $2.60 per share.

RELATED NEWS: Alaska Air reports wider quarterly loss on fuel

Revenue rose to $2.84 billion from $2.73 billion a year ago.

Analysts, on average, had expected a loss of $2.64 per share on revenue of $2.84 billion. The earnings estimates typically exclude one-time items.

"Our first quarter results reflect the extremely high fuel prices that are affecting our entire industry," US Airways CEO Doug Parker said in a statement.

US Airways, however, didn't suffer as much this quarter as Northwest Airlines and Delta Air Lines, which on Wednesday losses of more than $10 billion combined. Delta has agreed to buy Northwest.

"The large losses posted by U.S. airlines this quarter, the forecast for further losses and the recent liquidations and bankruptcies of a number of carriers, indicate quite clearly that the U.S. airline industry is in financial turmoil," Parker said.

US Airways also said it is taking steps to improve its cash position, including an amendment to its credit card processing agreement that will free up capital.

Almost three years after its 2005 combination with America West Airlines, US Airways is still merging staffs. The carrier has yet to reach combined work contracts with pilots, flight attendants and baggage and ramp employees. The baggage and ramp employee union, however, already has signed off on a tentative agreement that needs to be ratified by its members.

The pilots union has been plagued by infighting following an arbitrator's ruling last year to mix their seniority list. Some pilots have filed a lawsuit to get the ruling overturned. Another group formed a union that successfully ousted the Air Line Pilots Association last week and took over as the collective bargaining unit for all 5,300 pilots in the US Airways system.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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To report corrections and clarifications, contact Reader Editor Brent Jones. For publication consideration in the newspaper, send comments to letters@usatoday.com. Include name, phone number, city and state for verification.

 

 

 

 
 
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