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US Airways narrows 4Q loss

US Airways narrows 4Q loss

US Airways Group Inc. reported a $79 million loss for the final three months of 2009, but, like other carriers, sees positive momentum this year.
It also said Thursday it significantly reduced its 2010 and 2011 capital commitments, in part by deferring most new aircraft deliveries.
The carrier, based in Tempe, Arizona, said its fourth-quarter loss equaled 49 cents a share, compared to a loss of $543 million, or $4.76 a share, for the same period in 2008.
Without special items the fourth-quarter loss was 20 cents a share.
Revenue in the quarter fell 4.9 percent to $2.63 billion from $2.76 billion a year earlier.
Analysts surveyed by Thomson Reuters expected an adjusted fourth-quarter loss of 50 cents a share on revenue of $2.59 billion.
For all of 2009, the company reported a net loss of $205 million, or $1.54 a share, compared to a net loss of $2.22 billion, or $22.11 a share, in 2008. Twelve-month revenue fell to $10.46 billion from $12.12 billion in 2008.
US Airways has had its struggles in the past year and its shares have been punished, but now some analysts think it's poised for better days.
Investors have been watching US Airways' cash situation closely. Earlier this month it said it would end 2009 with about $2 billion in cash, which was enough to reassure analysts. On Thursday, it met that guidance, finishing 2009 with roughly that much in total cash and investments.
US Airways said in October that it planned to cut 1,000 jobs during the first half of 2010 and shift nearly all of its flying to its three hubs (Philadelphia, Phoenix, and Charlotte, North Carolina) and Washington. It also said it would suspend several international routes. It's keeping its US Airways Shuttle between Boston, New York, and Washington.
It also plans to close crew bases in Las Vegas and at LaGuardia airport in New York on Sunday, and in Boston on May 2.
US Airways' expense for aircraft fuel and related taxes fell 14.8 percent in the fourth quarter. Major carriers have been hedging some of their fuel needs since the price of a barrel of oil soared to a record high of $147 a barrel in July 2008. Oil prices later plunged, but in recent months have risen from their lows.
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On the Net:
http://www.usairways.com


Updated : 2021-04-21 09:18 GMT+08:00