CPR: High fuel costs hit US Airways third quarter earnings

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I'm SURE this is just their imagination. Right CPR?


High fuel costs hit US Airways third quarter earnings By FT.com staff Published: October 18 2000 15:58GMT | Last Updated: October 18 2000 21:19GMT

US Airways Group said on Wednesday its losses in the third quarter were worse than expected, as higher fuel costs eroded the sixth-largest US airline's bottom line.

The Virginia-based group lost $30m, or 45 cents a diluted share. Analysts, on average, had forecast that US Airways would lose 19 cents a share, according to First Call/Thomson Financial.

The figure, however, is an improvement on the same time last year, when US Airways reported a loss $85m, or $1.19 a diluted share.

Revenues for this period rose 13 per cent to $2.38bn from $2.10bn a year earlier.

"Our third quarter results are disappointing, reflecting very high fuel costs and increased competition on a significant number of routes," said Rakesh Gangwal, US Airways president and chief executive. The cost of aviation fuel per gallon was 54.7 per cent higher than last year, the company said.

Operating income was $5m compared with a loss of $111m in the third quarter of 1999. The company said, however, that the $30m loss in the third quarter was actually a 64.7 per cent improvement over the net loss of $85m in 1999.

US Airways agreed to be acquired by UAL, parent of US rival carrier United Airlines, for $4.3bn. The deal is still awaiting regulatory approval.

US Airways shares slid $1.12, down 3.5 per cent, to $31.12 by midday trading in New York on Wednesday. http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT36PF07HEC&live=true&tagid=ZZZYF7I2B0C&subheading=transport

-- It's the Refinery's Stupid! (whadya@mean?.com), October 19, 2000


Is "CPR" a new category?

-- Patricia (PatriciaS@lasvegas.com), October 19, 2000.

I have always felt he was in a class of his own. A new category only makes sence.

-- It's the Refinery's Stupid! (whadya@mean?.com), October 19, 2000.

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