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Top US Airlines Post Losses
By Zacks Investment Research on January 22, 2009 | More Posts By Zacks Investment Research | Author's Website
UAL Corp. (NASDAQ:UAUA) and AMR Corp. (NYSE:AMR), parent companies of two major airlines, posted quarterly losses today.
UAL Corp, the parent of United Airlines, incurred a net loss of $1.3 billion or $9.91 a share in the fourth quarter on the back of fuel-hedging losses. This prompted the carrier to initiate a fresh round of job cuts, this time eliminating 1,000 more salaried and management positions. Excluding one-time items, UAL’s loss this quarter stood at $4.22 per share, narrower than the consensus. Revenue was down 9.6% at $4.55 billion.
The parent of American Airlines, AMR Corp’s fourth-quarter results witnessed a loss of $340 million, due to the higher fuel costs and the worsening economy. Loss for the quarter came at $1.22 a share, compared with the previous year’s 28 cents per share. AMR lost $214 million, or 77 cents per share, excluding one-time items. Analysts had projected a loss of 75 cents. The quarter also experienced a 3.8% drop in revenue, amounting to $5.47 billion.
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