OFF TO A BAD START : MASSIVE SPECIAL GAINS AT US AIRWAYS MADE THE FIRST QUARTER LOOK MUCH BETTER THAN IT WAS

The first quarter of 2003 continued to show poor results for the 10 U.S. Major airlines, which lost $1.94 billion, though it was a substantial improvement over a year ago comparable period. But the good results are misleading in part because of a $1.92 billion special gain claimed by US Airways as a result of its emerging from bankruptcy. Without that, the loss would be $3.86 billion. Also, the 2002 results for the comparable period were made worse by noncash- accounting changes at several carriers. Operating losses increased to $3.05 billion from $2.7 billion in 2002. UAL Corp. has the largest quarterly loss. It said its future results should be helped by lower salary and benefit costs and enhanced "flexibility and productivity." AMR Corp. has "truly dreadful" results, the chairman said. Delta is furloughing another 200 pilots. Northwest had disappointing results. Continental cited the war in Iraq and high fuel prices in reporting its problem Alaska Air Group managed an operating profit, but its holding company was doing much worse compared to a year ago.

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  • Corporate Authors:

    Penton Media

    1300 E 9th Street
    Cleveland, OH  United States  44114-1503
  • Authors:
    • Farrar, L
    • Flint, P
  • Publication Date: 2003-6

Language

  • English

Media Info

  • Features: Figures;
  • Pagination: p. 75-76
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00961067
  • Record Type: Publication
  • Source Agency: UC Berkeley Transportation Library
  • Files: BTRIS, TRIS
  • Created Date: Aug 4 2003 12:00AM