US Airways Reports $103 Million First Quarter Loss

US Airways reported a net loss of $103 million for the first quarter, or $0.90 per share. This compares to a net loss of $237 million, or $2.58 per share for the same period last year. The first quarter loss was driven by a 13.5 percent decline in revenues related to the global economic recession. The airline said that the effects of fuel hedging significantly impacted the first quarter 2009 results.

Excluding net special credits and net realized losses/gains on fuel hedging transactions, the company reported operating income of $8 million and a net loss of $63 million for its first quarter of 2009. This compares to an operating loss and net loss of $287 million and $321 million, respectively, for the same period last year.

Total revenues in the first quarter were down 13.5 percent versus the first quarter of 2008 on a 6.8 percent decline in total available seat miles (ASMs). Total revenue per available seat mile was 12.02 cents, down 7.2 percent versus the same period last year.

Mainline passenger revenue per available seat mile (PRASM) in the first quarter was 9.49 cents, down 10.9 percent versus the same period last year. Express PRASM was 15.95 cents, down 12.7 percent versus the first quarter 2008. Total mainline and Express PRASM was 10.58 cents, which was down 11.1 percent versus the first quarter 2008.

Total expenses in the first quarter were down 18.3 percent over the same period last year due to a 53.2 percent decrease in mainline and express fuel expense. Mainline cost per available seat mile (CASM) in the first quarter was 11.05 cents, down 12 percent versus the same period last year.