America West Reports Loss, Bleak Outlook
America West Holdings Corp. became the latest airline to post a losing quarter and warned that its outlook remained bleak because of high oil prices and excess capacity.
The Phoenix-based company reported a fourth-quarter loss of $49.7 million, or $1.38 a share, contrasted with a year-earlier profit of $6.8 million, or 13 cents. Revenue rose 2.8% to $578.5 million.
America West shares slipped 38 cents to $4.30 on the NYSE.
From Reuters
* Machinists at US Airways’ last holdout union voted to approve pay and benefit cuts that would save the airline almost $270 million but cost thousands of union members their jobs. The vote gives the airline a reduction of more than $1 billion in its annual labor costs.
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