US Airways swings to huge second-quarter loss on fuel spike

Published Tuesday July 22nd, 2008

THE ASSOCIATED PRESS

PHOENIX - US Airways Group Inc. says it swung to a huge second-quarter loss as it struggled to deal with a spike in fuel costs.

For the three months that ended June 30, US Airways said Tuesday it lost US$567 million, or $6.16 per share, compared with a profit of $263 million, or $2.77 per share, for the same period last year.

Revenue rose three per cent to $3.26 billion.

Excluding special charges that included a $640 million non-cash impairment charge related to the write down of goodwill and spare parts, US Airways says it would have lost $101 million or $1.11 per share.

Analysts, who typically exclude charges from their forecasts, expected a loss of $1.30 per share during the second quarter on revenue of $3.27 billion.

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