America West earnings fall

Wednesday, Jan. 19, 2000 | 12:24 p.m.

SUN STAFF AND WIRE REPORTS

America West Holdings of Phoenix, parent of America West Airlines, the No. 2 carrier at McCarran International Airport in Las Vegas, today reported a lower quarterly profit.

Profit from operations slipped 11 percent to $20 million or 52 cents a share from $22.4 million or 56 cents in the year-ago quarter.

The results exceeded the 47-cent average forecast of analysts.

America West said revenue rose 12 percent to $568.9 million while its fuel costs rose 28 percent to $62.8 million.

After a gain in the most recent quarter and a charge in the year-earlier period, net income rose to $29 million, or 76 cents, from $20.2 million or 51 cents per share.

Higher fuel costs hurt America West along with United Airlines and AMR Corp., parent of American Airlines.

UAL said profit from operations climbed 22 percent to $230 million, or $1.91 a share, from $189 million, or $1.52 a year earlier. That beat the average estimate of $1.75 in a First Call/Thomson Financial analyst poll.

Still, United said it's joining American and Continental in adding $10 each way to ticket prices to cover higher fuel costs.

AMR said fourth quarter profit from operations dropped 37 percent to $105 million or 69 cents a share, from $167 million or $1 in the year-ago quarter. The results exceeded the 61-cent average analyst estimate.