US Airways Loses More Than Expected

ARLINGTON, Va. (AP) â€” US Airways lost $101 million in the fourth quarter, hurt by rising fuel costs and increased competition within the industry. <br><br>The airline, which is seeking federal approval

Wednesday, January 17th 2001, 12:00 am

By: News On 6

ARLINGTON, Va. (AP) â€” US Airways lost $101 million in the fourth quarter, hurt by rising fuel costs and increased competition within the industry.

The airline, which is seeking federal approval of its acquisition by the parent company of United Airlines, reported a loss Wednesday of $1.50 per share for the last three months of 2000.

That was far greater than analysts' expectations of a $1.10 loss per share, based on a survey of analysts by First Call/Thomson Financial. It was also worse than the fourth quarter of 1999, when the company lost $81 million, or $1.16 a share.

Quarterly revenue rose 10 percent, from $2.14 billion to $2.36 billion.

US Airways chairman Stephen Wolf said in a statement that the pending deal with UAL Corp.'s United Airlines will restore the company's financial health. ``The economic impact of the truly national and international network that will result from our merger with United bodes well for both the traveling public and the communities we serve,'' he said.

The Justice Department is expected to complete its review of the merger by April.

For the year, the Arlington-based airline lost $269 million, or $4.02 per share, including charges, on revenue of $9.27 billion. Last year, the company turned a profit of $197 million, or $2.64 a share, on revenue of $8.60 billion.

Shares of US Airways were off 25 cents to $44.63 in morning trading on the New York Stock Exchange.