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Southwest Airlines Quarterly Profit Falls
NEW YORK (Reuters) - Southwest Airlines Co. (LUV.N: Quote , Profile , Research ) , the top U.S. carrier by market value, on Wednesday said fourth-quarter earnings fell, depressed by record fuel prices. The Dallas-based company reported profit of $56 million, or 7 cents a share, compared with $66 million, or 8 cents a share. ...
Stocks rally on tech, retail, airlines
By Scott Malone NEW YORK (Reuters) - U.S. stocks closed higher on Thursday, with rallies in the tech, retail and airline sectors offsetting a report about higher labor costs that sparked concerns about inflation and further interest-rate hikes. Tech shares gained after Intel Corp. (INTC.O: Quote , Profile , Research ) offered a strong demand outlook. Other advancers inc...
Lofty Fuel, Low Fares Batter Airlines
By Kyle Peterson CHICAGO (Reuters) - The twin burdens of soaring fuel prices and slipping airfares clobbered the airline industry again in the third quarter, leaving three of the top four U.S. carriers to post quarterly losses on Wednesday. American Airlines parent AMR Corp. (AMR.N: Quote , Profile , Research ) , Delta Air Lines Inc. (DAL.N: Quote , Profile , Research ) and Northwest Airlines Corp. (NWAC.O: Quote , Profi...
United Airlines Seeks Staff Concessions
NEW YORK (Reuters) - United Airlines is expected to ask a bankruptcy judge to let it extract new concessions worth $725 million a year from employees as it seeks to reorganize, the Wall Street Journal reported on Friday, citing unnamed sources. United, a unit of number two U.S. air carrier UAL Corp., has been in bankruptcy protection since December 2002. Its current cost-cutting plan focuses on maintenance, airport operations and distribution. The J...
Boeing, Japan Airlines complete contracts
SAN FRANCISCO (Reuters) - Boeing Co. (BA.N: Quote , Profile , Research ) said on Monday that Japan Airlines Corp. (9205.T: Quote , Profile , Research ) had completed contracts for 30 Boeing 787 Dreamliner and 30 737-800 passenger airplanes, agreements worth $5.3 billion at list prices. The Chicago-based airplane manufacturer said that Japan Airlines also has options for 20 mo...
Southwest Airlines quarterly profit rises
NEW YORK (Reuters) - Southwest Airlines Co. (LUV.N: Quote , Profile , Research ) , the top U.S. carrier by market value, on Thursday said first-quarter earnings rose as its fuel hedges took the sting out of higher energy prices. The Dallas-based company reported profit of $76 million, or 9 cents a share, compared with $26 ...
United Airlines to Cut Up to 825 Jobs
CHICAGO (Reuters) - UAL Corp. (UALAQ.OB: Quote , Profile , Research ) , parent of United Airlines, on Friday said it would lay off up to 825 ramp and customer service workers as the airline continues its fight to emerge from bankruptcy. The No. 2 U.S. carrier said the cuts will hit 18 hubs and airports and take effect Jan. 6. The workers received notice on Thursday that job cuts are imminent, but some employees may remain with the carrier in other jobs. "We think the number of actual fu...
Taking a Flier on Airlines
By Emma Trincal Staff Reporter 8/23/2005 7:09 AM EDT It's white-knuckle time in the U.S. airlines industry as many companies scramble for last-minute financing or struggle with labor-related chaos. When risk runs this high, you can be sure hedge funds are sniffing around. At Delta ( DAL :NYSE - commentary - research - Cramer's Take ), which recently sold its Atlantic Southeast unit to SkyWest Airlines ( SKYW :Nasdaq - commentary - research - Cramer's Take ) in a frantic...
FDA to Airlines: Replace Insulation
By John Crawley WASHINGTON (Reuters) - U.S. aviation regulators said on Friday they are proposing airlines replace or modify cabin insulation on up to 1,600 Boeing Co. (BA.N: Quote , Profile , Research ) aircraft worldwide due to concerns about a fire risk. The Federal Aviation Administration proposed an airworthiness directive that would cover about 800 U.S.-registered planes. Foreign aviation authorities usually adopt FAA directives. ...
Airlines see a ray of hope
U.S. carriers' safety record may result in cheaper insurance By Chris Walsh, Rocky Mountain News August 23, 2005 Rocketing oil prices. Cut-throat competition. Several significant crashes across the globe in recent weeks. Airlines can't catch a break these days. Or so it seems. ...
U.S. to Probe Airlines' Customer Service Promises
By Jeremy Pelofsky WASHINGTON (Reuters) - U.S. airlines, after a Christmas weekend that snarled thousands of travelers' holiday plans, will face a government review of whether they are living up to customer service commitments made five years ago, the U.S. Transportation Department's top auditor said on Monday. Travelers on US Airways and Del...
United Airlines ducks strikes
By Kyle Peterson CHICAGO (Reuters) - Bankrupt United Airlines dodged two threatened strikes on Tuesday after one key labor group ratified a deal worth $96 million annually to the carrier and the leadership of another union agreed to a separate concessions plan. United, a unit of UAL Corp. (UALAQ.OB: Quote , Profile , Research ) , secured labor savings of $96 million when members of the Aircraft Mechanics Fraternal Associ...
Continental Airlines Posts Quarterly Loss
NEW YORK (Reuters) - Continental Airlines Inc. (CAL.N: Quote , Profile , Research ) on Wednesday posted a wider quarterly loss as record fuel prices and sweeping price cuts by rival carriers took a heavy toll on its business. The Houston-based No. 5 U.S. airline said its first-quarter loss was $184 million, or $2.77 a diluted share, compared with a loss of $124 million,...
Airlines Look to Asian Routes
By Jui Chakravorty NEW YORK (Reuters) - Large U.S. airlines, hemorrhaging from competition at home, are looking at routes halfway around the world to stop the bleeding. As the industry struggles with its worst crisis in years, U.S. carriers are focusing on Asia -- mainly China and India -- to make up for ballooning losses on the domestic front. American Airlines (AMR.N: Quote , Profile , Research ) and Continental Airlines (CAL.N: Quote , Profile , Research )...
Southwest Airlines profit beats forecasts
NEW YORK (Reuters) - Southwest Airlines Co. (LUV.N: Quote , Profile , Research ) , the top U.S. carrier by market value, on Thursday said first-quarter earnings rose as revenue climbed and its fuel hedges took the sting out of surging energy prices. The Dallas-based company reported profit of $76 million, or 9 cents a share, compared with $26 million, or 3 cents a share, a year earlier. Analysts on ave...
Asian Exporters Rise; Dollar Off Lows
By Anne Marie Roantree SINGAPORE (Reuters) - Exporters such as Honda Motor Co. led gains in Asian shares on Monday as a rebound in the U.S. dollar eased concerns over corporate profits. Oil prices climbed 35 cents to hover around $41 a barrel after sources at Asian refiners said Saudi Arabia had told some buyers it wo...
Delta Cuts Airfares by as Much as 50 Pct.
NEW YORK (Reuters) - Delta Air Lines Inc., the No. 3 U.S. carrier, said on Wednesday it is cutting its airfares by as much as 50 percent for travel in the continental United States. The Atlanta-based airline -- plagued by high costs, weak revenue, high fuel prices and rising competition from discount carriers -- had been expected to make the announcement since early this week. The airline, which is restructuring in a bid to avoid filing for bankrup...
Northwest to cut half of mechanics' jobs
NEW YORK (Reuters) - Northwest Airlines Corp. (NWAC.O: Quote , Profile , Research ) has proposed firing 2,031, or nearly half of its mechanics, in a bid to save $176 million a year, their union said in a document posted in its Web site on Monday. The Eagan, Minnesota-based airline also is asking the 2,381 mechanics who would remain to take a cut in ...
Boeing Launches Long-Haul Passenger Jet
By Reed Stevenson EVERETT, Wash. (Reuters) - Boeing Co. (BA.N: Quote , Profile , Research ) unveiled a long-range version of its 777 commercial airliner on Tuesday, which the company said can fly from London to Sydney, making it the world's longest-range commercial aircraft. With the launch of the new 777-200LR (long range) "Worldliner," Bo...
Delta Slashes Fares, Sector Shares Fall
By Jui Chakravorty NEW YORK (Reuters) - Delta Air Lines Inc. (DAL.N: Quote , Profile , Research ) , the No. 3 U.S. carrier, on Wednesday cut its fares by up to 50 percent for travel in the continental United States in order to compete with low-cost rivals. Delta said the move would hurt its earnings in the short term, and analysts said other cash-strapped ca...
Delta Details Job Cuts Plan
NEW YORK (Reuters) - Delta Air Lines Inc. (DAL.N: Quote , Profile , Research ) , the No. 3 U.S. carrier, said on Sunday it will cut 2,000 aircraft-maintenance jobs, up to 3,100 customer-service jobs, and between 1,600 and 1,800 supervisory and administrative personnel as part of a previously announced plan to cut total staffing by 7,000. A company spokeswoman said the actual number of cuts will be about 100 below its initial forecast. D...
US Airways, America West in talks - WSJ
PHILADELPHIA (Reuters) - US Airways Group Inc. and America West Holdings Corp., which are in merger negotiations, are trying to raise up to $400 million in funding and secure a loan from Airbus in exchange for ordering new airplanes, according to The Wall Street Journal. The two airlines are expected to announce their merger within the next week, an indust...
Korean Air to Buy 10 Boeing 787s
SEOUL (Reuters) - Korean Air, South Korea's biggest carrier, said on Monday it had signed a deal to buy 10 787 Dreamliner jets from Boeing Co. for $1.3 billion. The purchase is the first of the 787 by Korean Air. The airline said in a statement the purchase was part of its plans to meet future demand for point-to-point travel...
Stocks fall as oil prices stay high
NEW YORK (Reuters) - U.S. stocks fell on Tuesday as crude oil prices rose back above $52 a barrel, increasing concerns about crimped consumer spending and corporate profits. Delta Air Lines Inc. (DAL.N: Quote , Profile , Research ) plunged after it said it expects a "substantial" loss for the remainder of the year, while Priceline.com Inc. (PCLN.O: Quote ...
Services Sector Index Slips in September
NEW YORK (Reuters) - Growth in the vast U.S. services sector slowed in September, with a significant decrease in prices paid but a solid employment component, according to an industry survey published on Tuesday. The Institute for Supply Management's non-manufacturing index fell to 56.7 in September from 58.2 in August, below Wall Street predictions for an increase to 59.0. A number above 50 indicates growth, while a figure below that threshold denotes contraction in the sector, which...