AMR posts loss; cites jet fuel costs
From Bloomberg News
American Airlines parent AMR Corp. said Wednesday that rising fuel costs pushed it to a fourth-quarter loss of $69 million, ending six straight profitable quarters for the world’s largest carrier.
The loss of 28 cents a share contrasts with year-earlier profit of 7 cents, or $17 million, the Fort Worth company said. Sales rose 5.3% to $5.68 billion.
Excluding special costs and gains, AMR’s loss was 74 cents a share. Analysts on average had expected a loss of 76 cents, according to estimates compiled by Bloomberg.
For the full year, net income rose to $504 million, or $1.78 a share, from $231 million, or 98 cents. It was the first time since 1999-2000 that AMR reported two straight years of profit.
AMR shares rose 42 cents, or 3.2%, to $13.62.
