Most Results Are In

To no one's surprise, the first quarter of 2003 was one the major airlines would rather forget. Some did better than last year (e.g., America West lost roughly a fourth as much as the same-period in 2002); most did worse.

A couple that bucked the trend included Southwest and Air Tran. The first, flying 737s, made a tiny profit -- but still about twelve times what it made last year in the same period; and the second, flying the quick and miserly 717s, eeked out some black ink, in what is, so far, the worst-ever year for airlines.

UPS, because of its volume a 'major airline,' doesn't break out air revenues; we're only guessing that it may have been profitable. American Eagle isn't broken out from American; Air Canada is in a different accounting and legal world; and FedEx DHL aren't telling about their aviation segments separately, either. Rather than wait until April 29 for American Trans Air's results, we thought you'd be interested in the scorecard, so far.

...and, for what it's worth, Boeing lost $478 million.

From the Biggest:

"Our first quarter results were truly dreadful," noted AMR's Chairman and Chief Executive Officer Don Carty. "The results we reported today clearly demonstrate the negative effects from high fuel prices leading up to the Iraq war, and passenger concern about traveling before and after fighting commenced," Carty said.

"The fact remains that we are confronting a brutally difficult financial and business environment," he said. "We are beset on all sides by a struggling economy, the continued uncertainties regarding hostilities in the Middle East, concerns regarding the SARS outbreak, fuel prices that are significantly higher than they were a year ago, and fare levels that are at 30-year lows. All told, it's a perilous climate and our success is far from assured," Carty said.

Additionally, given the fluidity of AMR's current situation, the planned conference between AMR's Senior Vice President and Chief Financial Officer Jeff Campbell and members of the financial community and the media was canceled Wednesday.

FMI: www.airlines.org