Published on Tuesday, July 22, 2008
By Pasadena Star Staff Writer
By Chris Kahn
The Associated Press
PHOENIX - New travel fees mean hundreds of millions of dollars a year for beleaguered airlines, and executives say they need them more than ever as fuel costs continue to suck profits out of the industry. Plane tickets, it seems, now come with only the bare bones promise of getting from Point A to Point B.
United Airlines, US Airways, and JetBlue all posted big losses Tuesday, though all three beat Wall Street estimates. Airline stocks, which have been at historic lows for many carriers, shot up as oil prices dropped more than $4 a barrel at one point in Nymex trading.
"We'll manage through this," US Airways Chairman and CEO Doug Parker said of the ongoing pressure to cope with fuel costs. "It's not outrageous to suggest that what's already been done is enough to get the industry profitable in 2009."
Last week, Atlanta-based Delta Air Lines Inc. reported a $1.04 billion loss for the quarter and Fort Worth, Texas-based AMR Corp
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