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Rising fuel bill hurts US Airways 3Q profit, although fare increases help
US Airways says higher fuel prices pushed down its third-quarter profit, but passenger demand is strong.
The airline says it earned $76 million, or 41 cents per share, for the quarter that ended Sept. 30. A year ago it earned $240 million, or $1.22 per share.
US Airways and other airlines have been raising fares, which have covered at least some of the higher fuel costs. US Airways revenue rose 8 percent to $3.44 billion, a little more than analysts expected.
The airline says it would have earned 51 cents per share if not for special items. That was 3 cents per share more than expected by analysts surveyed by FactSet.
Its fuel bill rose by $356 million.
US Airways Group Inc. is based in Tempe, Ariz.