Southwest Airlines, the world’s largest low-cost carrier, on Thursday reported a sharp rise in first quarter profits, defying the wider downturn that saw the US aviation industry post its first combined quarterly loss since 1993
Read MoreTwo of the big three US carriers, United Airlines and Delta Air Lines, posted heavy first-quarter losses on Wednesday. They were hit by the effects of the slowing US economy and labour disruption.
UAL, the parent company of United, reported a net loss of $313m, or $5.97 per share, in the first three months of the year, compared with a loss of $99m last year. Delta, meanwhile, reported a loss of $133m, or $1.11 per share, compared with a profit of $216m in the same quarter last year.
Read MoreCNF Inc. said its earnings dropped 60% to $13.5 million, or 26 cents a share, in the first quarter as the economic slowdown took a toll on all of its businesses. The Palo Alto, Calif.-based transportation conglomerate earned $33.4 million, or 62 cents a share, in the first quarter of 2000, which included the effects of an accounting change.
CNF also warned that the present trends are likely to continue in the second quarter, with Emery Worldwide, its airfreight subsidiary, expected to post a larger operating loss, and Con-Way Transportation Services, its regional less-than-truckload business, likely to show a drop in earnings.
Read MoreAirborne Inc. said Monday that its first-quarter loss will be greater than expected due to sluggish growth in domestic shipments.
Read MoreThe economic slowdown that has hit U.S. air cargo airports spread to their counterparts in Asia and Europe in December, according to new statistics from the Airports Council International.
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