US Airways Group, which has its largest hub in Charlotte, says it's loss for the first quarter shrank as some of its old fuel hedging contracts turned positive.
The airline said Thursday its loss of $103 million or 90 cents per share for the quarter that ended March 31 compared with a loss of $237 million, or $2.58 per share, during the same period last year.
Revenue fell 13.5 percent to $2.46 billion, from $2.84 billion a year ago.
If not for the improving fuel hedges, US Airways says it would have lost $260 million, or $2.28 per share. That was slightly better than the expectation of analysts surveyed by Thomson Reuters, who expected a loss of $2.38 per share on revenue of $2.5 billion.
Copyright 2013 by The Associated Press. All Rights Reserved.