FORT WORTH — AMR Corp., the parent company of American Airlines, posted a $505 million loss for the first quarter, as the airline felt the effects of higher fuel costs and flight disruptions from bad weather and disasters.
The loss was even wider than expected. Shares of the Fort Worth-based carrier fell 9 percent today on the New York Stock Exchange, closing at $7.79.
AMR lost more money this quarter than in the first quarter of 2009, when it posted a $375 million loss.
The loss came even as revenues increased 4.7 percent to $5.1 billion and average fares went up by 3.7 percent.
"While we made significant progress in improving revenue performance in the first quarter and enhancing our competitive position, we were simply unable to overcome the challenges of the global economic environment coupled with once-again escalating fuel prices," said AMR chief executive Gerard Arpey in a prepared statement.
The company said it paid an average of $2.23 per gallon for jet fuel this quarter compared to $1.19 in the same period last year. Chief Financial Officer Tom Horton said the company has hedged about 39 percent of its fuel for the second quarter and expects jet fuel to cost $2.40 per gallon for the year.
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