Fuel costs also dampened results for Forest Hills, N.Y.-based JetBlue, which reported that it lost $7 million, or 3 cents a share, compared to a profit of $21 million, or 11 cents a share, a year ago. Revenue rose 18% to $859 billion.
Faced with a weak economy and high fuel expenses, the airline said it would suspend its expansion plans, temporarily cut 10% of its flights in September and curtail growth plans in 2009.
"Revenue gains are clearly not keeping pace with the extraordinary increase in the price of jet fuel," said JetBlue Chief Executive Dave Barger.
The airline said it would continue to focus its West Coast operations at Long Beach Airport, where it operates 28 flights a day. No cuts are planned for Long Beach, one of the airline's busiest hubs.
At LAX, United became the latest major carrier to announce a substantial reduction in service starting after Labor Day. Delta, LAX's fourth-largest carrier, said earlier this month that it would drop about 33 of its 93 flights from LAX and slash nonstop regional service to 13 cities.
As a whole, LAX is expected to lose about 16% of its flights this fall. By November, the number of daily operations -- takeoffs and landings -- is expected to fall to 1,400, a 36% drop from its peak in the fall of 2000.
Separately, Tempe, Ariz.-based US Airways said it lost $567 million, or $6.16 a share. Revenue rose 3%, but the gains were offset by soaring fuel costs. US Airways said it planned to cut 1,700 jobs and add more passenger fees, which the carrier hoped would bring in $400 million to $500 million a year.
Despite dismal earning results, airline shares climbed sharply as the price of crude oil fell $3.09 a barrel to $127.25. UAL shares surged $3.42, or 68%, to $8.41. US Airways gained $1.58, or 59%, at $4.27 while JetBlue added 61 cents, or 16%, to close at $4.50.
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peter.pae@latimes.com
