US Airways Group Inc. on Tuesday reported a quarterly loss and said its results underscore the need for further changes in its business.
The Arlington, Virginia-based No. 7 U.S. airline said its first-quarter loss amounted to $177 million, or $3.28 a share.
The company reported a net profit a year ago of $1.63 billion after a series of unusual items stemming from the completion of its bankruptcy reorganization. Excluding those items, its year-ago pretax operating loss was $282 million.
New Chief Executive Bruce Lakefield said in a statement that the company has more work to do to ensure long-term success.
"We must implement a new cost structure and a revenue plan that allows us to return to profitability," Lakefield said. "My immediate priority is to communicate with labor leaders and other key stakeholders about our next steps, and then quickly follow that up with negotiations and implementation."
US Airways Group ended the quarter with a cash balance of $1.64 billion, including $978 million in unrestricted cash.