EDS: US Air Bankruptcy to Cut Its Profits
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Electronic Data Systems Corp. said on Thursday the bankruptcy of US Airways Group Inc. could sharply reduce its third-quarter earnings by up to 3 cents per share, because
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US Airways probably will need more cost cuts or a boost in revenue to attract the USD$250 million in equity it says it needs to leave bankruptcy next year, the company said on Thursday.
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Electronic Data Systems, which lost business when customer US Airways filed for bankruptcy protection the first time around, says the carrier&#39;s latest filing also will hurt.
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JetBlue Airways Corp.  said on Wednesday the huge number of flight cancellations it suffered last week would result in a wider-than-expected loss for the first quarter and would cut full-year profit.
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Electronic Data Systems Corp. EDS.N  on Monday posted a higher-than-expected profit thanks to cost  cutting, but it forecast 2005 earnings would fall short of  analysts' estimates as it hopes to bring back growth by  investing $1 billion in key areas this year.
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Bankrupt US Airways Group Inc.  UAIRQ.OB on Thursday reported a wider third-quarter net loss  as storms and high fuel prices hurt results.
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US Airways Group Inc. shares plunged Monday after the troubled air carrier filed for bankruptcy for the second time in two years, and the industry&#39;s financial turmoil persuaded investors to yank cash out of others in the sector.
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US Airways&#39; pilots union said Thursday that the airline plans to file a motion in bankruptcy court on Friday seeking immediate cost reductions, including pay cuts, from US Airways&#39; labor unions.
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Delta Air Lines Inc., the No. 3 U.S. carrier which has been restructuring in efforts to avoid a bankruptcy filing, is expected to slash fares and remove restrictive rules such as Saturday-night stays, Time magazine reported in its online edition on Sunday.
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US Airways Group Inc. could report a profit of $25 million to $30 million in 2007 if it gets the $1 billion in cost savings it seeks from its labor unions, the former chief financial officer said yesterday.
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US Airways is at risk of filing Chapter 11 bankruptcy, which has frequent fliers thinking about cashing in miles, Boston.com reports.
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US Airways Group Inc. attorneys and executives acknowledged in bankruptcy court yesterday that bookings had fallen more steeply than they had anticipated in reaction to their Chapter
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Services provider Electronic Data Systems Corp. (EDS) on Monday reported a net loss of US$153 million, or $0.30 per share, for the third quarter of this year. The report had been delayed multiple times as the company grappled with accounting issues.
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Electronic Data Systems Corp. (EDS.N: Quote, Profile, Research) said on Thursday the bankruptcy of US Airways Group Inc. (UAIRQ.OQ: Quote, Profile, Research) could sharply reduce its
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Investors pulled back from shares of major air carriers Friday as concerns loomed that US Airways Group Inc. and Delta Air Lines Inc. might soon declare bankruptcy, in what would mark yet another major setback to the embattled industry.
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US Airways Group Inc. said Friday it has reached agreement with General Electric Co. on aircraft leasing and financing terms that will help the airline lower costs and reduce debt as it seeks to avoid liquidation. The airline will also have to do more cost cutting on its own.
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EDS is likely to be affected by the financial difficulties facing the US Airways Group, which filed for bankruptcy protection this week.