US Airways postpones delivery of 54 jets

 Tempe-based US Airways said Tuesday it will delay delivery of 54 Airbus jets until at least 2013 as it tries to bolster its financial strength.

The company said delaying the deliveries will reduce its aircraft capital expenditures over the next three years by $2.5 billion.

US Airways had planned to add 82 Airbus planes by the end of 2012. The company said it will go ahead with 28 deliveries over the next three years, which it called a more manageable pace during an airline industry slump. The carrier has financing in place for those 28 planes, including commitments for $275 million in loans for four aircraft it will receive next year.

The airline gave two reasons for delaying the aircraft deliveries. It said revenue — especially profitable business travel — has been hurt by the recession. “Simply put, people are not willing to pay as much to fly as they were during more robust economic times,” the company wrote to employees. It also said loans for the new planes were expensive and harder to get.

The carrier was scheduled to add 72 Airbus A320-series jets and 10 A330 and A350s over the next three years to replace older jets in the airline’s fleet. Now it plans to take four next year, 12 in each of the following two years. Another 22 A330s and A350s scheduled for delivery beginning in 2015 were also delayed until 2017 through 2019.

Airbus spokeswoman Mary Anne Greczyn said the US Airways deferral was already built into the company’s 2010 production and delivery planning.

“Airbus continues to work very closely with all its customers to manage the crisis together,” she said.

US Airways spokesman Morgan Durrant declined to say whether the company would be hit with penalties for delaying the deliveries.

US Airways will keep its overall flying level about the same, as it keeps operating its current planes one or two years longer than planned rather than replacing them with new ones.

CEO Doug Parker said in a message to employees that the moves will boost the company’s available cash by about $150 million this year and $450 million by the end of 2010.

Airline traffic has been weak this year, and several major U.S. carriers have raised cash to get through the slow fall and winter seasons. The cash situation has been especially acute at US Airways. During the third quarter its cash fell below $1.5 billion, the minimum level in its agreement with Barclays, which issues the US Airways-branded credit card. Barclays lowered the limit to $1.35 billion through October. And on Tuesday, US Airways said Barclays had lowered the limit permanently, although it didn’t say how much.

The company also said that Barclays will delay repayment of a $200 million advance for 14 months. Barclays advanced the money when it bought frequent-flier miles from the carrier.

US Airways lost $125 million in the first nine months of this year on lower revenue, after losing $2.1 billion last year.

“The past two years have been exceptionally difficult for our industry and US Airways,” Parker told employees. He said the company was fortunate to have partners willing to help, but “we cannot continue to lose money indefinitely and fund our losses through financing and partner support.”

Shares of US Airways rose 11 cents, or 3.6 percent, to $3.21 in morning trading.