America West ( AWA) joined other U.S. airlines in swinging to a loss during the fourth quarter as surging fuel costs erased profits, but the carrier still managed to beat analysts' expectations. The Phoenix-based carrier had a net loss of $49.7 million, or $1.38 a share, vs. a profit of $6.8 million, or 13 cents a share, for the same period last year. Excluding items, the company lost $47.8 million, or $1.32 a share, vs. a profit of $10.4 million, or 20 cents a share, a year ago. Revenue increased 2.8% to $578.5 million. Analysts expected the airline to lose $1.50 a share on revenue of $583.4 million, according to Thomson First Call. The airline said operating costs as measured by available seat miles increased 0.6%, primarily because of a 49.6% rise in fuel prices. Overall, fuel added $50.0 million to operating costs. On the positive side, revenue passenger miles, or RPMs, a key metric of profitability, rose 11.3%, outpacing an 8.6% capacity increase, as measured by available seat miles, or ASMs. "Our fourth-quarter results reflect the continued difficulties facing our industry," the airline said, adding: "At this point, it appears 2005 will be another difficult year for the industry. Fuel prices are projected to remain high and despite the significant difficulties facing many carriers, a material reduction in domestic capacity has not yet occurred." The company said it expects a loss in the first quarter of 2005. The consensus forecast is for a loss of $1.22 a share. AMR ( AMR ), Delta Air Lines ( DAL ), Northwest Airlines ( NWAC ) and Continental Airlines ( CAL ) also reported big losses for the quarter. Southwest Airlines ( LUV ) was the only major carrier to report a profit. America West shares rose 17 cents, or 3.6%, to $4.85, in premarket trading.