TEMPE, Ariz. ( TheStreet) -- US Airways ( LCC) followed Continental ( CAL) in putting a price tag on February's snow storms.

US Airways said Wednesday that February weather-related cancellations cost it about $30 million. Continental said Monday that its weather-related cost during the month was about $25 million. The two carriers operate the two principal Northeast hubs in Philadelphia and Newark, and US Airways has more East Coast departures than any other airline. It said flight operations were suspended for three days at Washington's Reagan National airport, two days at Philadelphia and one day at New York LaGuardia.I

US Airways said its cancellation rate in February was 7.1%, the highest since a series of cancellations following the 2005 merger of US Airways with America West. However, because the cancellations reduced capacity, passenger revenue per available seat mile benefitted by about a half percentage point.

Overall in February, PRASM increased about 8% while total RASM increased 9%. "The revenue environment continues to show material signs of improvement with corporate booked revenue up more than 35% on a year-over-year basis," said President Scott Kirby, in a prepared statement. Continental said its PRASM also rose about 8%.

Although the improved RASM is a sign that business passengers are flying again, Jesup & Lamont analyst Helane Becker downgraded US Airways to hold from buy on Wednesday, saying shares had moved past her $7 price target. Additionally, Becker said that because of the $30 million weather-related revenue loss, she has reduced her first quarter estimate to a loss of 53 cents from a loss of 34 cents and reduced her full-year earnings estimate to 51 cents, down from 70 cents, prompting a price-target revision to $5.10 from $7.

At mid-morning, US Airways stock was trading at $7.32, down 36 cents. Continental stock was trading at $20.33, down 18 cents.

-- Written by Ted Reed in Charlotte, N.C. .

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