NEW YORK (CNN/Money) - American Airlines parent AMR Corp. reported first-quarter losses of more than $1 billion, worse than Wall Street's already depressed expectations, as company executives huddled with labor leaders to try to keep the world's largest airline out of bankruptcy.

The company, which says it needs $1.6 billion in annual concessions from its major unions in order to avoid bankruptcy, lost $1.04 billion, or $6.68 a share, up from about $547 million, or $3.53 a share, it lost before special items a year earlier. Earnings tracker First Call's consensus analysts' forecast called for a loss of $6.08 a share.

Revenue at the Fort Worth, Texas-based airline fell only 1 percent in the quarter to $4.1 billion, as miles flown by paying passengers stayed basically level at 27.8 billion. One the biggest problems for the airline was a 40 percent increase in the price it paid for fuel compared with a year earlier, which increased fuel costs by $202 million to $729 million.

"Our first quarter results were truly dreadful," said a statement from AMR CEO Don Carty. "The results we reported today clearly demonstrate the negative effects from high fuel prices leading up to the Iraq war, and passenger concern about traveling before and after fighting commenced,"

Despite the larger than expected losses, shares of AMR Corp. (AMR: up $0.27 to $3.70, Research, Estimates) regained more than 5 percent in Wednesday trading after losing about a third of their value the first two days of the week.

The airline did not give any guidance on future losses and canceled a call with analysts, citing the "fluidity" of the company's current situation.

Spokesmen for the airline's three unions said Carty was meeting with the presidents of the airlines three major unions -- the Allied Pilots Association, the Association of Professional Flight Attendants and the Transport Workers Union, as well as four members of the Texas congressional delegation, who asked labor and management to meet to try to resolve differences without a bankruptcy filing.

The four congressional representatives, including Democrat Martin Frost, who called the meeting, and three Republicans -- Michael Burgess, Pete Sessions and Joe Barton -- left after about three hours of meetings, said a spokesman for Frost, but labor and management were still meeting in the middle of Wednesday afternoon.

Last week the unions approved the concessions sought by the company, but then revelations about funding of executive pension plan and retention bonuses for the company's top seven officers prompt an angry outcry and plans by the APFA and TWU to hold new ratification votes. The company announced Friday that it would drop the retention bonuses, but maintain the pension funding. But it has done little to quiet the union objections to the concessions.

The Dallas Morning News reported that the AMR board of directors was weighing whether to replace Carty in an effort to save the concession deals with the union. Company spokesman Bruce Hicks confirmed the AMR board met by phone Wednesday morning to discuss the quarterly results, but he would not comment on the Morning News' report that they would meet again on Thursday to discuss Carty's status, saying he would not comment on speculation.

Spokesmen for the APFA and the APA also would not comment on Carty's status, saying the unions had not taken formal positions on Carty's status. An official with the TWU could not be reached for comment.