US Airways Reports First Quarter Profit

Victoria
By Victoria April 24, 2013 11:53

US Airways Reports First Quarter Profit

US Airways Group first quarter 2013 net profit, excluding net special items, was a record $55 million, or $0.31 per diluted share. Net loss, excluding net special items, for the first quarter 2012 was $22 million, or ($0.13) per share.
On a GAAP basis, the airline reported a net profit of $44 million for its first quarter 2013, or $0.26 per diluted share, compared to a net profit of $48 million, or $0.28 per diluted share, for the same period in 2012.
US Airways Group, Inc. Chairman and CEO Doug Parker stated: “We are extremely pleased to produce these record first quarter results. Our 32,000 hard-working team members continue to run a safe and reliable airline for our customers. These outstanding results are the product of their efforts and provide a solid foundation as we plan for combining with American Airlines.
“Looking forward, our integration planning work with American is going well and we continue to expect that the merger will close in the third quarter of this year. The entire US Airways team is looking forward to working with our colleagues at American to build the premier global airline.”
Total revenues in the first quarter were $3.4 billion, up 3.5% versus the first quarter 2012 on a 1.3% increase in total available seat miles (ASMs). Total revenue per ASM was a record 15.78 cents, up 2.2% versus the same period last year, driven by a 2.4 point increase in passenger load factor.
Total operating expenses in the first quarter were $3.3 billion, up 2.2% over the same period last year. Mainline cost per available seat mile (CASM) was 13.82 cents, up 1.8% on a 1.4% increase in mainline ASMs. Excluding special items, fuel and profit sharing, mainline CASM was 8.77 cents, up 0.7% versus the same period last year. Express CASM excluding special items and fuel was 15.12 cents, down 1.3% on a 0.8% increase in ASMs.

In its results, the company also drew attention to its recent EETC financing that closed with record pricing and as a result, the airline has now secured financing commitments for all of its aircraft deliveries to June 2014.
US Airways’ Chief Financial Officer Derek Kerr stated, “We are extremely pleased with the results of our recent EETC financing transaction. Thanks to our strong financial and operational performance, along with our strategic positioning, we were able to obtain the lowest fixed rate financing on an EETC issued by a major airline since 2003.”

Victoria
By Victoria April 24, 2013 11:53
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