US Airways Q3 net income improves to $192m

This story is sourced from

Solid passenger demand and strong yields boosted US Airways' third quarter net profit, excluding special items, to $192 million, compared with a net profit, excluding special items, of $95 million in the year-earlier period.

In an earnings release today, the airline says "strong passenger demand and record consolidated third quarter yields" led to an improved performance in the quarter to 30 September.

The airline recognised $14 million of net operating special charges in the third quarter, primarily consisting of charges related to corporate transactions and auction-rate securities arbitration costs.

In addition, US Airways recorded $67 million of net non-operating special credits, which included a $69 million gain related to the slot transaction with Delta Air Lines.

Total revenues in the quarter were $3.5 billion, up 2.8% versus the third quarter 2011 on a 2.7% increase in total available seat miles (ASMs). Total revenue per ASM was 15.22 cents, driven by a 0.6 % increase in passenger yields.

Doug Parker, US Airways chairman and chief executive officer, says: "Looking forward, the revenue environment remains strong. As evidenced by these outstanding financial and operational results, US Airways is extremely well-positioned for the remainder of 2012 and beyond."

Total operating expenses in the third quarter were $3.3 billion, up 0.3% compared with the same period last year. Mainline cost per ASM was 12.70 cents, down 1.8% on a 2.8% increase in mainline ASMs.

Total average fuel price per gallon fell 2.4% versus the year-earlier period.