US Airways reports $44 million profit in Q1

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US Airways reported a net profit of $44 million in the first quarter of 2013 compared to $48 million in the same three months of 2012.

When excluding net special items, the Tempe, Ariz.-based carrier made a record $55 million net profit in the first quarter, turning around a $22 million adjusted loss in the same three months of 2012.

"We are extremely pleased to produce these record first quarter results, said US Airways chief Doug Parker. "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."

Revenues in the first quarter totalled $3.4 billion, up 3.5% from the same three months of 2012. Capacity increased 1.3%.

Operating expenses were $3.3 billion, up 2.2% from the first quarter of 2013.

Mainline cost per available seat mile in the first quarter was 13.82 cents, up 1.8% with a 1.4% increase in mainline capacity.

US Airways saw $11 million in net special charges in the first quarter, and operating charges primarily related to the merger were $41 million.

The merger with American Airlines is still on track to close in the third quarter of 2013, Parker adds.