Hot on the heels of American's CEO taking credit for thinking of everything first, US Air posts blowout numbers to quickly put its bankrupt takeover target firmly in its place.
US Airways’ profit more than tripled in the second quarter as the airline enjoyed its highest revenue on record.
The nation’s fourth-largest carrier, which is pursuing a merger with bankrupt American Airlines, reported a record second-quarter profit of $306 million, or $1.54 per share, compared with a 2011 second-quarter profit of $92 million, or 49 cents per share.
Revenue was $3.75 billion, a 7.2 percent increase over 2011′s second-quarter revenue of $3.5 billion.
Doug Parker, chairman and CEO of US Airways Group Inc., said the Tempe, Ariz.-based company’s performance was driven by strong passenger demand and record passenger yields.
“Consumer demand for our product remained strong during the second quarter, resulting in record revenue, passenger yields and unit revenue performance,” he said. “These results speak volumes about the collective efforts of our 32,000 employees, who continue to run an outstanding airline for our customers. Thanks to their hard work, we have set numerous company records in operating reliability, including our best-ever year-to-date performance in on-time arrivals, baggage handling and completion factor.
“These financial and operating results are not only the best in US Airways’ history but also among the very best in the industry, proving that US Airways is well positioned for the remainder of 2012 and beyond.”
US Airways’ second-quarter operating expenses were $3.35 billion, a 0.7 percent increase compared with last year’s second-quarter expenses of $3.3 billion.
Fuel expenses of $906 million were down 4.4 percent from 2011′s second quarter, while average fuel prices were $3.18 per gallon, down 3.5 percent from $3.29 per gallon a year earlier.
Salaries and benefits were $674 million, a 16.8 percent increase from the same period a year ago.
In the second quarter, US Airways flew 19.2 billion revenue passenger miles, an increase of 0.5 percent from last year’s second quarter, on a capacity increase of 1 percent.
US Airways’ second quarter (compared with 2011′s second quarter)
Net income: $306 million ($92 million)
Earnings per share: $1.54 (49 cents)
Revenue: $3.75 billion ($3.5 billion)
Source: US Airways Group Inc.
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