US Airways: $305 million profit!
also predicting full-year 2006 profits.
US Airways profit hits $305 million
By Thomas Olson
TRIBUNE-REVIEW
Thursday, July 27, 2006
US Airways Group today recorded a $305 million net profit for the April-June quarter, thanks to a continued resurgence of passenger traffic.
The results represented "a remarkable reversal from recent years," said CEO Doug Parker in a statement. The quarterly profit was also US Airways' second in a row, after a string of losses going back to summer 2004. The airline reported a $5 million net profit in the first quarter.
Parker also projected US Airways would post a profitable summer quarter and full-year 2006.
US Airways lost $62 million in the spring quarter 2005, when it was trying to reorganize during bankruptcy. The airline in late September emerged from its second Chapter 11 bankruptcy since August 2002 and then merged with America West Airlines.
Operating profit of $315 million, which excludes one-time earnings gains and charges, was a record for the airline, now based in Tempe, Ariz. By June 30, the airline also built up $3.2 billion of cash in the bank, or double its balance at the end of the first quarter on March 30.
The airline reported revenue of $3.19 billion last quarter. A year ago, before merging, US Airways has less than $1.95 billion in revenue.
The April-June quarter earnings equaled $3.25 a share, which was in line with what Wall Street analysts had expected for the quarter.