AviationGeeks.com - US Airways Reports Third Quarter Profit

US Airways Group, Inc. today reported its third quarter 2011 financial results. The Company reported a net profit excluding special items for the third quarter 2011 of $95 million, or $0.51 per diluted share. 

This compares with the third quarter 2010 net profit excluding special items of $243 million, or $1.23 per diluted share. On a GAAP basis, the Company reported a net profit for the third quarter 2011 of $76 million, or $0.41 per diluted share. This compares with the third quarter 2010 net profit of $240 million, or $1.22 per diluted share.

See the accompanying notes in the Financial Tables section of this press release for a reconciliation of GAAP financial information to non-GAAP financial information.

US Airways Group, Inc. Chairman and CEO Doug Parker stated, "We are pleased to report a third quarter 2011 profit, particularly given the 44 percent year-over-year increase in fuel price. Customer demand continues to be strong as evidenced by the highest third quarter revenue and total revenue per ASM in Company history. In addition, our employees have remained focused on controlling costs and continue to deliver outstanding results. Our third quarter mainline unit cost excluding fuel, special items and profit sharing was up only 1.7 percent, despite a 0.6 percent reduction in ASMs.

"Looking forward, we see continued strong demand in the fourth quarter. Thanks to continued capacity discipline, aggressive cost control and focus on outstanding operating reliability, we believe US Airways is well positioned for 2012."

Source: US Airways