US Airways reports highest annual profit in company history

24th Jan 2013
US Airways reports highest annual profit in company history

US Airways has recorded a net profit of $537 million, or $2.79 per diluted share, for financial 2012.

The figure excludes net special items totalling a credit of $100 million, and compares to a full year 2011 net profit of $111 million excluding net special items, or $0.68 per diluted share.

On a GAAP basis, the company reported a record net profit of $637 million, or $3.28 per diluted share for 2012, up 797 per cent over the 2011 net profit of $71 million, or $0.44 per diluted share.

For the fourth quarter 2012, net profit excluding net special items was $46 million, or $0.26 per diluted share.

Net profit excluding net special items for the fourth quarter 2011 was $21 million, or $0.13 per diluted share.

US Airways chairman Doug Parker stated: “We couldn’t be happier with the performance of US Airways in 2012.

“Our 32,000 hard-working team members did a phenomenal job of running a safe and reliable airline for our customers and these record financial results are the result of their efforts.

“Our team members produced the best operating reliability performance in our history -which is no easy feat since US Airways led all network carriers in on-time performance from 2008-2011.

“But in 2012, we did even better with record highs in on-time performance, completion factor and baggage handling.

“This helped lead to our best ever annual results in total revenue, total traffic, mainline load factor, mainline yield and mainline revenue.”

A strong demand environment and record passenger yields led to improved revenue performance at the carrier.

Total revenues in the fourth quarter were a record $3.3 billion, up 3.9 per cent versus the fourth quarter 2011 on a 1.4 per cent increase in total available seat miles.

Total revenue per ASM was a record 15.58 cents, up 2.5 per cent versus the same period last year driven by a two point increase in passenger load factor.

“These outstanding operating and revenue results combined with strong cost discipline led to record net income excluding special items of $537 million, up nearly 400 per cent versus last year,” added Parker.

“Our shareholders were rewarded for their confidence in our team as US Airways stock increased 166 percent in 2012, the largest increase of any company in the Fortune 500.

“We enter 2013 with great momentum and enthusiasm and are well positioned for whatever may lie ahead,” concluded Parker.


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