US Airways said it tripled its quarterly profit as passenger demand was strong through the summer travel season.
The Tempe-based carrier said net profits grew to $306 million, up from $92 million in the second quarter of 2011. Revenues increased 7.2 percent to $3.8 billion.
"We are extremely pleased to report the highest quarterly profit in our company's history," said US Airways chief executive Doug Parker. "Consumer demand for our product remained strong during the second quarter, resulting in record revenue, passenger yields, and unit revenue performance."
US Airways said it reported $15 million in one-time charges including a $3 million charge associated with its new fleet and passenger services contract at its regional carrier, Piedmont. Excluding the one-time charges, US Airways said its profits were $321 million, or $1.61 per share, beating Wall Street analysts' estimates of $1.56 per share, according to FactSet Research.
The carrier ended the quarter with $2.5 billion in cash and short-term investments, not including its restricted cash balance.
US Airways executives will discuss the quarterly results on a conference call with analysts and investors at 11:30 CDT.