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July 25, 2012

US Airways triples profit, posts $306 million second quarter net income

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.

-Andrea Ahles

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Comments

casual observer

Bet those profits will shrink once US starts paying their employees non-bankruptcy rates. Bring AA labor into the mix and those profits could disappear.

LAX FA

Don't forget about the BILLIONS in merger costs. Would it really be worth it?

frontline

You do have to wonder why they would even want to buy us, if they are making so much money on their own. If I were a US Airways employee I'd have to ask why Parker wouldn't invest that money in the workforce instead of taking on a large and messy merger.

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