US Airways 3Q06 Profit $101 Million

[LittleDeuce]

US Airways 3Q06 posted a profit of $101 Million after special items.

 

[BenderGonzales]

I heard a rumor that you went to JetBlue Deuce... not true?

 

[LittleDeuce]

Jb

I heard a rumor that you went to JetBlue Deuce... not true?

No. I am working on the E190 integration in CLT.

 

[Kharma Police]

Profit?!?

US Airways 3Q06 posted a profit of $101 Million after special items.

Those "special items" are contributing to the reported loss by AAA, as reported by Reuters. Sorry,

CHICAGO, Oct 26 (Reuters) - US Airways Group (LCC.N: Quote, Profile, Research), formed last year from the merger of US Airways and American West Airlines, on Thursday posted a net loss for the third quarter.
The airline said the loss amounted to $78 million, or 88 cents per share, compared with a loss of $99 million, or $5.74 per share, for American West Airlines a year earlier. For accounting purposes, America West was treated as the acquiring company.

 

[TWA Dude]

From the company website:

Third Quarter Financials Boost Profit Sharing Pool to $48 Million

Today, US Airways released earnings results for the third quarter of 2006, which spanned June through September of this year. On initial glance, the results seem negative (literally) with a loss of $78 million. However, when “special items” including a fuel hedging loss and transition expenses are added back in, the airline actually posted a $101 million profit for the quarter. That number is the more meaningful figure, since Wall Street estimates and employee profit sharing are figured outside of special items.
For a snapshot of the company’s quarter, check out the Earnings Illustrated, available on awaCompass and theHub. <
Highlights of the quarter include strong revenue, despite the terrorist threats and a resulting decline in short-haul business traffic, as well as progress in integrating the airlines one year after the merger’s announcement. Another sure highlight is the fact that employees have earned another $12 million for their profit sharing pool – read on for more.
The quarter certainly came with its challenges as well, including fuel prices at $2.27 per gallon. At that price, US Airways paid out $179 million more in the quarter than it would have paid at last year’s third quarter prices.
Complete details of the airline’s revenues and expenses can be seen in this quarter’s Earnings Illustrated, which is posted on awaCompass and theHub and will be printed in today’s AboutUS.
Profit Sharing: $48 Million and Counting
This marks the third consecutive profitable quarter, excluding special items, meaning the employee profit sharing bank has grown to $48 million. The company has to be profitable on an annual basis for employees to receive a payout, so we won’t know the final results until early 2007, when 2006 financials are reported. But, in the meantime, we’re on the right track with three profitable quarters under our belts. As long as US Airways reports a profit for the entire year, employees will share 10 percent of pre-tax, pre-bonus income.
Profit Sharing: Who and How Much
Employees included in this profit sharing program include mainline contract employees as well as administrative employees grade 22 and below. As for employees above grade 23 including directors, officers, and executives of the company, they have separate programs; however, it’s important to note that the director-and-above program will not pay out unless the employee program pays. In other words, if employees don’t get paid, no one does.
Each group’s portion of the profit sharing pool was negotiated as part of the former US Airways’ concession program during that airline’s second bankruptcy. Simply put, each represented group gave up a certain amount and in exchange that group receives that amount as part of the profit sharing plan. Post-merger, some employees of the former America West have been included in those groups’ negotiated amounts through their respective transition agreements, and some groups remain in negotiations for inclusion in the program.

 

[VeeOne]

Geee, and it could have been alot higher too- GAS FOR GLASS!!!!!