UPDATE 1-US Airways posts profit despite weather woes
Thu Apr 26, 2007 8:38 AM ET
(Adds details)
CHICAGO, April 26 (Reuters) - US Airways Group <LCC.N> posted a quarterly net profit on Thursday, despite severe weather, as the airline flew fuller planes and charged higher ticket prices.
The airline, formed in 2005 from the merger of America West and US Airways, said first-quarter profit totaled $66 million, or 70 cents per share, compared with a profit of $65 million million, or 76 cents per share, a year earlier.
Excluding special items amounting to $32 million, the airline reported profit of $34 million, or 37 cents per share.
Wall Street analysts had expected US Airways to earn 13 cents per share after charges.
The special items included a $90 million non-cash credit related to a change in the value of the carrier's fuel hedge contracts, $39 million of merger-related transition expenses and an $18 million write off of debt issuance costs.
US Airways reported revenue of $2.73 billion, an increase of 3.8 percent over the comparable period in 2006. The airline said its load factor in the first quarter rose to 77.7 percent from 76.6 a year ago. Yields rose 1.9 percent.
US Airways ended the quarter with $3.3 billion in total cash and investments, of which $2.5 billion was unrestricted.
Thu Apr 26, 2007 8:38 AM ET
(Adds details)
CHICAGO, April 26 (Reuters) - US Airways Group <LCC.N> posted a quarterly net profit on Thursday, despite severe weather, as the airline flew fuller planes and charged higher ticket prices.
The airline, formed in 2005 from the merger of America West and US Airways, said first-quarter profit totaled $66 million, or 70 cents per share, compared with a profit of $65 million million, or 76 cents per share, a year earlier.
Excluding special items amounting to $32 million, the airline reported profit of $34 million, or 37 cents per share.
Wall Street analysts had expected US Airways to earn 13 cents per share after charges.
The special items included a $90 million non-cash credit related to a change in the value of the carrier's fuel hedge contracts, $39 million of merger-related transition expenses and an $18 million write off of debt issuance costs.
US Airways reported revenue of $2.73 billion, an increase of 3.8 percent over the comparable period in 2006. The airline said its load factor in the first quarter rose to 77.7 percent from 76.6 a year ago. Yields rose 1.9 percent.
US Airways ended the quarter with $3.3 billion in total cash and investments, of which $2.5 billion was unrestricted.
