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US Airways Reports Highest Annual ProfitJanuary 24, 2013 By: Newswire Travel Agent
US Airways Group, Inc. reported its fourth quarter and 2012 financial results, including for the full year 2012, a record net profit of $537 million, This excludes net special items totaling a credit of $100 million. This compares to a full year 2011 net profit of $111 million excluding net special items. On a GAAP basis, US Airways reported a record net profit of $637 million, up 797 percent over the 2011 net profit of $71 million.
"In 2012, we (achieved) 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," US Airways Group, Inc. Chairman and CEO Doug Parker stated.
"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 percent versus last year. 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," said Parker.
For the fourth quarter 2012, net profit excluding net special items was $46 million. Net profit excluding net special items for the fourth quarter 2011 was $21 million. On a GAAP basis, the airline reported a record net profit of $37 million for its fourth quarter 2012, compared to a net profit of $18 million for the same period in 2011. The fourth quarter and full year results were negatively impacted by approximately $35 million due to Hurricane Sandy. Visit www.USAirways.com