US Airways Reports Record Second Quarter Profit

us airwaysUS Airways Group, Inc. reported its second quarter 2013 financial results, including pretax profit excluding net special items of $409 million, the highest in the company's history. Net profit excluding net special items was a record $324 million, US Airways said.

Net profit excluding net special items for the second quarter 2012 was $321 million. The company's 2013 second quarter net profit excluding net special items was negatively impacted by a non-cash provision for income tax of $85 million. There was no provision for income tax recorded in 2012, US Airways said.

On a GAAP basis, the company reported a net profit of $287 million for its second quarter 2013. This compares to a net profit of $306 million for the same period in 2012. The company's 2013 second quarter net profit was negatively impacted by a non-cash provision for income tax of $67 million.

"These record financial results are thanks to the 32,000 team members of US Airways who delivered record results on multiple fronts," said US Airways Chairman and CEO Doug Parker. "This performance provides excellent momentum as we transition into the new American Airlines. The teams are working very well together and we continue to expect to close the merger in the third quarter."

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