Meanwhile, in a prepared statement accompanying the earnings release, CEO Doug Parker said: "We are encouraged by the economic recovery we have seen thus far, and are extremely pleased with our team's results. Looking forward, and based on current business and economic conditions, we expect to report a profit for the third quarter and full year 2010."Parker noted the results represented the carrier's second highest quarterly profit since its 2005 merger with America West. "Over the past three years, US Airways has taken the steps required to return to profitability, including reducing capacity, maintaining cost discipline, increasing ancillary revenues, and establishing industry-leading operational reliability," he said. "Those steps, combined with an improving economic environment, have led to these results." During the quarter, total revenue per available seat mile rose 18.9%. On the cost side, excluding fuel, special items and profit sharing, mainline cost per available seat mile fell 0.7% to 8.08 cents. -- Written by Ted Reed in Charlotte, N.C.
TEMPE, Ariz. ( TheStreet) -- US Airways ( LCC) beat second quarter estimates and said it will recall 300 furloughed pilots and flight attendants. The company's stock is up more than 5% in late-morning trading, trading up 47 cents to about $9.39. Excluding items, the carrier reported a net profit of $265 million or $1.34 a share. Analysts had estimated $1.18 a share. In the same quarter a year earlier, excluding items, the carrier lost $95 million or 77 cents a share.
Including items, the net profit was $279 million or $1.41 a share, compared with net profit of $58 million or 42 cents a share in the same period a year earlier. Revenue rose 19.3% to $3.17 billion. Analysts had estimated $3.15 billion. Additionally, US Airways said Wednesday it will recall 220 flight attendants and 80 pilots from furlough. The 220 flight attendants include 125 from the former US Airways, current on voluntary furlough, and 95 from the former America West, currently on involuntary furlough. The 80 pilots include 40 from each predecessor, with both groups on involuntary furlough. The workers are all expected to return by the end of the year. "After nearly 24 months of normal attrition, we are now in a position to bring some of those crew members back to active status," the carrier said, in a notice to employees. "Today's news is not about any planned growth for US Airways per se but rather more about making sure we have ample crew in place to support our existing network."
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