CHARLOTTE, N.C. TheStreet) -- US Airways ( LCC) beat third-quarter earnings estimates and said demand remains strong in the current quarter. Excluding special items, the carrier reported net income of $95 million, or 51 cents a share. Analysts surveyed by Thomson Reuters had estimated 48 cents. Revenue rose 8.1% to $3.4 billion, in line with estimates.
In the same quarter a year earlier, excluding items, US Airways reported a net profit of $243 million, or $1.23 a share. Including items, net income of $76 million, or 41 cents a share, compared with $240 million, or $1.22 a share, a year earlier. During the quarter, total revenue per available seat mile rose 9.4% to a record 15.21 cents, due primarily to higher yield. "Customer demand continues to be strong as evidenced by the highest third-quarter revenue and total revenue per ASM in company history," said CEO Doug Parker, in a prepared statement. "Looking forward, we see continued strong demand in the fourth quarter," Parker said. On the cost side, rising fuel prices added $360 million to the carrier's cost as compared to the same quarter a year earlier. Cost per available seat mile excluding fuel rose just 1.7% despite a 0.6% reduction in capacity. As of Sept. 30, the company had $2.4 billion in cash and cash equivalents. -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here:
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