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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Airways Grp. New US Airways Grp., Inc. | NYSE:LCC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.55 | 0.00 | 01:00:00 |
US Airways Group Inc.'s (LCC) third-quarter earnings fell 12% as merger-related expenses and other items offset the benefits of growth in passenger traffic and a key measure of performance for the industry.
US Airways is hoping to merge with AMR Corp. (AAMRQ), a combination that would end a nearly two-year stay in bankruptcy protection for AMR, the parent of American Airlines. However, the two companies first must prevail in a antitrust trial slated to begin next month. In a statement Wednesday, US Airways said both companies are preparing for a vigorous defense of the merger.
The U.S. Department of Justice in August sued US Airways and AMR to stop the combination, contending it would drive up ticket prices and rob consumers of choices in air travel. The airlines disagree, saying the combination--which would form the largest U.S. airline by traffic--would give fliers new choices and act as a counterweight against United Continental Holdings Inc. (UAL) and Delta Air Lines Inc. (DAL), two carriers that recently bulked up through mergers.
US Airways reported a profit of $216 million, or $1.04 a share, down from $245 million, or $1.24 a share, a year earlier. The latest period included a tax provision of $120 million, while the year-earlier included just $1 million. Excluding merger-related costs, a year-earlier gain related to its slot transaction with Delta Air Lines Inc. (DAL) and other items, adjusted earnings were up at $1.16 from 98 cents. Revenue increased 9.1% to $3.86 billion.
Analysts polled by Thomson Reuters recently expected per-share earnings of $1.12 and revenue of $3.84 billion.
Passenger revenue per available seat mile--a closely watched measure of performance in the airline industry--rose 5.1%.
US Airways' passenger traffic rose 4.7%, while capacity rose 4.1%. The percentage of seats filled--or load factor--was up at 85.5% from 84.9%.
Last week, AMR reported swinging to a third-quarter profit on record revenue and cost savings achieved in its bankruptcy restructuring.
US Airways shares were up by a nickel at $22 in recent premarket trading. Through Tuesday's close, the stock is up 63% this year.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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