US Airways profit soars

US Airways profit soars

US Airways today announced a net profit of $240 million for the third quarter, its highest ever for the said period.

The carrier reported earnings of $1.22 per share, beating estimates of $1.17 per share.

It also said furloughed flight attendants and 300 pilots will be recalled by the end of this year and new hiring will start in 2011 to meet rising demand for more flights.

The Associated Press reports that US Airways’ revenue climbed 17 percent, buoyed by “a modestly improving economy” and “capacity discipline” by the airline industry.

Just a year ago, the airline suffered an $80 million loss and the record profit report marked a good comeback.

“Reporting a record third quarter profit speaks volumes about the efforts of our 31,000 team members,” Doug Parker, chief executive officer of US Airways, said in a press release.

“The past three years have been extremely challenging, and our response has been swift and decisive,” he added. “We have returned US Airways to profitability and a leading position among our peers in financial and operational metrics by reducing capacity, realigning our network to focus on our primary assets, maintaining cost discipline, increasing ancillary revenues, and establishing industry-leading operational reliability.”

Parker praised the airline’s staff for their dedication to customer service and said that the carrier is “running more efficiently than at any time in our company’s history.”

He also announced that after all of the furloughed staff gets back to work, the company is planning to recruit additional flight attendants early next year.

Posted by Sophia Andrews on Thursday October 21 2010, 9:13 AM EST. All trademarks acknowledged. Filed under Featured News, Travel. Comments and Trackbacks closed. Follow responses: RSS 2.0