US Airways Group Inc. (LCC: Quote) reported a first-quarter net profit of $48 million or $0.28 per share, compared to a net loss of $114 million, or $0.71 per share, for the same period in 2011.
Net loss excluding net special credits for the latest quarter was $22 million, or $0.13 per share. Net loss excluding net special charges for the first quarter 2011 was $110 million, or $0.68 per share. Analysts polled by Thomson Reuters expected the company to report a loss of $0.25 per share. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter rose to $3.27 billion from $2.96 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $3.24 billion for the quarter.
US Airways Group, Inc. Chairman and CEO Doug Parker said, "We are pleased to report significantly improved first quarter financial results in spite of record high fuel prices. Consumer demand for our product remains very high, resulting in record high first quarter revenue, load factor, yield and PRASM."
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by RTT Staff Writer
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