Record profit excluding special items of $55 million
Highlights of US Airways Group, Inc.‘s (the Company) first quarter 2013 results:
-First quarter net profit excluding net special items was a record $55 million, or $0.31 per diluted share. This compares to a first quarter 2012 net loss excluding net special items of $22 million, or ($0.13) per share.
-Announced a merger agreement with AMR Corporation on February 14 to create the new American Airlines. The new American will offer more than 6,700 daily flights to 336 destinations in 56 countries around the world and is expected to generate more than $1 billion of revenue and cost synergies by 2015.
Integration planning is underway and the companies expect to close the transaction in the third quarter.
TEMPE, Ariz., April 23, 2013 - US Airways Group, Inc. (NYSE: LCC) today reported its first quarter 2013 financial results. For the first quarter 2013, net profit excluding net special items was a record $55 million, or $0.31 per diluted share. Net loss excluding net special items for the first quarter 2012 was $22 million, or ($0.13) per share.
On a GAAP basis, the Company reported a net profit of $44 million for its first quarter 2013, or $0.26 per diluted share, compared to a net profit of $48 million, or $0.28 per diluted share, for the same period in 2012. See the accompanying notes in the Financial Tables section of this press release for a reconciliation of GAAP financial information to non-GAAP financial information.
US Airways Group, Inc. Chairman and CEO Doug Parker stated, “We are extremely pleased to produce these record first quarter results. Our 32,000 hard-working team members continue to run a safe and reliable airline for our customers. These outstanding results are the product of their efforts and provide a solid foundation as we plan for combining with American Airlines.
“Looking forward, our integration planning work with American is going well and we continue to expect that the merger will close in the third quarter of this year. The entire US Airways team is looking forward to working with our colleagues at American to build the premier global airline.”