US Airways' profits plummet in 2Q2011 as fuel costs surge 54%

US Airways revenue up 10.5% - financial highlights:

• Three months ended 30-Jun-2011:
  • Operating revenue: USD3503 million, +10.5% year-on-year;
  • Operating costs: USD3326 million, +18.8%;
    • Fuel: USD948 million, +53.8%;
    • Labour: USD577 million, +0.6%;
    • Express:
      • Fuel: USD287 million, +47.4%;
  • Operating profit: USD177 million, -52.2%;
  • Net profit: USD92 million, -67.2%;
  • Passenger numbers: 21.2 million, +2.7%;
  • Passenger load factor: 83.8%, +0.9 ppt;
  • Yield: USD 16.30 cents, +6.5%;
  • Passenger revenue per ASM: USD 13.66 cents, +7.6%;
  • Total revenue per ASM: USD 15.36 cents, +6.9%;
  • Operating cost per ASM: USD 14.59 cents, +15.0%;
  • Cost per ASM excl fuel and special items: USD 9.14 cents, +0.9%;
• Six months ended 30-Jun-2011:
  • Operating revenue: USD6464 million, +11.0%;
  • Operating costs: USD6326 million, +15.9;
    • Fuel: USD1682 million, +46.2%;
    • Labour: USD1149 million, +1.8%;
    • Express:
      • Fuel: USD530 million, +45.2%;
  • Operating profit: USD138 million, -61.7%;
  • Net profit (loss): (USD23 million), compared to a profit of USD235 million in p-c-p;
  • Passenger numbers: 40.1 million, +3.9%;
  • Passenger load factor: 81.0%, +0.8 ppt;
  • Yield: USD 16.23 cents, +7.05;
  • Passenger revenue per ASM: USD 13.15 cents, +8.1%;
  • Total revenue per ASM: USD 14.92 cents, +7.4%;
  • Operating costs per ASM: USD 14.60 cents, +12.1%;
  • Costs per ASM excl fuel and special items: USD 9.47 cents, +0.5%;
  • Total assets: USD8371 million, +7.1% when compared to period ended 31-Dec-2010;
  • Cash, cash equivalents and investments in marketable securities: USD2247 million, +80.9% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD8310 million, +7.4% when compared to period ended 31-Dec-2010. [more]

US Airways: "Looking forward it is difficult to predict the price of oil, the strength of the economy or the capacity actions of other airlines, which will impact our ability to be profitable in 2011. Over the past few years we have taken significant actions to maintain capacity that is in line with demand, realign our network to focus on key markets, introduce new revenue streams, control costs and continue our commitment to exceptional operating reliability. We will continue to evaluate our planned capacity in light of fuel prices, the state of the economy and general industry conditions," Company statement. Source: US Airways, 21-Jul-2011.