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US Airways posts $287 million quarterly profit
Posted On: Jul 25, 2013

USA Today

Charisse Jones

July 24, 2013

US Airways Groupreported a $287 million profit in the second quarter, down from a $306 million profit for the same period last year.

US Airways said the result was lowered by a non-cash provision for income tax of $67 million.

The company, which is on the brink of merging with American Airlines, said that the second quarter profit would have been $409 million when looking at pre-tax income and not counting special items.

"It's very rewarding for our last earnings report as an independent company to be the best in our history,'' Doug Parker, US Airways' CEO, said during an earnings call with investors and media. " It gives us great confidence as we head into our merger with American Airlines.''

If the deal gets final approval from regulators and other parties, the new American Airlines that is formed by a union with US Airways will create the largest carrier in the world.

US Airways shareholders approved the consolidation on July 12.

Creditors for American Airlines, which sought bankruptcy protection in November 2011, are scheduled to complete voting on the carrier's restructuring plan by July 29th.

Next, the plan must be approved by the bankruptcy court, and finally the Department of Justice must sign off on the deal if it decides that the new mega-sized carrier will not violate anti-trust laws.

The American-US Airways merger is expected to close by the fall and will be the last major tie-up in a wave of consolidation that has swept the airline industry. Northwest and Delta joined forces in 2008, United and Continental merged in 2010, and Southwest linked up with AirTran in 2011.


     
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