US Airways has reported its fourth quarter and 2012 financial results. For full year 2012, the company reported a record net profit of US$537 million, or $2.79 per diluted share, which excludes net special items totalling a credit of $100 million. This compares to a full year 2011 net profit of $111 million excluding net special items, or $0.68 per diluted share.
For the fourth quarter 2012, net profit excluding net special items was $46 million, or $0.26 per diluted share. Net profit excluding net special items for the fourth quarter 2011 was $21 million, or $0.13 per diluted share.
As previously disclosed, the fourth quarter and full year results were negatively impacted by approximately $35 million due to Hurricane Sandy.
Doug Parker, Chairman and Chief Executive, said: “We couldn’t be happier with the performance of US Airways in 2012. Our 32,000 hard-working team members did a phenomenal job of running a safe and reliable airline for our customers and these record financial results are the result of their efforts.
“Our team members produced the best operating reliability performance in our history – which is no easy feat since US Airways led all network carriers in on-time performance from 2008-2011. But in 2012, we did even better with record highs in on-time performance, completion factor and baggage handling. This helped lead to our best-ever annual results in total revenue, total traffic, mainline load factor, mainline yield and mainline revenue.
“These outstanding operating and revenue results, combined with strong cost discipline, led to record net income excluding special items of $537 million, up nearly 400% versus last year. Our shareholders were rewarded for their confidence in our team as US Airways stock increased 166% in 2012, the largest increase of any company in the Fortune 500.
“We enter 2013 with great momentum and enthusiasm and are well positioned for whatever may lie ahead.”
