Airline carriers have suffered their fair share of economic troubles in the past few years, but US Airways is one company whose profits seem to be taking flight.
On Wednesday, they reported a $279 million net profit ($1.41 per diluted share) for the second quarter of 2010. This is the second highest quarterly profit since their merger in 2005 with America West.
US Airways Group, Inc. has shown a huge turnaround from last year. In 2009, the airline brought in a net profit of $58 million ($0.42 per diluted share) in the same period.
“Over the past three years, US Airways has taken the steps required to return to profitability, including reducing capacity, maintaining cost discipline, increasing ancillary revenues, and establishing industry-leading operational reliability, “ said CEO Doug Parker in a press statement.
The airline is based out of Arizona has a hub right here in Philadelphia. They now plan to recall 300-furlong pilots and flight attendants.
"Adding capacity would be the quickest way to derail [the improving cost structure] -- they haven't, and it's reflecting positively in their results,” Stifel Nicolaus & Company analyst Hunter K. Keay told Forbes.
U.S. Airways also credits the successful profit to an increase in business travelers who paid more for their tickets.
The company expects to report a profit for the third quarter and full year of 2010, according to a press release.
