Thu, Jan 27, 2011
US Airways, UAL/Continental Report Different Results For 4th
Quarter
US Airways Group, Inc. reported its fourth quarter and 2010
financial results on Wednesday. The company reported a 2010 net
profit of $447 million, or $2.34 per diluted share, which excludes
special items totaling a net credit of $55 million. This is the
second highest profit in the Company’s history and represents
a $946 million improvement as compared to the 2009 net loss
excluding special items of $499 million, or ($3.75) per share.
“2010 was a great year for US Airways, including the
second highest profit (excluding special items) in our history and
an earnings improvement of nearly $1 billion versus 2009," said S
Airways Group, Inc. Chairman and CEO Doug Parker. We also ended the
year on a strong note with our first profitable fourth quarter
since 2006.
“These results are due to our 31,000 team members, who did
an excellent job of taking care of our customers throughout 2010.
As reported by the Department of Transportation (DOT) through
November 2010, US Airways ranked number one among the five largest
network carriers in baggage handling and number two in on-time
performance. Our customer satisfaction also outperformed the
competition as evidenced by our 2010 complaint ratio, which was ten
percent better than the average of our peers."
But the news was not so good over at United Continental
Holdings, where a $325 million net loss on a GAAP (generally
accepted accounting principles) basis for the quarter was
reported. The company said that the expenses of merging the
two airlines ate into its profits. But the company reported a
profit for the year overall, with more people paying to fly. "While
making significant progress integrating United and Continental, we
never lost focus on running a good operation," said Jeff Smisek,
UAL's president and chief executive officer. We made a solid
profit for the year, and we look forward to distributing $224
million in profit sharing to our co-workers on Valentine's
Day."
Since closing the merger on Oct. 1, 2010, United and Continental
continued to make significant progress integrating the two
carriers. The company has already repainted more than 200
aircraft in the new United livery, selected key technology
platforms and begun the process of integrating information
technology systems, and continued to co-locate check-in and ticket
counter facilities to streamline operations that began when
Continental joined Star Alliance in 2009.
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