Second quarter results on the positive side
Air Canada, Continental, United and US Airways are reporting their second quarter numbers, and the results are encouraging.
Air Canada issued a preliminary estimate showing that system capacity, as measured by ASMs, in the second quarter of 2010 was 5.3 per cent higher than the second quarter of 2009, within the range of the 4.5 to 5.5 per cent increase previously projected in the Q1 2010 release.
For the full year 2010, Air Canada now expects its system capacity to increase by between 6 and 7.5 per cent over 2009 rather than the previously projected increase of 4 to 6 per cent disclosed in the Q1 2010 release. The company also estimates that its operating income for the second quarter of 2010 was in the range of $60 million to $80 million and that its ownership costs, comprised of depreciation and amortization and aircraft rent expense, was approximately $260 million. For more, see the release at
http://micro.newswire.ca/release.cgi?rkey=1807205243&view=13213-0&Start=0&htm=0
Continental Airlines reported second quarter net income of $233 million ($1.46 diluted earnings per share). Excluding $24 million of merger-related costs and other special charges, Continental recorded second quarter net income of $257 million ($1.60 diluted earnings per share). Operating income for the second quarter of 2010 was $328 million, up $482 million compared to the same period of 2009. Continental's mainline cost per available seat mile (CASM) increased 3.9 percent in the second quarter 2010 compared to the same period last year. More information is available in the release at https://www.continental.com/web/en-US/apps/vendors/default.aspx?SID=374245CAD95449569C9EF0F9C13A36DA&i=PRNEWS
UAL Corporation, the holding company whose primary subsidiary is United Airlines, eported its first quarterly profit since 2007 with a second quarter net profit of $430 million, or $1.95 per diluted share, excluding non-cash, net mark-to-market hedge gains and certain accounting charges, an improvement of $751 million from second quarter 2009. The company reported a GAAP net profit of $273 million, or $1.29 per diluted share. The group reported a 26.9 per cent year-over-year increase in consolidated passenger revenue per available seat mile (PRASM) for the second quarter with double digit growth rates across all regions. For more of the United release, see
http://www.united.com/press/detail/0,7056,66037,00.html
And US Airways reported a net profit for the second quarter 2010 of $279 million, or $1.41 per diluted share. This is the second highest quarterly profit since the merger of US Airways and America West in 2005. Excluding special items, the Company reported a net profit of $265 million, or $1.34 per diluted share, for the second quarter 2010.
The Company accrued $18 million for its annual employee profit sharing program and $9 million for operational incentive payouts related to the Company's industry leading operational performance.
For more from US Airways, see their release at http://phx.corporate-ir.net/phoenix.zhtml?c=196799&p=RssLanding&cat=news&id=1449994
