Loss Reported $78 Million
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beachboy
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DID YOU READ THE PRESS RELEASE 700? 🙄
US Airways Group Chairman and CEO Doug Parker stated, "We are pleased
to report our third consecutive profitable quarter excluding special items,
especially given the new security regulations put into place in August,
which we estimate negatively impacted revenue by $30 million to $40 million
during August and September. Those security directives also caused a spike
in checked baggage and our team worked particularly hard to take care of
our customers.
"We are one year into our merger and these financial results are
further evidence of its success. We still have much work to do, but our
employees are doing a great job and we are confident that we are on the
right course. We are particularly pleased to have accrued another $12
million for our employee profit sharing program, bringing our year-to-date
accrual to $48 million.
"Looking forward, given our current fuel and revenue forecasts for the
remainder of the year, we anticipate reporting a profit in the seasonally
difficult fourth quarter."
US Airways Group Chairman and CEO Doug Parker stated, "We are pleased
to report our third consecutive profitable quarter excluding special items,
especially given the new security regulations put into place in August,
which we estimate negatively impacted revenue by $30 million to $40 million
during August and September. Those security directives also caused a spike
in checked baggage and our team worked particularly hard to take care of
our customers.
"We are one year into our merger and these financial results are
further evidence of its success. We still have much work to do, but our
employees are doing a great job and we are confident that we are on the
right course. We are particularly pleased to have accrued another $12
million for our employee profit sharing program, bringing our year-to-date
accrual to $48 million.
"Looking forward, given our current fuel and revenue forecasts for the
remainder of the year, we anticipate reporting a profit in the seasonally
difficult fourth quarter."
longing4piedmont
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Did you read the press release???????
* The Company accrued $12 million, or 10 percent of its third quarter 2006 pretax income excluding special items, for its annual employee profit sharing program. This brings the year-to-date 2006 employee profit sharing program accrual to $48 million.
Don't let the facts get in the way of your blue colored IAM glasses
longing4piedmont
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It must be hard going through life so hard and bitter. You need to step away from the key board. 3 out of 3 quarters the company has shown a profit and all you can do is post doom and gloom. Now I agree that 15% drop in the East enplanements (just in case you don't understand the term, those are the pax who pay the bills) in the first six months has to have the minions in Tempe worried and the year is not on the books yet, but come on, it does look like it might happen yet.
I'm done with you on this topic because you simply do not want to be proven wrong, so let me say this. My hat goes off to all the employees who have given up so much in the last 3 or 4 years to make these numbers possible. The profit being reported was not the result of anything the sand castle has done. It was your hard work and give backs that made this possible. I tip my hat to you.
Fry the Filly 22......
There is money from this quarter being added to the profit sharing pool resulting in a pool of about 41 million(?). A profit is currently expected for the 4th quarter, although it is early in the quarter. Results for October appear to show optimism for November, however cautious. Thanksgiving looks strong right now, not much growth anticipated for 2007. Approxmately 1 percent increase in capacity due to some reconfiguration of the fleet.
Fuel is expected to 2.15 with hedges and tax. Spot is 2.03 to 2.05 for 2007.
PHL is working on more structure and organization with the airport and will also spend an additonal 2 million dollars of equipment. More improvements with baggage should be completed prior to Thanksgiving. Baggage error reading is about 35 percent...way down...exepcted to reach only 5 percent by Thanksgiving. Hiring more ramp workers and changing some ramp operations to closely match West should help improve baggage performance. Still is the #1 focus in the system.
International expansion (3 new destinations) Athens, Brussesl and Zurich is also dependent on gate situation in Philly. They are working with the airport authority to get gate space and that will determine whether or not we fly to those destinations.
Fuel is expected to 2.15 with hedges and tax. Spot is 2.03 to 2.05 for 2007.
PHL is working on more structure and organization with the airport and will also spend an additonal 2 million dollars of equipment. More improvements with baggage should be completed prior to Thanksgiving. Baggage error reading is about 35 percent...way down...exepcted to reach only 5 percent by Thanksgiving. Hiring more ramp workers and changing some ramp operations to closely match West should help improve baggage performance. Still is the #1 focus in the system.
International expansion (3 new destinations) Athens, Brussesl and Zurich is also dependent on gate situation in Philly. They are working with the airport authority to get gate space and that will determine whether or not we fly to those destinations.
autofixer
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Bye bye profit sharing! I knew these weasels would do this. Just freeg'n great! I hope the KoolAid drinkers enjoyed the latest kick to the groin!
The cba's forced upon us in bankruptcy, require a full year of profits to be shown...I doubt these creeps will let an operational profit count.
The cba's forced upon us in bankruptcy, require a full year of profits to be shown...I doubt these creeps will let an operational profit count.
ringmaruf
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You're worried about the *East*? 🙄
On a standalone basis, America West reported a net profit excluding special items of $3 million for the third quarter 2006
US Airways reported a net profit excluding special items of $109 million on a standalone basis for the third quarter 2006
FlyDCJets
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I think the sceptics will get a better understanding from this article in street.com, http://www.thestreet.com/_yahoo/newsanalys...E&cm_ite=NA
Reuters is a media outlet. Even for me it is very confusing:
The Company reported a third quarter 2006 net loss of $78 million or $0.88 per diluted share, which includes special items of $179 million.
But...
Excluding special items, the Company reported a third quarter 2006 net profit of $101 million or $1.09 per diluted share, which compares to First Call's mean estimate of $1.01.
I hope Doug can explain this better during the employee session, so we all incluidng myself understand.
Regards
DC
Reuters is a media outlet. Even for me it is very confusing:
The Company reported a third quarter 2006 net loss of $78 million or $0.88 per diluted share, which includes special items of $179 million.
But...
Excluding special items, the Company reported a third quarter 2006 net profit of $101 million or $1.09 per diluted share, which compares to First Call's mean estimate of $1.01.
I hope Doug can explain this better during the employee session, so we all incluidng myself understand.
Regards
DC
ClueByFour
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Hmm. A loss. Go figure.
And, it's largely because they bet the wrong way on fuel hedges. And $27 million in merger related expenses.
I'd be worried about the latter. $27 million, and they still don't have a single combined labor contract or operating cert or reservation system. It's only going to get uglier once they try to tackle the hard stuff.
And, it's largely because they bet the wrong way on fuel hedges. And $27 million in merger related expenses.
I'd be worried about the latter. $27 million, and they still don't have a single combined labor contract or operating cert or reservation system. It's only going to get uglier once they try to tackle the hard stuff.
FutureUScapt
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I'm confused, why is there all this talk of no profit sharing for Q3?
This is what I found in the press release:
The Company accrued $12 million, or 10 percent of its third quarter 2006 pretax income excluding special items, for its annual employee profit sharing program. This brings the year-to-date 2006 employee profit sharing program accrual to $48 million.
This is what I found in the press release:
The Company accrued $12 million, or 10 percent of its third quarter 2006 pretax income excluding special items, for its annual employee profit sharing program. This brings the year-to-date 2006 employee profit sharing program accrual to $48 million.
