Major airlines’ second quarter results
Unlike its competitors, Southwest Airlines posted a profit without a one-time gain from federal assistance for security measures. Results in millions for the seven largest U.S. airlines, in millions:
Airline
Net profit (loss) including one-time items
Net profit (loss) excluding one-time items
Southwest
$246
$103
Continental
$79
($24)
US Airways
$13
($154) – Note 1
Northwest
$227
($160)
Delta
$184
($237)
American
($75)
($357)
United
($431)
($1096) – Note 2
Source: Airline earnings reports
Note 1 – US Airways took a $35 million charge associated with its decision not to take delivery of certain aircraft and also took a $92 million charge related to the stock granted to employees as part of its restructuring. Without these unusual charges, net profit including other one-time items would have been $140 million and the net loss excluding other one-time items would have been ($27 million).
Note 2 – United Airlines reported a number of unusual one-time items. The net profit (loss) excluding one time items only represent a credit for a $365 IRS tax refund and $300 million in federal aid because the other one-time items were associated with the company’s formal reorganization. Without these two gains, United would have lost $1.096 billion during the second quarter.
