US Airways Chief Operating Officer Robert Isom and three other executives sold a combined $2.4 million in company stock this week.
The airline's top two executives, CEO Doug Parker and President Scott Kirby, were not part of the group.
The sales follow a big run-up in stock in the past year and come days after the Tempe-based carrier reported a large second-quarter profit, its first in a year, and forecast a profit for the third quarter and full year. The rebounding economy and fewer flights have sparked an industry turnaround.
The stock sales were in the $10- to $11-per-share range. A year ago, US Airways stock was at $2 a share. The industry was struggling with plunging demand and airfares, and there were big concerns about US Airways' relatively low cash levels.
The biggest seller was C.A. Howlett, US Airways' senior vice president of public affairs. He sold 94,251 shares for just over $1 million, according to documents filed with the Securities and Exchange Commission late Wednesday. He acquired some of the shares he sold for as little as $3.10 per share in a simultaneous transaction involving the exercise of stock-appreciation rights.
Elise Eberwein, executive vice president of people and communications, sold 55,215 shares for $580,531. She also acquired some of the shares as low as $3.10 by exercising stock-appreciation rights.
Isom sold 41,061 shares for $435,335, and Chief Financial Officer Derek Kerr sold 30,715 shares for $338,839. A company spokesman said the sales were the executives' first since 2006.
Read more: http://www.azcentral.com/arizonarepublic/business/articles/2010/07/30/20100730biz-usairwaysstocksales0730.html#ixzz0v9zPdEcw
The airline's top two executives, CEO Doug Parker and President Scott Kirby, were not part of the group.
The sales follow a big run-up in stock in the past year and come days after the Tempe-based carrier reported a large second-quarter profit, its first in a year, and forecast a profit for the third quarter and full year. The rebounding economy and fewer flights have sparked an industry turnaround.
The stock sales were in the $10- to $11-per-share range. A year ago, US Airways stock was at $2 a share. The industry was struggling with plunging demand and airfares, and there were big concerns about US Airways' relatively low cash levels.
The biggest seller was C.A. Howlett, US Airways' senior vice president of public affairs. He sold 94,251 shares for just over $1 million, according to documents filed with the Securities and Exchange Commission late Wednesday. He acquired some of the shares he sold for as little as $3.10 per share in a simultaneous transaction involving the exercise of stock-appreciation rights.
Elise Eberwein, executive vice president of people and communications, sold 55,215 shares for $580,531. She also acquired some of the shares as low as $3.10 by exercising stock-appreciation rights.
Isom sold 41,061 shares for $435,335, and Chief Financial Officer Derek Kerr sold 30,715 shares for $338,839. A company spokesman said the sales were the executives' first since 2006.
Read more: http://www.azcentral.com/arizonarepublic/business/articles/2010/07/30/20100730biz-usairwaysstocksales0730.html#ixzz0v9zPdEcw
