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US Airways Reports First Quarter Financial Results
Dépèche transmise le 26 avril 2011 par Business Wire
US Airways Reports First Quarter Financial Results
TEMPE, Ariz.--(BUSINESS WIRE)--US Airways Group, Inc. (NYSE: LCC) today reported its first quarter 2011 financial results. The Company reported a net loss excluding special items for the first quarter 2011 of $110 million, or ($0.68) per share. This compares to the first quarter 2010 net loss excluding special items of $89 million, or ($0.55) per share. On a GAAP basis, the Company reported a net loss for the first quarter 2011 of $114 million, or ($0.71) per share. This compares to the first quarter 2010 net loss of $45 million, or ($0.28) per share.
“Looking forward, our strong revenue performance, diligent cost control, capacity discipline and a commitment to industry leading operational reliability, have us well positioned to compete in the current high fuel cost environment.”
See the accompanying notes in the Financial Tables section of this press release for a reconciliation of GAAP financial information to non-GAAP financial information.
US Airways Group, Inc. Chairman and CEO Doug Parker stated, “Our first quarter results were clearly impacted by the extremely high price of oil, but our team did an exceptional job of managing to largely offset that impact. Demand for our product was strong and unit revenues increased more than eight percent. We also continued to keep our non-fuel expenses in check as evidenced by a year-over-year decline in our mainline non-fuel unit costs.
“Operationally, our team of 32,000 employees continues to deliver outstanding results. As recently publicized, US Airways ranked first among the “Big Five” major network carriers in the annual Airline Quality Rating (AQR) report. The report, produced by Wichita State University and Purdue University, is an industry benchmark that measures airline reliability and service. Through February 2011, US Airways also ranked first among the major network carriers in baggage handling, and we continue to place among the best in both on-time arrivals and customer satisfaction as measured by the Department of Transportation. These results have translated into additional operational incentive pay for our team members of nearly $6 million so far in 2011.
“Looking forward, our strong revenue performance, diligent cost control, capacity discipline and a commitment to industry leading operational reliability, have us well positioned to compete in the current high fuel cost environment.”
Revenue and Cost Comparisons
A strong demand environment and a series of fare increases led to improved revenue performance. Total revenues in the first quarter were approximately $3.0 billion, up 11.7 percent versus the first quarter of 2010 on a 3.4 percent increase in total available seat miles (ASMs). Total revenue per available seat mile was 14.42 cents, up 8.1 percent versus the same period last year driven primarily by a 7.6 percent increase in passenger yields.
Total operating expenses in the first quarter were $3.0 billion, up 12.8 percent over the same period last year due primarily to a $272 million increase in consolidated fuel expense. Mainline cost per available seat mile (CASM) was 13.09 cents, up 7.9 percent. Excluding fuel and special items, mainline CASM was 8.76 cents, down 1.3 percent versus the same period last year. Express CASM excluding fuel and special items was 15.10 cents, up 3.2 percent on a 6.5 percent increase in ASMs.
Liquidity
As of March 31, 2011, the Company had approximately $2.5 billion in total cash and investments, of which $345 million was restricted, up from $2.0 billion, of which $442 million was restricted on March 31, 2010.
Notable First Quarter Accomplishments
- Became one of the first domestic airlines to implement a company-wide voluntary safety program through a fully functioning, FAA-validated Safety Management System (SMS). The SMS program enhances flying safety for the public, and occupational safety for employees, by moving from a traditional reactive approach to known risks and hazards into a more predictive approach.
- Signed multi-year agreement with Expedia, Inc., to continue to offer the airline’s full range of products and services, including all fares and inventory through Expedia®, Hotwire® and Egencia® sites around the world. As part of the agreement, Expedia has committed to working to enable the distribution of Choice Seats through new channels, including the Expedia online travel marketplace.
- Announced new, daily year-round service to begin June 2 between its hub at Philadelphia International Airport and Quebec City. US Airways Express carrier Air Wisconsin will operate three flights a day with 50-seat CRJ-200 aircraft.
- Received awards from LATINA Style magazine and the Human Rights Campaign for distinction as one of the 50 best companies for Latinas for 2010 and a 100 percent rating on the Corporate Equality Index, which measures companies' attitudes and policies toward lesbian, gay, bisexual and transgender employees and customers.
- Opened a new commissary facility at its Philadelphia hub. Originally built in 1998 by Gate Gourmet as a world-class flight kitchen and commissary facility, this new home for US Airways’ catering functions allows the Company to provide a better product to our customers while creating a much improved work environment for employees.
- Announced that Piedmont Airlines, a wholly owned subsidiary of US Airways, will assume US Airways Express ground handling operations in US Airways’ Phoenix hub and 14 other locations. Once the transition is complete, Piedmont will manage US Airways Express ground handling operations in each of the US Airways hubs.
- Additionally, on April 21, 2011, US Airways filed an antitrust lawsuit against Sabre Holdings Corporation and certain of its affiliates (collectively, “Sabre”) in Federal District Court for the Southern District of New York. The lawsuit alleges, among other things, that Sabre has engaged in anticompetitive practices to preserve its monopoly power by restricting US Airways’ ability to distribute its products to its customers.
Analyst Conference Call/Webcast Details
US Airways will conduct a live audio webcast of its earnings call today at 1:00 p.m. ET, which will be available to the public on a listen-only basis at www.usairways.com under the Company Info >> Investor Relations tab. An archive of the call/webcast will be available in the Investor Relations portion of the Web site through May 26.
2011 Investor Guidance
The Company will provide its investor relations guidance on its Web site (www.usairways.com) immediately following its 1:00 p.m. ET conference call. The Company typically provides guidance related to cost per available seat mile (CASM) excluding fuel and special items, fuel prices, other revenues and estimated interest expense/income on its investor relations update page on its web site. This update will also include the airline’s capacity, fleet plan, and estimated capital spending for 2011.
About US Airways
US Airways, along with US Airways Shuttle and US Airways Express, operates more than 3,200 flights per day and serves more than 200 communities in the U.S., Canada, Mexico, Europe, the Middle East, the Caribbean, Central and South America. The airline employs 32,000 aviation professionals worldwide and is a member of the Star Alliance network, which offers its customers 21,000 daily flights to 1,160 airports in 181 countries. Together with its US Airways Express partners, the airline serves approximately 80 million passengers each year and operates hubs in Charlotte, N.C., Philadelphia and Phoenix, and a focus city in Washington, D.C. at Ronald Reagan Washington National Airport. US Airways was the only airline included as one of the 50 best companies to work for in the U.S. by LATINA Style magazine’s 50 Report for 2010. For the sixth year in a row, the airline also earned a 100 percent rating on the Human Rights Campaign Corporate Equality index, a leading indicator of companies’ attitudes and policies toward lesbian, gay, bisexual and transgender employees and customers. US Airways also ranked #1 among its competing hub-and-spoke network carriers for 2010 performance as rated by the Wichita State University/Purdue University Airline Quality Rating (AQR) report. For more company information visit usairways.com, follow on Twitter @USAirways or at Facebook.com/USAirways. (LCCF)
Forward Looking Statements
Certain of the statements contained or referred to herein should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," and "continue" and similar terms used in connection with statements regarding, among others, the outlook, expected fuel costs, revenue and pricing environment, and expected financial performance and liquidity position of US Airways Group (the "Company"). Such statements include, but are not limited to, statements about future financial and operating results, the Company's plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties that could cause the Company's actual results and financial position to differ materially from these statements. Such risks and uncertainties include, but are not limited to, the following: the impact of significant operating losses in the future; downturns in economic conditions and their impact on passenger demand and related revenues; increased costs of financing, a reduction in the availability of financing and fluctuations in interest rates; the impact of the price and availability of fuel and significant disruptions in the supply of aircraft fuel; our high level of fixed obligations and our ability to fund general corporate requirements, obtain additional financing and respond to competitive developments; any failure to comply with the liquidity covenants contained in our financing arrangements; provisions in our credit card processing and other commercial agreements that may affect our liquidity; the impact of union disputes, employee strikes and other labor-related disruptions; our inability to maintain labor costs at competitive levels; interruptions or disruptions in service at one or more of our hub airports; our reliance on third-party regional operators or third-party service providers; our reliance on and costs of third-party distribution channels, including those provided by global distribution systems and online travel agents; changes in government legislation and regulation; our reliance on automated systems and the impact of any failure or disruption of these systems; the impact of changes to our business model; competitive practices in the industry, including the impact of industry consolidation; the loss of key personnel or our ability to attract and retain qualified personnel; the impact of conflicts overseas or terrorist attacks, and the impact of ongoing security concerns; our ability to operate and grow our route network; the impact of environmental laws and regulations; costs of ongoing data security compliance requirements and the impact of any data security breach; the impact of any accident involving our aircraft or the aircraft of our regional operators; delays in scheduled aircraft deliveries or other loss of anticipated fleet capacity; the impact of weather conditions and seasonality of airline travel; the impact of possible future increases in insurance costs and disruptions to insurance markets; the impact of global events that affect travel behavior, such as an outbreak of a contagious disease; the impact of foreign currency exchange rate fluctuations; our ability to use NOLs and certain other tax attributes; and other risks and uncertainties listed from time to time in our reports to and filings with the Securities and Exchange Commission. There may be other factors not identified above of which the Company is not currently aware that may affect matters discussed in the forward-looking statements, and may also cause actual results to differ materially from those discussed. The Company assumes no obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law. Additional factors that may affect the future results of the Company are set forth in the section entitled "Risk Factors" in the Company's Report on Form 10-Q for the quarter ended March 31, 2011 and in the Company's other filings with the SEC, which are available at www.usairways.com.
| US Airways Group, Inc. | ||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||
| (In millions, except share and per share amounts) | ||||||||||||||
| (Unaudited) | ||||||||||||||
|
3 Months Ended |
Percent | |||||||||||||
|
2011 |
2010 |
Change |
||||||||||||
| Operating revenues: | ||||||||||||||
| Mainline passenger | $ | 1,900 | $ | 1,698 | 11.9 | |||||||||
| Express passenger | 685 | 601 | 13.8 | |||||||||||
| Cargo | 43 | 33 | 30.2 | |||||||||||
| Other | 333 | 319 | 4.9 | |||||||||||
| Total operating revenues | 2,961 | 2,651 | 11.7 | |||||||||||
| Operating expenses: | ||||||||||||||
| Aircraft fuel and related taxes | 734 | 534 | 37.4 | |||||||||||
| Salaries and related costs | 573 | 556 | 3.1 | |||||||||||
| Express expenses: | ||||||||||||||
| Fuel | 242 | 170 | 42.7 | |||||||||||
| Other | 528 | 480 | 10.2 | |||||||||||
| Aircraft rent | 164 | 171 | (4.1 | ) | ||||||||||
| Aircraft maintenance | 163 | 157 | 4.2 | |||||||||||
| Other rent and landing fees | 129 | 134 | (4.2 | ) | ||||||||||
| Selling expenses | 100 | 95 | 5.8 | |||||||||||
| Special items, net | 3 | 5 | (41.2 | ) | ||||||||||
| Depreciation and amortization | 60 | 61 | (1.2 | ) | ||||||||||
| Other | 304 | 298 | 1.5 | |||||||||||
| Total operating expenses | 3,000 | 2,661 | 12.8 | |||||||||||
| Operating loss | (39 | ) | (10 | ) | nm | |||||||||
| Nonoperating income (expense): | ||||||||||||||
| Interest income | 1 | 5 | (74.6 | ) | ||||||||||
| Interest expense, net | (77 | ) | (82 | ) | (6.0 | ) | ||||||||
| Other, net | 1 | 42 | (98.8 | ) | ||||||||||
| Total nonoperating expense, net | (75 | ) | (35 | ) | nm | |||||||||
| Loss before income taxes | (114 | ) | (45 | ) | nm | |||||||||
| Income tax provision | - | - | - | |||||||||||
| Net loss | $ | (114 | ) | $ | (45 | ) | nm | |||||||
| Loss per common share | ||||||||||||||
| Basic | $ | (0.71 | ) | $ | (0.28 | ) | ||||||||
| Diluted | $ | (0.71 | ) | $ | (0.28 | ) | ||||||||
| Shares used for computation (in thousands): | ||||||||||||||
| Basic | 161,890 | 161,115 | ||||||||||||
| Diluted | 161,890 | 161,115 | ||||||||||||
| US Airways Group, Inc. | |||||||||||||
| Operating Statistics | |||||||||||||
|
3 Months Ended |
|||||||||||||
|
2011 |
2010 |
Change |
|||||||||||
|
Mainline |
|||||||||||||
| Revenue passenger miles (millions) | 13,570 | 13,053 | 4.0 | % | |||||||||
| Available seat miles (ASM) (millions) | 17,035 | 16,579 | 2.8 | % | |||||||||
| Passenger load factor (percent) | 79.7 | 78.7 | 1.0 | pts | |||||||||
| Yield (cents) | 14.00 | 13.01 | 7.6 | % | |||||||||
| Passenger revenue per ASM (cents) | 11.15 | 10.24 | 8.9 | % | |||||||||
| Passenger enplanements (thousands) | 12,504 | 11,985 | 4.3 | % | |||||||||
| Departures (thousands) | 112 | 108 | 3.7 | % | |||||||||
| Aircraft at end of period | 340 | 347 | (2.0 | ) | % | ||||||||
| Block hours (thousands) | 294 | 286 | 2.7 | % | |||||||||
| Average stage length (miles) | 946 | 959 | (1.3 | ) | % | ||||||||
| Average passenger journey (miles) | 1,593 | 1,599 | (0.4 | ) | % | ||||||||
| Fuel consumption (gallons in millions) | 256 | 247 | 3.7 | % | |||||||||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.87 | 2.17 | 32.5 | % | |||||||||
| Full-time equivalent employees at end of period | 30,621 | 30,439 | 0.6 | % | |||||||||
| Operating cost per ASM (cents) | 13.09 | 12.13 | 7.9 | % | |||||||||
| Operating cost per ASM excluding special items (cents) | 13.07 | 12.10 | 8.0 | % | |||||||||
| Operating cost per ASM excluding special items and fuel (cents) | 8.76 | 8.88 | (1.3 | ) | % | ||||||||
|
Express* |
|||||||||||||
| Revenue passenger miles (millions) | 2,438 | 2,270 | 7.4 | % | |||||||||
| Available seat miles (millions) | 3,492 | 3,279 | 6.5 | % | |||||||||
| Passenger load factor (percent) | 69.8 | 69.2 | 0.6 | pts | |||||||||
| Yield (cents) | 28.08 | 26.49 | 6.0 | % | |||||||||
| Passenger revenue per ASM (cents) | 19.60 | 18.34 | 6.9 | % | |||||||||
| Passenger enplanements (thousands) | 6,347 | 5,946 | 6.7 | % | |||||||||
| Aircraft at end of period | 281 | 282 | (0.4 | ) | % | ||||||||
| Fuel consumption (gallons in millions) | 83 | 77 | 7.6 | % | |||||||||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.92 | 2.20 | 32.6 | % | |||||||||
| Operating cost per ASM (cents) | 22.06 | 19.80 | 11.4 | % | |||||||||
| Operating cost per ASM excluding special items (cents) | 22.03 | 19.80 | 11.3 | % | |||||||||
| Operating cost per ASM excluding special items and fuel (cents) | 15.10 | 14.62 | 3.2 | % | |||||||||
|
Total Mainline & Express |
|||||||||||||
| Revenue passenger miles (millions) | 16,008 | 15,323 | 4.5 | % | |||||||||
| Available seat miles (millions) | 20,527 | 19,858 | 3.4 | % | |||||||||
| Passenger load factor (percent) | 78.0 | 77.2 | 0.8 | pts | |||||||||
| Yield (cents) | 16.14 | 15.01 | 7.6 | % | |||||||||
| Passenger revenue per ASM (cents) | 12.59 | 11.58 | 8.7 | % | |||||||||
| Total revenue per ASM (cents) | 14.42 | 13.35 | 8.1 | % | |||||||||
| Passenger enplanements (thousands) | 18,851 | 17,931 | 5.1 | % | |||||||||
| Aircraft at end of period | 621 | 629 | (1.3 | ) | % | ||||||||
| Fuel consumption (gallons in millions) | 339 | 324 | 4.6 | % | |||||||||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.88 | 2.18 | 32.5 | % | |||||||||
| Operating cost per ASM (cents) | 14.61 | 13.40 | 9.1 | % | |||||||||
| Operating cost per ASM excluding special items (cents) |
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