Tempe, Ariz.-based US Airways became the latest airline to report strong profit for 2012, another signal of a resurgence of the nation's airline industry.
US Airways, which has pushed for a merger with American Airlines, reported Wednesday a record profit of $537 million for the year or $2.79 per share, compared with a profit of $111 million in 2011.
For 2012, total revenues for US Airways reached $13.8 billion, up 5.9% over 2011, with revenue per available seat miles up 3.9% and the average percentage of filled seats at 82.9%, compared with 82.3% in 2011.
The latest earnings report follows projections by industry analysts that every major airline in the country, except for American, which filed for bankruptcy last year, will report annual profits for at least the third consecutive year.
In 2012, the average domestic airfare rose about 4%, according to industry projections, and airlines continue to generate strong revenues from passenger fees, such as charges to check bags, buy food and get access to on-board wireless Internet.
Even AMR, the parent company of American Airlines, showed signs of financial improvement in 2012. For the year, the airline reported a net loss of $130 million, excluding reorganization costs and other special items, a $932-million improvement over 2011.
"We have made enormous progress towards building the new American," said Tom Horton, AMR's chairman and chief executive officer.
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