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US airlines finally steering towards profitability
United Airlines reported a profit for the first time since 2000 in another tentative indication that the ailing US airline industry is at last flying out of turbulent skies.
Southwest Airlines’ recent reported profit of $333 million was no surprise, but it has been joined by several other airlines.
United estimated its second quarter revenues will reach $5.1 billion or up 16% from a year earlier. It expected to post a profit of $119 million.
“We are making good progress in strengthening our core business,” said United CEO Glenn Tilton.
United emerged from bankruptcy protection only five months ago.
Continental Airlines’ profit was set at $198 million for the second quarter of the year, while American Airlines reported $291 in profits for the second quarter of the year.
It was only the second profitable quarter for the airline’s owner, ARM Corp., in the past five years.
In other airline reports:
- JetBlue Airways said its revenues in that time frame jumped 42% from a year ago, from $429 million to $612 million.
- Alaska Airlines and Horizon Air said their second-quarter profits more than tripled with a 14% rise in revenues. It was reported as a better-than-expected result for the carrier which, in common with other airlines, has been hurt by high fuel costs.
“A rising ride lifts all boats and that’s what we have right now,” airline consultant John Pincavage told The Chicago Tribune.
“With Alaska’s announcement, major carriers have so far gone five-for-five in announcing profits in the second quarter,” said USA Today, which termed the strong results “welcome news for an industry that’s collectively lost tens of billions of dollars during the past five years.”
Report by David Wilkening
David
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