Higher income taxes send US Airways net income lower; results beat Wall Street forecasts
DALLAS – Higher taxes are reducing US Airways’ profit, but the airline’s results beat expectations.
US Airways Group Inc. said Wednesday that third-quarter net income was $216 million, or $1.04 per share. That’s down 12 per cent from $245 million, or $1.24 per share, a year ago.
The difference: In this year’s quarter, US Airways owed $120 million in income taxes compared with just $1 million last year.
Excluding costs of its proposed merger with American Airlines, US Airways says it earned $1.16 per share, four cents better than analysts were expecting.
Revenue rose 9 per cent to $3.86 billion, a bit higher than analysts’ forecast of $3.84 billion.
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