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Article Excerpt
Buoyed by a cash infusion from the Emergency War Time Supplemental Appropriations Act, several of the Big Six U.S. carriers posted second-quarter net profits--their first since before the Sept. 11 terrorist attacks. Executives warned, however, of continued weakness in the revenue environment and a lack of improvement in the business mix. Excluding one-time items--notably government relief from the Transportation Security Administration and, in the case of American, Delta and Northwest, the sale of Worldspan--most of the Big Six reported deep quarterly losses as passenger revenues continued to decline.
Smaller carriers again fared better than their larger counterparts as several, including AirTran, ATA, Alaska, America West, JetBlue and Southwest, grew passenger revenues and posted net profits, even excluding government reimbursement and other one-time items.
In general, the quarter started off horribly, as industry traffic was ravaged by the war in Iraq, higher fuel prices and fears related to SARS. Things brightened considerably, however, as many reported positive cash flows in June, higher year-over-year unit revenues for the...
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