US Airways September revenue jumps 6 percentPosted: Updated:
TEMPE, Ariz. (AP) -- US Airways Group Inc. said a key measure of revenue jumped 6 percent in September as traffic grew.
The revenue gain was for each seat flown one mile in September compared to the same month last year. That's a key measure in the airline industry because it accounts for changes in the amount of flying the airline did in each period.
JPMorgan analyst Jamie Baker said the September gain was better than expected, and he raised his estimate for US Airways profits for the rest of this year and raised his price target to $29 per share, from $26.
On Thursday its shares rose 9 cents to $19.93 in morning trading, near the top of their 52-week range.
Traffic rose 2.9 percent for the month, as gains on U.S. and Atlantic flights offset a 5 percent decline in traffic to Latin America.
Capacity rose 3.2 percent.
Because it added more flying capacity than passengers, there were a few more empty seats on its planes. Occupancy fell 0.3 percentage points to 83.7 percent.
For the year so far, US Airways traffic has risen 5.1 percent. Flying capacity is up 3.3 percent. Occupancy has risen 1.4 percentage points to 84.9 percent.
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