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US Airways Net Income Dips On Higher Taxes

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A US Airways tail rest on the tarmac near two American Airlines planes. (credit: Jim Watson/AFP/Getty Images)

(credit: Jim Watson/AFP/Getty Images)

DALLAS (AP) - 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 percent 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 percent to $3.86 billion, a bit higher than analysts’ forecast of $3.84 billion.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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