AirTran Holdings, the parent company of AirTran Airways, has reported net income of $78.4 million for the second quarter of 2009, a $93.3 million improvement over the same quarter of 2008, reversing a net loss of $14.8 million.
Operating income during the second quarter was $66.2 million. In the year-to-date, the company has achieved record operating income of $113.9 million, resulting in an operating margin of 9.9%, AirTran's best first half performance since 2001. Load factors were at all time highs of 80.7% for the quarter and 78.6% year-to-date.
Included in net income for 2Q09 were $31 million of unrealised gains on the company's future fuel hedge portfolio, $3.3 million of gains on extinguishment of debt, net of tax, and a $2.4 million write-off of capitalised interest on the disposition of aircraft. Excluding these items, the economic net income for the second quarter of 2009 was $46.6 million.
AirTran highlights that it was among the first airlines to react to the changing economic environment in 2008 through a series of proactive initiatives, which included reducing and reallocating capacity, enhancing liquidity, selling and deferring aircraft, and unwinding fuel hedges. "Our year-to-date results continue to reflect the rewards of the many difficult decisions we made as a company last year," said Arne Haak, senior vice president of finance, treasurer and chief financial officer for AirTran Airways. "The combination of reduced capacity, lower fuel prices, and the lowest cost structure of any major airline allows us to compete effectively in what remains a challenging and uncertain economy."
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