AirTran Airways Reports $10.4 Million Quarterly Net Income

AirTran Airways, Inc., reported net income of $10.4 million, or $0.08 per diluted share, for the third quarter of 2009. These results represent a $105 million improvement over the third quarter of 2008. It benefited from its low costs and tight focus on domestic routs.

The operating income for the third quarter of 2009 was $37 million and is the second-highest third-quarter operating income in company history. The company has been profitable in each quarter of 2009, and has posted year-to-date records in operating income of $150.9 million, net income of $117.6 million, and load factor of 80.4 percent.

Included in net income for the third quarter were $6.3 million of unrealized losses on the company’s future fuel hedge portfolio and a $6.4 million gain primarily related to the company’s retention of deposits from a terminated aircraft sales contract. Excluding these items, the economic net income for the third quarter of 2009 was $10.6 million or $0.08 per diluted share.

During the third quarter, AirTran Airways continued to expand its network by adding point-to-point service from Atlanta, Baltimore, Milwaukee and Orlando. It added service to Montego Bay, Jamaica, Nassau, Bahamas and Aruba, as well as new service to Key West, Fla.