Double-digit PRASM performance for United, Southwest, US Airways & Continental; outlook improving

United, Southwest, US Airways and Continental all reported double-digit unit revenue growth in Jun-2010, suggesting the recovery is well and truly established in the US. The month was also characterised by strong load factors, continued careful capacity management and improved demand. [2326 words]

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This report contains the following subheadings:

• Tenth consecutive month of PRASM growth for Southwest; seeing strong passenger and revenue growth in Jun-Jul-2010
• Improving yields part of the Allegiant story
• AirTran seeing “accelerating” revenue trends
• United Airlines reports largest PRASM improvement in over two years; PRASM up compared to Jun-2008 levels
• Continental Airlines’ yields improve – fifth consecutive month of positive yield developments
• US Airways encouraged by improved revenue and profitability outlook
• Delta sees unit revenue momentum in 2Q2010
• ATA reports “encouraging” double digit passenger revenue improvements in May-2010
• US network carriers’ occupancy levels higher than their LCC counterparts
• Improved outlook for 2010

This report contains the following charts and tables:

• US airline unit revenue highlights: Jun-2010
• US airline unit revenue highlights: 1Q2010
• Southwest PRASM year-on-year increase: Jan-2009 to Jun-2010
• Cost per passenger vs stage length among US LCC segment
• AirTran Airways and ATA unit revenue trends
• Non-fuel unit costs among select US carriers
• United Airlines PRASM growth (%): Jan-2008 to Jun-2010
• United Airlines consolidated PRASM developments: 1Q2008 to 4Q2009
• Continental Airlines consolidated PRASM (US cents per ASM): Feb-2008 to Jun-2010
• Continental Airlines’ consolidated PRASM growth (two year range): Feb-2009 to Jun-2010
• US Airways’ RASM and PRASM growth (%): Jan-2009 to Jun-2010
• Delta Air Lines passenger unit revenue: Jun-2009 to Jun-2010F
• Delta Air Lines Corporate Revenue Trends: May-2009 to May-2010
• ATA yield growth: Mar-2008 to May-2010
• ATA yield: 12 months moving average
• Select US airlines domestic traffic highlights: Jun-2010
• Select US airlines domestic traffic highlights: 2Q2010
• Select US airlines domestic traffic highlights: 2H2010
• Select US airline load factor (%) and load factor growth (ppts): Jun-2010
• North American carriers’ domestic passenger capacity growth (% change year-on-year): Jun-2010