News Summary: Tax item clips US Airways' 2Q profit

Tax item sends US Airways to 6 percent decline in 2Q profit; could be last report

Associated Press

SMALLER PROFIT: US Airways Group Inc.'s second-quarter profit fell 6 percent due partly to a declining tax allowance for carrying over past losses.

BEATS EXPECTATIONS: The results, minus special items, still beat Wall Street expectations. Adjusted profit was $1.58 per share, beating analysts' forecast of $1.52 per share.

LAST HURRAH: It may have been the Tempe, Ariz.-based company's last quarterly earnings report before it completes a proposed merger with American Airlines parent AMR Corp. Antitrust regulators are still reviewing the deal.

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