Virgin America reports third quarter 2015 earnings

Virgin America reported its financial results for the third quarter of 2015. Net income was US$73.0m excluding special items, an increase of US$31.3m from the third quarter of 2014. Operating income and operating margin excluding special items were US$75.0m and 18.2%, respectively. Total operating revenue was US$410.9m, an increase of 1.3% over third quarter of 2014. Passenger revenue per available seat mile (PRASM) decreased 2.7% compared to the third quarter 2014, to 11.05 cents. Year-over-year PRASM decline was driven by a 1.0 point decrease in load factor and a 1.8% decrease in yield. Total RASM decreased 1.6% year-over-year. On a GAAP basis, net income was US$71.9m. Operating income and operating margin on a GAAP basis were US$73.9m and 18.0%, respectively. Fully diluted earnings per share excluding special items was $1.64. On a GAAP basis, fully diluted earnings per share was $1.61.