Earnings Preview: US Airways

US Airways Group Inc. reports its second-quarter earnings Thursday. The following is a summary of key developments and analyst opinion related to the period.

OVERVIEW: The past few months have been all about raising money, at US Airways as well as other airlines. A few days before the quarter ended on Sept. 30, US Airways said it raised $137.3 million from a stock offering. Earlier this month (after the quarter ended) it also gave 10 Embraer 190 jets to Republic Airways Holdings as payment for a $35 million loan.

Meanwhile, though, airline yields continued to fall. The Air Transport Association said Monday that domestic yields across the industry fell 16.6 percent in September. That's a key measure of how much each passenger pays to fly each mile. And the drop suggests that despite some recent small fare hikes, airlines are still keeping fares relatively low to fill seats.

During the third quarter, the Tempe, Ariz.-based carrier saw traffic fall 3.4 percent. It reduced capacity by about the same amount, 3.5 percent.

BY THE NUMBERS: As of Tuesday, the average of analysts surveyed by Thomson Reuters was for a loss of 94 cents per share on revenue of $2.71 billion.

ANALYST TAKE: JP Morgan analyst Jamie Baker wrote on Oct. 9 that the airline industry had raised $3.9 billion in new money, "extinguishing any lingering bankruptcy concerns for now. But raising money has long been this sector's forte, and meaningful upheaval seems to have been averted again, with the industry apparently no closer to generating what we consider to be acceptable returns on capital."

WHAT'S AHEAD: Investors will be watching for any sign of improving demand from business travelers. There have been conflicting signals so far, with Southwest Airlines Co. saying it does not expect a rebound soon, while a United Airlines executive said Tuesday that there are early signs of an improvement in business and premium travel.

STOCK PERFORMANCE: US Airways shares nearly doubled during the quarter, to $4.70, after finishing the second quarter at $2.43. On Tuesday they traded at $4.34. Their 52-week high is $11.24.