by Michael J. Shapiro | January 23, 2013

Buoyed by a fourth-quarter profit more than twice that of a year ago, US Airways reported its highest ever annual profit on Wednesday. The airline's 2012 net profit was $537 million excluding special items, a 384 percent increase over that of 2011. Fourth-quarter net profit was $46 million, vs. a $21 million fourth-quarter net profit a year ago. "We couldn't be happier with the performance of US Airways in 2012," said chairman and CEO Doug Parker. "Our 32,000 hard-working team members did a phenomenal job of running a safe and reliable airline for our customers and these record financial results are the result of their efforts." The airline also scored record highs in on-time performance, completion factor and baggage handling, Parker added. US Airways stock increased 166 percent in 2012.