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| Days sales outstanding, days inventory outstanding, days payables outstanding, and days working capital in 36 industry sectors. |
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CFO Staff,
CFO Magazine
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For a fuller discussion of working capital, return to the article "Barely Working: The 2003 Working Capital Survey"
Working Capital in 36 Industry Sectors
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| AIRLINES |
| COMPANY |
DSO |
DIO |
DPO |
DWC |
ROCE |
| 2002 |
QRT |
CHANGE |
2002 |
QRT |
CHANGE |
2002 |
QRT |
CHANGE |
2002 |
QRT |
CHANGE |
2002 |
CHANGE |
| DELTA AIR LINES |
16* |
2 |
+4% |
4 |
1 |
-28% |
53 |
1 |
+24% |
-32 |
1 |
-53%(i) |
-10.8% |
+3% |
| CONTINENTAL AIRLINES |
17 |
3 |
-0% |
11 |
3 |
-3% |
40 |
1 |
-2% |
-13 |
1 |
+2%(d) |
22.6% |
-3% |
| ALASKA AIR GROUP |
16 |
2 |
+9% |
13 |
3 |
+6% |
23 |
3 |
+14% |
5 |
2 |
-15% |
15.6% |
+4% |
| AMR |
19 |
3 |
-33% |
13 |
4 |
-16% |
25 |
2 |
-26% |
6 |
2 |
-30% |
-26.5% |
-9% |
| EXPRESSJET HOLDINGS |
1 |
1 |
-70% |
9 |
2 |
-36% |
3 |
4 |
-52% |
7 |
3 |
-33% |
29.3% |
+35% |
| US AIRWAYS GROUP |
12 |
1 |
-4% |
10 |
2 |
+9% |
12 |
3 |
-55% |
10 |
3 |
N/M |
N/M |
N/M |
| NORTHWEST AIRLINES |
26 |
4 |
+30% |
16 |
4 |
-6% |
25 |
2 |
-2% |
16 |
4 |
+48% |
-16.8% |
-1% |
| UAL |
21 |
4 |
-15% |
8 |
1 |
+6% |
7 |
4 |
-75% |
21 |
4 |
+751% |
N/M |
N/M |
| Sector Averages |
17 |
|
-10% |
10 |
|
-7% |
26 |
|
-19% |
1 |
|
-121% |
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DSO: Days Sales Outstanding
DIO: Days Inventory Outstanding
DPO: Days Payable Outstanding
DWC: Days Working Capital
ROCE: Return on Capital Employed
QRT: Quartile
* Securitized assets added back on the balance sheet.
N/M: Not meaningful
(i): Improvement in DWC
(d): Deterioration in DWC
Source: REL Consultancy Group
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