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United Reports $545m 2Q12 Profit Excluding Special Charges

United Reports $545m 2Q12 Profit Excluding Special Charges

United Continental Holdings, Inc has reported second-quarter 2012 net income of $545 million or $1.41 per diluted share, excluding $206 million of net special charges. Including special charges, UAL reported second-quarter 2012 net income of $339 million or $0.89 per diluted share.

  • UAL second-quarter consolidated passenger revenue increased 2.3% year-over-year. Second-quarter consolidated passenger revenue per available seat mile (PRASM) increased 3.0% compared to the same period in 2011.
  • Second-quarter consolidated fuel expense increased 5.6%, or $181 million, year-over-year.
  • Consolidated unit costs (CASM) holding fuel rate and profit sharing constant and excluding special charges and third-party business expense for second-quarter 2012 increased 2.1% year-over-year. Second-quarter consolidated CASM increased 4.6% year-over-year.
  • UAL ended the second quarter with $8.2 billion in unrestricted liquidity.
  • UAL accrued $54 million for profit sharing, based on year-to-date profitability.

United

“I want to thank my co-workers for all they did to help us earn a profit this quarter,” said Jeff Smisek, UAL’s President and Chief Executive. “While we still have work to do, we are making the right investments in our future, and we look forward to delivering the benefits of those investments to our customers around the globe.”

Second-Quarter Revenue and Capacity

For the second quarter of 2012, total revenue was $9.9 billion, an increase of 2.4% year-over-year excluding special items. Including special items in 2011, second-quarter total revenue increased 1.3% year-over-year. Second-quarter consolidated passenger revenue rose 2.3% to $8.8 billion, compared to the same period in 2011.

Consolidated revenue passenger miles (RPMs) increased 0.5% on a consolidated capacity (available seat miles) decrease of 0.6% year-over-year for the second quarter, resulting in a second-quarter consolidated load factor of 84.3%.

Consolidated yield for the second quarter of 2012 increased 1.8% year-over-year. Second-quarter 2012 consolidated PRASM increased 3.0% compared to the same period in 2011.

Mainline RPMs in the second quarter of 2012 increased 0.5% on a mainline capacity decrease of 0.2% year-over-year, resulting in a second-quarter mainline load factor of 84.7%. Mainline yield for the second quarter of 2012 increased 1.0% compared to the same period in 2011. Second-quarter 2012 mainline PRASM increased 1.8% year-over-year.

“We continued redeploying domestic aircraft in the second quarter and are pleased with the early financial results on those routes,” said Jim Compton, UAL’s Executive Vice President and Chief Revenue Officer. “Our extensive fleet and industry-leading global network enable us to reallocate aircraft to provide customers with more options.”

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NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 50 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 40 years.

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