CAL 3rd Quarter Results

[Furloughed80]

$18 million loss
$2 million profit excluding special charges

For the recent quarter, the Houston-based Continental /quotes/comstock/13*!cal/quotes/nls/cal (CAL 13.73, -2.19, -13.76%) said it lost $18 million, or 14 cents a share, after losing $230 million in the year-earlier quarter. Revenue fell 20% to $3.32 billion.
Excluding $20 million in charges, it earned 2 cents a share. Analysts polled by FactSet had expected a profit of 4 cents a share.
Shares of Continental plunged nearly 14% to close at $13.73. For the year to date the stock is down 24% versus the benchmark Standard & Poor's 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,081, -9.66, -0.89%) , which is up 20% over the same period.
Mainline unit cost fell 21% as the average price for a gallon of jet fuel plunged 48.4% from a year ago. In total, Continental's third-quarter fuel bill fell 51% to $881 million.
However, that was more than offset by falling revenue. Mainline-passenger yields fell nearly 22% in the quarter as the airline slashed airfare to stimulate demand. Mainline traffic for the quarter fell 19% while seat capacity declined 4%.
"Third-quarter results continued to be adversely affected by significant declines in high-yield traffic as business travelers are flying less and purchasing lower-yield economy tickets due to the global recession," the company said in a statement.
There have been some early signs things are changing as premium bookings improved modestly for the quarter with an increase in seven- to 13-day booking, the company said.
"There are a growing number of our corporate accounts that tell us that they're beginning to ease their most Draconian travel restrictions, and some are even permitting travel for internal meetings again," said Chief Operating Officer Jeffery Smisek on a post-earnings call. "Although this is encouraging the yields are still soft."
Cargo revenue in the third quarter of 2009 decreased 28.7% from a year ago, due to reduced freight volume and lower pricing.
For October, Continental forecast a 13% to 15% decline in its passenger unit revenue, and a decline of 14% to 16% for its mainline operations. For September, consolidated unit revenue fell an estimated 18.5% to 19.5%, or 20% to 21% for its mainline operations.
For 2010, the airline expects to increase its year-over-year total seat capacity by 1.5% to 2.5%, driven by its international routes.
Mainline capacity is set to grow by 2% to 3%, the carrier said, with its domestic capacity flat. International mainline capacity is set to grow by 5% to 6%.
For the fourth quarter, Continental forecast fuller planes, with both mainline and consolidated load factors increasing by about 2.9 points versus last year.
Fourth-quarter mainline capacity is expected to come down by 0.7%, or 0.8% on a consolidated basis.
Continental said it expects to end 2009 with $2.4 billion in cash.
Continental is set to join the Star Alliance on Oct. 27, partnering with a group of global airlines that include US Airways /quotes/comstock/13*!lcc/quotes/nls/lcc (LCC 3.87, -0.48, -11.03%) , UAL Corp.'s /quotes/comstock/15*!uaua/quotes/nls/uaua (UAUA 6.92, -0.98, -12.41%) United Airlines, Lufthansa and ANA.
Continental ended the third quarter with $2.54 billion in unrestricted cash, cash equivalents and short-term investments.

 

[samballs]

So they lost 18 millon, a special charge is still money. The acct are allowed to do that so the dumb people will put there 5.00 into a company thinking the company is profitable. But good job losing 18 millon for an airline is reason to celebrate. Look at DL they lose 161 millon and think they did good. The DL pilots think the same way as the dumb people above I talked about.

 

[Ex737Driver]

So they lost 18 millon, a special charge is still money. The acct are allowed to do that so the dumb people will put there 5.00 into a company thinking the company is profitable. But good job losing 18 millon for an airline is reason to celebrate. Look at DL they lose 161 millon and think they did good. The DL pilots think the same way as the dumb people above I talked about.

In CAL's case it's called " hiding the money under the mattress" .

 

[whatitdoing?]

In CAL's case it's called " hiding the money under the mattress" .

Nah, they spend in on worthwhile parties for internet nerds in IAH. Nothing like spending over a million bucks on dudes that have never gotten laid in their lives because they're "afraid" of what they might say about CAL. Oh, thanks for furloughing 147 pilots too.

FUPM BEOTCHES

 

[100/hour/5y]

CAL Sucks... My folks just got back from HKG riding business and the IFE system didn't work on the plane... FA told my folks that was the 2nd trip that month that had the IFE system MEL...

 

[Furloughed80]

CAL Sucks... My folks just got back from HKG riding business and the IFE system didn't work on the plane... FA told my folks that was the 2nd trip that month that had the IFE system MEL...

Hopefully other airlines will start hiring soon and you can move on. You sound miserable. Not a good way to go through life. Good luck!

 

[BRA]

CAL Sucks... My folks just got back from HKG riding business and the IFE system didn't work on the plane... FA told my folks that was the 2nd trip that month that had the IFE system MEL...

That happens so the entire airline sucks?

 

[BID]

CAL Sucks... My folks just got back from HKG riding business and the IFE system didn't work on the plane... FA told my folks that was the 2nd trip that month that had the IFE system MEL...

You work for CAL ! ha dude you really need to get another job, I hear the grass is so much greener everywhere else. Good Luck~

 

[100/hour/5y]

CAL's great.... I can work a 23hour duty day to PKE while the FA's walk off the trip because of the duty day... Only 1 out of 4 pilots informed the Company that he was not willing to waive his Contractual Rights...
The best is on the 756... I get to do 6 crossing a month May-Sep...

 

[lookin4better]

Hopefully the furloughs will be back by April.... interesting to see what happens.