.... you F'n MORONS
UAL reports $1.3 billion 4Q loss
Wednesday January 21, 9:16 am ET
By Joshua Freed, AP Airlines Writer United Airlines parent UAL reports $1.3 billion 4Q loss on operations and fuel hedges
MINNEAPOLIS (AP) -- United Airlines parent UAL Corp. on Wednesday said it lost $1.3 billion in the fourth quarter because of operating losses and fuel-price bets that turned sour as oil prices fell. Without the bad hedges, results were better than analysts had expected. The Chicago-based carrier also said it would lay off another 1,000 salaried and management staff by the end of this year, in addition to the 1,500 it had already announced. United began 2007 with some 9,000 people in those positions. Glenn Tilton, United's chairman, president, and CEO, told workers in an e-mail on Wednesday that the layoffs are necessary because of reduced capacity and demand.
UAL said it lost $9.91 per share, compared with a loss of $53 million, or 47 cents per share, during the same period last year. UAL reported revenue of $4.55 billion, down 9.6 percent from $5.03 billion during the same period last year.
United said without the hedging and other accounting charges, it would have lost $547 million for the quarter, or $4.22 per share.
Analysts surveyed by Thomson Reuters expected UAL to lose $4.42 per share for the fourth quarter, on revenue of $4.54 billion.
The hedging loss included $370 million in cash for fuel hedges that settled during the quarter. It also had to record non-cash charges of $566 million on fuel hedges that show a loss but have not yet settled. Oil prices whipsawed airlines during 2008. Hedges that looked like a good bet when oil hit $147 per barrel in July have gone terribly wrong for United and other airlines as oil prices fell. On Wednesday oil was trading around $41 per barrel in Europe
UAL reports $1.3 billion 4Q loss
Wednesday January 21, 9:16 am ET
By Joshua Freed, AP Airlines Writer United Airlines parent UAL reports $1.3 billion 4Q loss on operations and fuel hedges
MINNEAPOLIS (AP) -- United Airlines parent UAL Corp. on Wednesday said it lost $1.3 billion in the fourth quarter because of operating losses and fuel-price bets that turned sour as oil prices fell. Without the bad hedges, results were better than analysts had expected. The Chicago-based carrier also said it would lay off another 1,000 salaried and management staff by the end of this year, in addition to the 1,500 it had already announced. United began 2007 with some 9,000 people in those positions. Glenn Tilton, United's chairman, president, and CEO, told workers in an e-mail on Wednesday that the layoffs are necessary because of reduced capacity and demand.
UAL said it lost $9.91 per share, compared with a loss of $53 million, or 47 cents per share, during the same period last year. UAL reported revenue of $4.55 billion, down 9.6 percent from $5.03 billion during the same period last year.
United said without the hedging and other accounting charges, it would have lost $547 million for the quarter, or $4.22 per share.
Analysts surveyed by Thomson Reuters expected UAL to lose $4.42 per share for the fourth quarter, on revenue of $4.54 billion.
The hedging loss included $370 million in cash for fuel hedges that settled during the quarter. It also had to record non-cash charges of $566 million on fuel hedges that show a loss but have not yet settled. Oil prices whipsawed airlines during 2008. Hedges that looked like a good bet when oil hit $147 per barrel in July have gone terribly wrong for United and other airlines as oil prices fell. On Wednesday oil was trading around $41 per barrel in Europe
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