UAL net loss shrinks in the fourth quarter
CHICAGO (Reuters) - UAL Corp (UAUA.O), parent of No. 2 U.S. carrier United Airlines, on Tuesday posted a quarterly loss on soaring fuel prices as winter weather forced the cancellation of more than 1,100 flights.
The company said its fourth-quarter loss amounted to $53 million, or 47 cents per share, compared with $61 million, or 55 cents per share, a year earlier.
The company reported an operating loss of $64 million for the fourth quarter.
The carrier, which reportedly is in merger talks with Delta Air Lines (DAL.N), said quarterly revenue was $5.03 billion, a 9.7 percent increase over the same period a year ago.
UAL and its rival airlines are struggling to extend a recovery that began in 2006 after a years-long downturn. But record-high fuel prices and a softening U.S. economy have put the recovery in jeopardy.
UAL's fuel bill rose 25.7 percent in the quarter to $1.43 billion. The company said its mainline costs excluding fuel and special items increased 9.2 percent.
The company ended the fourth quarter with an unrestricted cash and short-term investments balance of $3.6 billion.
(Reporting by Kyle Peterson, editing by Maureen Bavdek)
01/22/08 08:29 ET
CHICAGO (Reuters) - UAL Corp (UAUA.O), parent of No. 2 U.S. carrier United Airlines, on Tuesday posted a quarterly loss on soaring fuel prices as winter weather forced the cancellation of more than 1,100 flights.
The company said its fourth-quarter loss amounted to $53 million, or 47 cents per share, compared with $61 million, or 55 cents per share, a year earlier.
The company reported an operating loss of $64 million for the fourth quarter.
The carrier, which reportedly is in merger talks with Delta Air Lines (DAL.N), said quarterly revenue was $5.03 billion, a 9.7 percent increase over the same period a year ago.
UAL and its rival airlines are struggling to extend a recovery that began in 2006 after a years-long downturn. But record-high fuel prices and a softening U.S. economy have put the recovery in jeopardy.
UAL's fuel bill rose 25.7 percent in the quarter to $1.43 billion. The company said its mainline costs excluding fuel and special items increased 9.2 percent.
The company ended the fourth quarter with an unrestricted cash and short-term investments balance of $3.6 billion.
(Reporting by Kyle Peterson, editing by Maureen Bavdek)
01/22/08 08:29 ET
