UAL reports qtr loss on weak demand

RedDogC130

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Reported a first quarter net loss of $579 million or $4.00 per share excluding non-cash, net mark-to-market hedge gains and certain accounting charges outlined in note 6 of the attached statement of consolidated operations. The company reported a GAAP loss of $382 million or $2.64 per share, including these items.
Reported an 11.1% decline year-over-year in first quarter consolidated passenger unit revenue per available seat mile (PRASM), at the top end of the guidance range we provided in March.
Maintained its momentum on cost control, with mainline non-fuel unit cost per available seat mile (CASM) for the quarter, excluding certain accounting charges, down 1.1% year-over-year despite a reduction in mainline capacity of 13.1% year-over-year. Mainline CASM including fuel and excluding non-cash, net mark-to-market fuel hedge gains and certain accounting charges was down 11.2% year-over-year. GAAP mainline unit cost, including these items, was down 13.1%.
Reduced its full-year outlook for mainline non-fuel CASM, excluding profit sharing programs and certain accounting items, to an increase of only 1.0% to 2.0% year-over-year - a reduction of approximately $150 million from prior company guidance. The company also reduced its non-aircraft capital expenditure plan for 2009 by $100 million, from $450 million to $350 million.
Saved $729 million, or 38.7%, in consolidated fuel costs year-over-year, including the impact of settled hedge losses reported in fuel expense. On a cash basis, including collateral returns on all settled hedges, the company saved $982 million in fuel expense.
Raised nearly $500 million in new cash in the first quarter through various transactions, including aircraft and engine financings, airport facility relocations, equity issuances and asset sales.
Closed the quarter with a solid unrestricted cash balance of $2.5 billion, restricted cash of $255 million, and total cash of $2.7 billion. In addition, fuel hedge collateral was $570 million
 

Sonny Crockett

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Of course the company will spin it somehow they're doing all the right things, reducing capacity to meet market demand blah, blah. Their is much more work to be done, blah blah. Finally, if you want us to stay around to lose more money you'll have to pay us. Since management and the BOD's have each others room key, bonuses can be expected. As the famous Don King once said, "only in america!".
 

Sonny Crockett

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Our Contract is up 12/31/2009

UAL will not show any signs of improvement, but noticed how our CASH position is getting bigger.
 

ATRCA

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What was the loss a year ago? Wasn't it quite a bit more? I'm thinking this loss isn't all that bad considering some of the staggering numbers UAL has posted in the past. I think I can remember quarterly losses that exceeded 1 billion......correct?
 

Sonny Crockett

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EIGHT YEARS of BAD NEWS!

When will it end?
 

RedDogC130

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So you date a woman weighing 350lbs last year but broke up with her...now you are dating a women who weighs 300lbs....I guess you are improving...right?
 

Schwanker

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So you date a woman weighing 350lbs last year but broke up with her...now you are dating a women who weighs 300lbs....I guess you are improving...right?
It depends--how bad is her a$$ saturated with pimples?
 
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