United Announces Full-Year and Fourth-Quarter 2013 Profit

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By TESTCustomwebLP TESTCustomwebLP January 24, 2014 11:54

United Announces Full-Year and Fourth-Quarter 2013 Profit

United Airlines (UAL) has reported full-year 2013 net income of $1.084 billion, an increase of 84% year-over-year, or $2.84 per diluted share, excluding $513 million of special charges. Including special charges, UAL reported full-year 2013 net income of $571 million, or $1.53 per diluted share. UAL reported fourth-quarter 2013 net income of $298 million, or $0.78 per diluted share, excluding $158 million of special charges. Including special charges, UAL reported fourth-quarter 2013 net income of $140 million, or $0.37 per diluted share.

“We significantly improved our operations, customer service and financial results in 2013 thanks to the outstanding work of the United team,” said Jeff Smisek, UAL’s chairman, president and chief executive officer. “Our goals for 2014 are to provide even more reliable operations, great customer service and materially better financial performance.”

For the fourth quarter of 2013, total revenue was $9.3 billion, an increase of 7.2% year-over-year. Fourth-quarter consolidated passenger revenue increased 5.9% to $8.0 billion, compared to the same period in 2012. Other revenue in the fourth quarter increased 22.2% year-over-year to $1.1 billion, in large part due to an agreement to sell jet fuel to a third party. Ancillary revenue per passenger in the fourth quarter increased 15% year-over-year to nearly $21 per passenger. Fourth-quarter cargo revenue decreased 9.5% versus the fourth quarter of 2012 to $220 million.

Consolidated revenue passenger miles (RPMs) increased 2.7% on a consolidated capacity (available seat miles) increase of 2.6% year-over-year for the fourth quarter, resulting in a fourth-quarter consolidated load factor of 82.4%.

Fourth-quarter 2013 consolidated PRASM increased 3.2 percent compared to the same period in 2012. Consolidated yield for the fourth quarter of 2013 increased 3.0 percent year-over-year.

“Our employees delivered improved operational performance in 2013, and our customer satisfaction scores increased throughout the year,” said Jim Compton, UAL’s vice chairman and chief revenue officer. “We are growing our revenue by building on the strengths of our leading route network and leveraging the investments we’ve made in our fleet, product and technology.”

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By TESTCustomwebLP TESTCustomwebLP January 24, 2014 11:54
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