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United Continental Holdings, INC. Announces Third-Quarter 2011 Profit27. ockober 2011 12:36 | Business
United Continental Holdings, Inc. today reported third-quarter 2011 net income of $773 million or $2.00 per diluted share, excluding $120 million of net special items consisting primarily of integration-related costs. On a GAAP basis, UAL reported third-quarter 2011 net income of $653 million or $1.69 per diluted share.
UAL consolidated passenger revenue increased 9.2 percent in the third quarter of 2011 compared to the pro forma results for the same period in 2010. Third-quarter 2011 consolidated passenger revenue per available seat mile (PRASM) increased 10.1 percent compared to the pro forma results year-over-year.
Third-quarter 2011 consolidated fuel expense, excluding the impact of hedges, increased 41.3 percent, or $1.0 billion, year-over-year on a pro forma basis. During the quarter, WTI crude oil prices decreased while jet fuel prices remained high, which resulted in a $56 million charge related to fuel hedge ineffectiveness, which the company recorded in non-operating expense.
UAL ended the third quarter with $8.4 billion in unrestricted cash, cash equivalents and short-term investments.
"Our solid financial performance in the third quarter was due to the hard work and focus of my co-workers," said Jeff Smisek, UAL's president and chief executive officer. "Our merger integration is going well as we approach two significant milestones: our single operating certificate, which we expect to achieve by the end of this year, and our single passenger service system, which we expect to implement by the end of the first quarter of next year."
UAL results for the third quarter include the financial results of its two operating subsidiaries, United Airlines and Continental Airlines. Prior to the merger on Oct. 1, 2010, UAL results included only the financial results of United. Pro forma results that consolidate the financial results for Continental for the third-quarter 2010 and nine months ended Sept. 30, 2010, are included for meaningful year-over-year comparisons.
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