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United Reports Second Quarter Profit, Largest Since 1999July 21, 2010 By: George Dooley
UAL Corporation, the holding company for United Airlines, reported results for the second quarter ending June 30, including its first quarterly profit since 2007 with a second quarter net profit of $430 million an improvement of $751 million from second quarter 2009. The company reported a GAAP net profit of $273 million.
"We are pleased to report a significant net profit improvement in the quarter along with excellent operational results across the company," said Glenn Tilton, UAL Corporation chairman, president and CEO. "The United team continues to execute across our critical operating, service and financial metrics and this strong performance builds momentum that we take into our planned merger with Continental Airlines later this year."
UAL also reported a 26.9 percent year-over-year increase in consolidated passenger revenue per available seat mile (PRASM) for the second quarter with double digit growth rates across all regions. An increase in consolidated capacity of 1.1 percent year-over-year was also reported.
UAL also said it generated a strong operating cash flow of $874 million and free cash flow of $801 million in the second quarter, and closed the quarter with a total cash balance of $5.2billion, including unrestricted cash of $4.9 billion.
UAL also accrued $63 million for profit sharing based on year-to-date pre-tax profitability, and paid $315 in incentive compensation to each eligible front-line employee based on strong operational and customer satisfaction performance in the second quarter. United also ranked number one in on-time arrivals among the five largest U.S. global carriers for the first six months of 2010 based on preliminary information.
Integration planning with Continental is under way and UAL said it expects to close the transaction by year-end.