United Airlines Reports $1.1 Billion 2013 Profit

united airlinesUnited Airlines (UAL) reports full-year 2013 net income of $1.084 billion, an increase of 84 percent year-over-year, excluding $513 million of special charges. Including special charges, UAL reported full-year 2013 net income of $571 million.

UAL also reported fourth-quarter 2013 net income of $298 million, 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.

RELATED: United Airlines Aims for $2 Billion in Cost Savings

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Highlights of United's performance, include:

  • UAL earned a 10.0 percent return on invested capital in 2013.
  • UAL generated $38.3 billion of revenue in 2013, an increase of 3.0 percent year-over-year.
  • United's consolidated passenger revenue per available seat mile (PRASM) increased 3.1 percent in 2013 compared to 2012.
  • Full-year 2013 consolidated unit costs (CASM), holding fuel rate and profit sharing constant and excluding special charges and third-party business expense, increased 3.8 percent year-over-year on a consolidated capacity reduction of 1.4 percent. Full-year 2013 consolidated CASM increased 1.2 percent year-over-year.
  • UAL ended 2013 with $6.1 billion in unrestricted liquidity.
  • Employees earned $190 million in profit sharing for full-year 2013, which will be distributed on Feb. 14.

RELATED: United Offers Premium-Cabin Flat-Bed Seats On Transcontinental Flights

"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."

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