United Announces $545 Million Second-Quarter Profit

United Continental Holdings, Inc. reports second-quarter 2012 net income of $545 million, excluding $206 million of net special charges. Including special charges, UAL reported second-quarter 2012 net income of $339 million.

UAL second-quarter consolidated passenger revenue increased 2.3 percent year-over-year. Second-quarter consolidated passenger revenue per available seat mile (PRASM) increased 3.0 percent compared to the same period in 2011.

Second-quarter consolidated fuel expense increased 5.6 percent, or $181 million, year-over-year.

For the second quarter of 2012, total revenue was $9.9 billion, an increase of 2.4 percent year-over-year excluding special items. Including special items in 2011, second-quarter total revenue increased 1.3 percent year-over-year. Second-quarter consolidated passenger revenue rose 2.3 percent to $8.8 billion, compared to the same period in 2011.

Consolidated revenue passenger miles (RPMs) increased 0.5 percent on a consolidated capacity (available seat miles) decrease of 0.6 percent year-over-year for the second quarter, resulting in a second-quarter consolidated load factor of 84.3 percent.

"We had a solid quarter during which we strengthened our balance sheet, invested in our business, and generated a return in excess of our cost of capital," said John Rainey, UAL's executive vice president and chief financial officer.''

United recorded a U.S. Department of Transportation domestic on-time arrival rate of 76.4 percent.

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