UAL Corporation, the holding company for United Airlines, reported results for the first quarter ending March 31, including an operating profit of $58 million, excluding special items. UAL said it was the first operating profit in the first quarter since 2000. The company reported a generally accepted accounting principles (GAAP) operating profit of $69 million.
UAL also reported a first quarter net loss of $92 million, excluding special items, narrowing its net loss by $479 million compared to the first quarter of 2009. The company reported a GAAP net loss of $82 million.
"We are pleased to report an operating profit in what is traditionally a weak quarter for United compared to our peers, clearly reflective of our commitment to drive systemic improvements that are delivering results across the company," said Glenn Tilton, UAL Corporation chairman, president and CEO. "We are committed to margin leadership, having produced the best net margin of the five major carriers this quarter, and are doing the work to put our company on the path to sustained profitability."