United Airlines (UAL) reports third-quarter 2013 net income of $590 million, an increase of 13.5 percent year-over-year excluding $211 million of special charges. Including special charges, UAL reported third-quarter 2013 net income of $379 million.
Highlights of the United report include:
• UAL generated $10.2 billion of revenue in the third quarter of 2013.
• United's consolidated passenger revenue per available seat mile (PRASM) increased 2.7 percent in the third quarter compared to the third quarter of 2012.
• Third-quarter consolidated unit costs (CASM), holding fuel rate and profit sharing constant and excluding special charges and third-party business expense, increased 3.6 percent year-over-year on a consolidated capacity (available seat miles) reduction of 1.1 percent. Third-quarter consolidated CASM increased 1.2 percent year-over-year.
• United's third-quarter consolidated fuel efficiency (gallons per available seat mile) improved 1.1 percent year-over-year, due primarily to replacing older aircraft with highly efficient new Boeing 737-900ERs and Boeing 787 Dreamliners.
• UAL ended the third quarter with $6.7 billion in unrestricted liquidity.
"We have significantly improved our operations, customer service and product, and are now competitive on all those dimensions. I want to thank my co-workers as we work together to deliver on our promise of making United flyer friendly," said Jeff Smisek, chairman, president and chief executive officer. "However, we are not satisfied with our financial performance, and are taking prompt actions to increase our revenue and operate more efficiently across the company."