United Airlines works to sustain its recent positive momentum as 2015 approaches. Challenges await

United Airlines has made solid progress in 2H2014 in closing the gap in certain financial metrics with its peers, driven in part by several network changes that, in theory, should continue to lift the airline's revenue performance in 2015.

The big unknown for United as 2014 comes to a close is if 2015 will be the year that its performance rises to the level of its peers on a sustained basis. After failing to meet similar declarations in the past United has understandably shied away from declaring 2015 as the target year for its turnaround.

But as the company continues to improve network utility, keep costs in check and cut debt while improving its balance sheet, United should look back on 2015 as a year of progress as it works to finally achieve the long awaited full merger benefits with Continental.