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United Continental Holdings net profit down 12% in 2Q2011

22-Jul-2011 1:28 PM

United Continental Holdings revenue up 10% - prof forma financial highlights:

  • Three months ended 30-Jul-2011:
    • Operating revenue: USD9809 million, +10.3% year-on-year;
    • Operating costs: USD9001 million, +12.1%;
      • Fuel*: USD3227 million, +30.2%;
      • Labour: USD1916 million, +1.9%;
    • Operating profit: USD808 million, -6.3%;
    • Net profit: USD538 million, -11.9%;
    • Passenger numbers: 37.0 million, -1.7%;
    • Passenger load factor: 83.4%, -1.0 ppt;
    • Average yield: USD 15.87 cents, +10.3%;
    • Passenger revenue per ASM: USD 13.24 cents, +9.0%;
    • Total revenue per ASM: USD 15.09 cents, +9.2%;
    • Cost per ASM**: USD 13.85 cents, +11.0%;
    • Cost per ASM excl fuel and special items: USD 8.66 cents, +2.2%;
  • Six months ended 30-Jun-2011:
    • Operating revenue: USD18,011 million, +10.6%;
    • Operating costs: USD17,169 million, +11.7%;
      • Fuel*: USD5899 million, +29.4%;
      • Labour: USD3722 million, +2.3%;
    • Operating profit: USD842 million, -8.5%;
    • Net profit: USD325 million, -24.1%;
    • Passenger numbers: 69.6 million, -2.05;
    • Passenger load factor: 80.9%, -1.4 ppt;
    • Average yield: USD 15.60 cents, +11.3%;
    • Passenger revenue per ASM: USD 12.62 cents, +9.5%;
    • Total revenue per ASM: USD 14.39 cents, +9.3%;
    • Cost per ASM**: USD 13.72 cents, +10.4%;
    • Cost per ASM excl fuel and special items: USD 8.83 cents, +2.2%;
    • Unrestricted cash, cash equivalents and short-term investments: USD8600 million;
  • 3Q2011 outlook:
    • Capacity (ASMs): -1.0% to stable;
      • Mainline: -1.2% to -0.2%;
    • Cost per ASM excl profit sharing: USD 13.42 cents to USD 13.50 cents, +11.8% to +12.4%;
      • Mainline: USD 12.61 cents to USD 12.69 cents, +12.1% to +12.8%;
    • Capital expenditure: USD290 million;
  • FY2011 outlook:
    • Capacity (ASMs): -0.8% to +0.2%;
      • Mainline: -0.8% to +0.2%;
    • Cost per ASM excl profit sharing: USD 13.63 cents to USD 13.71 cents, +10.5% to 11.1%;
      • Mainline: USD 12.77 cents to USD 12.85 cents, +10.5% to +11.2%;
    • Capital expenditure: USD1000 million;
    • Fleet: 1261 aircraft, -1 aircraft;
      • Mainline: 703 aircraft, -7 aircraft;
      • Regional: 558 aircraft, +6 aircraft. [more]

*UAL's results of operations include fuel expense for both mainline and regional operations
**Includes impact of special items

United Continental: “Compared to the same period last year, for the next six weeks, mainline domestic advance booked seat factor is up 2.7 points, mainline international advance booked seat factor is down 1.4 points, mainline Atlantic advance booked seat factor is down 5.4 points, mainline Pacific advance booked seat factor is down 1.2 points and mainline Latin America advance booked seat factor is up 1.5 points. Regional advance booked seat factor is up 0.7 points,” Company statement. Source: United Continental, 21-Jul-2011.