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United reports largest net profit since 1999 in 2Q2010

21-Jul-2010 12:00 PM

United Airlines revenue up 28.4% - consolidated financial/traffic highlights:

  • Three months ended 30-Jun-2010:
    • Total revenue: USD5,161 million, +28.4% year-on-year;
    • Total costs: USD4,727 million, +20.9%;
      • Fuel: USD1,198 million, +80.2%;
      • Labour: USD1,020 million, +5.9%;
      • Landing fees and other rent: USD241 million, +5.2%;
    • Operating profit: USD434 million, +305.6%;
    • Net profit: USD273 million, compared with a profit of USD28 million in p-c-p;
    • Operating cash flow: USD874 million, +120.7%;
    • Passenger numbers: 21.3 million, +1.2%;
    • Load factor: 84.3%, +2.3 ppts;
    • Break-even load factor: 76.5%, -3.1 ppts;
    • Passenger yield: USD 15.41 cents, +23.6%;
    • Passenger revenue per ASM: USD 13.02 cents, +26.9%;
    • Revenue per ASM: USD 14.19 cents, +27.0%;
    • Operating costs per ASM: USD 13.00 cents, +19.6%;
  • Six months ended 30-Jun-2010:
    • Total revenue: USD9,402 million, +22.0%;
    • Total costs: USD8,899 million, +12.9%;
      • Fuel: USD2,156 million, +47.3%;
      • Labour: USD1,968 million, +4.5%;
      • Landing fees and other rent: USD469 million, +4.2%;
    • Operating profit: USD503 million, compared with a loss of USD175 million in p-c-p;
    • Net profit: USD191 million, compared with a loss of USD354 million in p-c-p;
    • Operating cash flow: USD1,356 million, +65.0%;
    • Total cash and cash equivalents: USD4,906 million, +91.2%;
    • Restricted cash: USD250 million, -11.0%;
    • Long-term debt: USD5,936 million, compared with USD6,033 as at 31-Dec-2009;
    • Passenger numbers: 40.1 million, +1.0%;
    • Load factor: 82.4%, +3.4 ppts;
    • Break-even load factor: 77.6%, -3.3 ppts;
    • Passenger yield: USD 15.02 cents, +18.2%;
    • Passenger revenue per ASM: USD 12.41 cents, +23.4%;
    • Revenue per ASM: USD 13.56 cents, +23.3%;
    • Operating costs per ASM: USD 12.84 cents, +14.1%. [more]

United Airlines: “The company expects both mainline and consolidated CASM, excluding fuel, profit sharing and certain accounting charges for the full year 2010 to be up 2.0% to 3.0% year-over-year. The company expects consolidated CASM, excluding fuel, profit sharing and certain accounting charges for the third quarter 2010 to be up 3.3% to 4.3% year-over-year,” Company statement. Source: United Airlines, 20-Jul-2010.