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UAL Corporation Reports Year-Over-Year Pre-Tax Income Growth Of 127% For The Third Quarter Of 2007
CHICAGO, October 23, 2007 – UAL Corporation (NASDAQ: UAUA), the holding company whose primary subsidiary is United Airlines, reported pre-tax income of $565 million for the third quarter ended September 30, 2007. Pre-tax income, excluding special items, was $498 million, $279 million or 127 percent higher than the same period in 2006. The company:
- Reported basic and diluted earnings per share (EPS) of $2.82 and $2.21 respectively. Excluding special items, basic and diluted EPS were $2.49 and $1.96 respectively. Diluted EPS excluding special items increased 75 percent versus last year.
- Increased year-over-year mainline passenger unit revenue by 10.6 percent and by 9.7 percent excluding special items through its capacity discipline and aggressive revenue management.
- Continued its focus on controlling costs, with operating expenses increasing only 0.6 percent versus the prior year.
- Generated operating cash flow of $342 million, a 161 percent year-over-year improvement. Maintained a cash and short-term investments balance of $5.0 billion at September 30, 2007, including $788 million of restricted cash, despite debt reductions during the quarter.
- Strengthened its balance sheet by reducing total debt by $210 million during the quarter.
- Was awarded a new direct route to China, making United the first U.S. carrier to offer daily, nonstop service between San Francisco and Guangzhou.
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