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UAL Corp. (UAUA) filed Quarterly Report for the period ended 2011-09-30.
Ual Corp. has a market cap of $1.49 billion; its shares were traded at around $0 .
This is the annual revenues and earnings per share of UAUA over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of UAUA.
Highlight of Business Operations:
UAL recorded net income of $653 million in the third quarter of 2011 as compared to net income of $387 million in the third quarter of 2010. Excluding special items, UAL had net income of $773 million in the third quarter of 2011 as compared to net income of $473 million in the third quarter of 2010. See “Reconciliation of GAAP to non-GAAP Financial Measures” at the end of this item for additional information related to non-GAAP financial measures. We consider a key measure of our performance to be operating income, which was $935 million for the third quarter of 2011, as compared to $541 million for the third quarter of 2010. Significant components of our operating results for the three months ended September 30 are as follows (in millions, except percentage changes):UAL recorded net income of $978 million in the nine months ended September 30, 2011 as compared to net income of $578 million in the nine months ended September 30, 2010. Excluding special items, UAL had net income of $1.2 billion in the nine months ended September 30, 2011 as compared to net income of $811 million in the nine months ended September 30, 2010. See “Reconciliation of GAAP to non-GAAP Financial Measures” at the end of this item for additional information related to non-GAAP financial measures. We consider a key measure of our performance to be operating income, which was $1.8 billion for the nine months ended September 30, 2011, as compared to $1.1 billion for the nine months ended September 30, 2010.
United had net income of $415 million and $536 million in the three and nine months ended September 30, 2011, respectively, as compared to net income of $399 million and $606 million in the three and nine months ended September 30, 2010, respectively. Excluding the impact of the merger on UAL’s results of operations, United’s results of operations were consistent with UAL’s results discussed above. Prior to the merger, United was UAL’s only significant operating subsidiary. As compared to the third quarter of 2010, United’s consolidated revenue increased $438 million, or 8%, to $5.9 billion for the three months ended September 30, 2011. Similarly, United’s consolidated revenue increased $1.2 billion, or 8%, to $16.1 billion for the nine months ended September 30, 2011 as compared to the year-ago period. These increases were primarily due to year-over-year capacity discipline, which in turn resulted in higher average fares, as discussed in UAL’s results of operations above. Average fares were also higher due to fare increases implemented in response to higher fuel prices.
Aircraft fuel expense increased 27% and 25% in the three and nine months ended September 30, 2011, respectively, as compared to the year-ago period, which was primarily driven by increased market prices for aircraft fuel, as highlighted in the fuel table in Operating Expenses, above. Fuel hedge (gains) losses were $(90) million and $72 million in the three months ended September 30, 2011 and 2010, respectively, and $(427) million and $107 million for the nine months ended September 30, 2011 and 2010, respectively. Hedge gains were higher as a result of increases in the price of fuel above the prices in United’s hedge contracts.
United’s nonoperating expense increased $12 million, or 8%, in the third quarter of 2011 as compared to the year-ago period, and increased $20 million, or 4%, in the nine months ended September 30, 2011 as compared to 2010. Excluding the merger impact discussed above, United’s interest expense is consistent with UAL’s interest expense, except for approximately $5 million of interest expense from UAL’s $345 million 6% Senior Convertible Notes due 2029 that are not outstanding at United.
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