Excluding items, United reported a fourth-quarter loss of $190 million, or 58 cents a share, in line with estimates. Revenue fell 2.5% to $8.7 billion, also in line with estimates. Hurricane Sandy reduced fourth-quarter capacity by about $140 million and profit by about $85 million.
Including $430 million of special charges, United reported a loss of $620 million, or $1.87 a share.
In the same quarter a year earlier, excluding items, United reported net income of $109 million, or 30 cents a share. Including items, United reported a loss of $138 million, or 42 cents a share.During the quarter, consolidated revenue passenger miles fell 3.2% as capacity fell 4.2%, resulting in a load factor of 82.3%. Passenger revenue per available seat mile gained 0.6% while yield fell 0.4%. PRASM and yield declined in every region except for the Pacific, where PRASM gained 5.9% and yield rose 3.8%. On the cost side, cost per available seat mile excluding fuel and special items rose 4.8%. "While we didn't meet our revenue goals in 2012, we have addressed the integration issues that drove our underperformance," said Jim Compton, vice chairman and chief revenue officer, in a prepared statement. In 2012 "we completed the most difficult aspects of our merger integration," said CEO Jeff Smisek. "With much of our integration behind us, our significantly improved operational performance and our increasing customer satisfaction, we can now go forward as one company." Rivals Delta (DAL) and US Airways (LCC) both reported strong profits in the quarter, while bankrupt AMR (AAMRQ.PK) reported improved results. For the full year, United reported net income excluding special items of $589 million, or $1.59 a share. Including items, the carrier lost $723 million, or $2.18 a share. Follow @tedreednc -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here: Ted Reed
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV