Excluding items, the world's largest airline reported net income of $521 million, or $1.35 a share, in line with estimates. Revenue rose 0.6% to $10 billion, also in line with estimates.
With items, primarily $52 million of special charges, United earned $469 million, up 38% from the same period a year earlier, or $1.21 a share.
During the quarter, passenger revenue per available seat mile grew 1%, which led the industry. Domestic PRASM was flat, while Atlantic PRASM grew 6.1%. Pacific PRASM fell 3.4% and Latin America PRASM fell 0.5%.Yield rose 0.6%. On the cost side, cost per available seat mile excluding fuel and special items, rose 4.5%. Consolidated capacity declined 2.1%. Fuel expense totaled $3.07 billion, down from $3.4 billion a year earlier. "I am encouraged by the progress we made in the second quarter -- in our operations, in our customer service and in our financial performance," said CEO Jeff Smisek, in a prepared statement. Follow @tedreednc -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here: Ted Reed
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts