Updated from 7:26 a.m. EDT
United Airlines parent UAL (UAUA Quote) reported a first-quarter loss that was little changed from a year ago and said it will now focus on improvements that include cutting expenses by $700 million annually.
The nation's second-largest airline, which emerged from bankruptcy protection on Feb. 1, said that excluding reorganization items it lost $306 million during the quarter ended March 31, compared with a loss of $302 million in the same quarter a year earlier. Revenue totaled $4.47 billion, up 14% from $3.92 billion a year earlier.
On an operating basis, United reported a first-quarter loss of $171 million, a $79 million improvement over last year despite a $314 million increase in fuel expenses for its mainline and regional operations. ...
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