UAL Passenger Revenue Up 16% to 17%

UAL, the parent of United Airlines, says its first quarter 2010 consolidated available seat miles are estimated to be down 3.4% year-over-year, but estimates consolidated passenger unit revenue to be up 16% to 17% year-over-year for the first quarter.

By Andrea Tse , Mar 17, 2010 11:11 AM EDT

NEW YORK (TheStreet) -- UAL( UAUA), the parent of United Airlines, says its first quarter 2010 consolidated available seat miles (ASMs) are estimated to be down 3.4% year-over-year, but estimates consolidated passenger unit revenue (PRASM) to be up 16% to 17% year-over-year for the first quarter, and mainline PRASM to be up 16.5% to 17.5% year-over-year.

Meanwhile, UAL estimates first quarter 2010 consolidated non-fuel unit cost per ASM (CASM), excluding profit sharing and certain accounting charges, to be up 4% to 5% year-over-year. The company estimates first quarter 2010 mainline non-fuel unit cost per ASM (CASM), excluding profit sharing and certain accounting charges, to be up 4.5% to 5.5%.

Looking at fuel costs, UAL estimates mainline fuel price, including the impact of cash settled hedges, to be $2.22 per gallon for the first quarter. The company expects to end the first quarter with an unrestricted cash balance of about $3.4 billion to $3.5 billion.

Major U.S. airline stocks are trading in the red Wednesday morning.

UAL stock is down 1.9% to $19.80, while

Delta Air Lines

(DAL) - Get Report

is trading 0.4% lower at $12.90,

Continental Airlines

(CAL) - Get Report

has fallen 2% to $22.70, and

AMR

(AMR)

has lost 1.9% at $9.50.

-- Reported by Andrea Tse in New York