Continental Reverses Second-Quarter Loss

Like other carriers, Continental saw big unit revenue gains on trans-Atlantic and Pacific routes.
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Continental

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reversed a year-ago loss as international unit revenue rose.

Excluding items, the carrier reported net income of $257 million, or $1.60 a share. Analysts surveyed by Thomson Reuters had estimated $1.51 a share. Including $24 million of merger-related costs and other special charges, net income was $233 million, or $1.60 a share. A year earlier, including items, the carrier reported a net loss of $213 million or $1.46 a share.

Revenue rose 18.6% to $3.7 billion, in line with estimates.

Consolidated revenue per available seat mile rose 19.9 %, led by a 36.7% gain in the Pacific and a 30.8% gain in the trans-Atlantic. Capacity was flat, and load factor was 84.6%. On the cost side, cost per available seat mile excluding fuel and other items rose 2.2%.

-- Written by Ted Reed in Charlotte, N.C.

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