United: Storm Cut Net by $10 Million

CHICAGO ( TheStreet) - United Continental Holdings ( UAL) said Friday December's snowstorms reduced its revenue by $25 million and its net earnings by $10 million.

United became the second carrier to report the cost of the blizzard that sharply curtailed commercial aviation in the New York area in the days after Christmas. The cost includes the impact on Continental, which operates a Newark hub.

Delta ( DAL) said earlier that the storm reduced its net profit by about $45 million, prompting several analysts to reduce estimates.

The cost of the blizzard to the airline industry has been estimated to be as high as $150 million, but with two of the biggest carriers reporting a total earnings hit of $55 million, it appears that estimate may be high.

United said combined, consolidated December passenger revenue per available seat mile increased by 7.5% to 8.5%, compared with the same month a year earlier, while mainline PRASM increased by 8.5% to 9.5%. An adjustment for implementing a trans-Atlantic joint venture obligation reduced consolidated December PRASM by approximately 1.0 point.

Revenue passenger miles grew 1.4%. Consolidated capacity grew 2.3%. Load factor fell 0.7 points to 81.7%. For the full year, consolidated capacity grew 1.1%.

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

>To contact the writer of this article, click here: Ted Reed

More from Stocks

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker