United Continental Reports Lower Third-Quarter Net Income
Oct 25, 2012 10:23 PM
United Continental Holdings Thursday reported third-quarter 2012 net income of $6 million including special charges. This compares with net income of $653 million in the year-ago period, a 98.8 percent decline.
Revenues for the quarter totaled $9.9 billion, down 2.6 percent from $10.2 billion a year ago, while expenses rose 5.1 percent to $9.7 billion from $9.24 billion in the third quarter 2011. Operating income for the period dropped 78.6 percent to $200 million from $935 million during the same period last year.
"This was a challenging quarter for our team, but we continued to build a solid financial foundation for our future," said John Rainey, UAL's executive vice president and chief financial officer. "We made progress strengthening our balance sheet, managing our costs and making the right long-term investments that will contribute to our goal of generating returns in excess of our cost of capital."