Printer Friendly

UAL CORPORATION REPORTS THIRD QUARTER FINANCIAL RESULTS

 UAL CORPORATION REPORTS THIRD QUARTER FINANCIAL RESULTS
 CHICAGO, Oct. 29 /PRNewswire/ -- UAL Corporation (NYSE: UAL), the


holding company whose primary subsidiary is United Airlines, today reported third quarter net earnings of $21.5 million, or $.89 per share of common stock. The results compare with net earnings in the third quarter a year ago of $25 million, or $1.05 per share.
 Stephen M. Wolf, chairman and chief executive officer, said, "Our third quarter financial performance was exceptionally poor for what is traditionally the strongest quarter in the airline industry."
 Offsetting United's strong systemwide load factor during the quarter -- 76.1 percent, up 4.1 points over the same period a year ago -- were lower revenue passenger yields as a result of revenue dilutive fare levels in virtually all U.S. mainland markets. System revenue passenger yield in the quarter was down 6.3 percent from 12.02 cents to 11.26 cents.
 "As we look ahead to the fourth quarter, we are concerned with booking levels, particularly in our Pacific division, where soft demand reflects current Japanese economic conditions," Wolf said. "Also, yields, while expected to firm considerably from their low levels of the third quarter, are still under pressure due to the weak economic environment."
 The corporation said third quarter operating revenues were up 10.5 percent from $3.235 billion to $3.575 billion, while operating expenses increased 10.4 percent, from $3.177 billion to $3.507 billion. Operating income in the quarter was $68.0 million, up 16.4 percent from $58.4 million in the same quarter a year ago.
 Cost per available seat mile was down 2 percent in the third quarter, from 9.5 cents to 9.3 cents in the same period a year ago.
 "While we are pleased that our efforts to control costs have resulted in a year-over-year decline in unit costs, the revenue weakness that we have experienced throughout the year only serves to underscore the importance of cost control," said Wolf.
 For the first nine months of 1992, UAL reported a net loss of $165.9 million, compared with a net loss of $79.3 million in the first nine months of 1991. For the first nine months of the year, on a per share basis the company reported a net loss of $6.90 compared with a net loss of $3.43 in the same period last year.
 Operating revenues in the first nine months of the year were up 10.7 percent from $8.752 billion to $9.688 billion. Operating expenses were up 10.6 percent, from $8.899 billion to $9.843 billion. Operating loss was $155.6 million compared with $146.9 million a year ago.
 -0- 10/29/92
 /CONTACT: Joe Hopkins (media), 708-952-5770, or after hours, 708-952-4088, or Pamela Hanlon (investors), 708-952-7501, both of United Airlines/
 /FIRST ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (UAL) CO: UAL Corporation ST: Illinois IN: AIR SU: ERN


GK -- NY039 -- 6533 10/29/92 11:24 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 29, 1992
Words:501
Previous Article:EXECUTIVES EVALUATE PRESIDENTIAL CANDIDATES ON CRITICAL PUBLIC POLICY ISSUES
Next Article:CABOT ANNOUNCES 1992 FISCAL YEAR OPERATING RESULTS: EPS FROM CONTINUING OPERATIONS UP 88 PERCENT TO $3.18 PER SHARE
Topics:


Related Articles
UAL COMMENTS ON 1991 RESULTS
UAL REPORTS 1991 RESULTS
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
/SECOND AND FINAL ADD -- NY039 -- UAL CORPORATION/
UAL CORPORATION REPORTS SECOND QUARTER FINANCIAL RESULTS
UAL CORP. REPORTS THIRD QUARTER FINANCIAL RESULTS
UAL CORPORATION REPORTS STRONG THIRD QUARTER EARNINGS
UAL Corporation Reports Record Third Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters