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Jul24
UAL Corp. Sees Higher Profit Than Expected
Rob Willers July 24, 2006
Know More: United Airlines 2.0, United Airlines
A pleasant surprise came from United Airlines today as they said they would report a  stronger-than-expected profit for the second quarter.  The airline which has been struggling even after emerging from the longest bankruptcy reorganization in aviation history, said it would make $119 million dollars for the second quarter.  The airline has said it still needs to cut expenses at the airline.  1027156.jpgHowever, the airline will be under pressure to continue this progress throughout the rest fo the year, even more so critical are the slow periods of September and October and then Feburary and March of next year.  If United can pull through and make a profit in those critical months, even while fuel prices continue to mount, they will survive, if they can't, a merger might be in order. 
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 Excluding a severance charge of $22 million, earnings are expected to be $141 million. UAL said its effective tax rate is zero for the period.

Wall Street expects earnings of 46 cents per share, according to a Thomson Financial poll of nine analysts. Their estimates ranged from break even to a profit of 81 cents per share.

UAL expects operating revenue to rise 16 percent to $5.1 billion from $4.4 billion last year; operating earnings are pegged at $260 million compared with $48 million last year.

Analysts expect revenue of $5.04 billion.

The better-than-anticipated results come despite higher fuel costs that have hampered the airline industry. UAL expects to report that second-quarter average jet-fuel costs added 27 percent to $2.16 per gallon from $1.71 per gallon last year.

Chicago Tribune

UAL Corp. (UAUA) jumped on the good news.  In mid-day trading United was up (1.78) a share to $28.73. 

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