UAL Announces Full-Year and Fourth-Quarter 2013 Profit
OREANDA-NEWS. United Airlines (UAL) today reported full-year 2013 net income of USD 1.084 billion, an increase of 84 percent year-over-year, or USD 2.84 per diluted share, excluding USD 513 million of special charges. Including special charges, UAL reported full-year 2013 net income of USD 571 million, or USD 1.53 per diluted share. UAL reported fourth-quarter 2013 net income of USD 298 million, or USD 0.78 per diluted share, excluding USD 158 million of special charges. Including special charges, UAL reported fourth-quarter 2013 net income of USD 140 million, or USD 0.37 per diluted share.
* UAL earned a 10.0 percent return on invested capital in 2013.
* UAL generated USD 38.3 billion of revenue in 2013, an increase of 3.0 percent year-over-year.
* United's consolidated passenger revenue per available seat mile (PRASM) increased 3.1 percent in 2013 compared to 2012.
* Full-year 2013 consolidated unit costs (CASM), holding fuel rate and profit sharing constant and excluding special charges and third-party business expense, increased 3.8 percent year-over-year on a consolidated capacity reduction of 1.4 percent. Full-year 2013 consolidated CASM increased 1.2 percent year-over-year.
* UAL ended 2013 with USD 6.1 billion in unrestricted liquidity.
* Employees earned USD 190 million in profit sharing for full-year 2013, which will be distributed on Feb. 14.
* For the 10th consecutive year, readers of Global Traveler magazine voted United's MileagePlus program the Best Frequent-Flyer program.
"We significantly improved our operations, customer service and financial results in 2013 thanks to the outstanding work of the United team," said Jeff Smisek, UAL's chairman, president and chief executive officer. "Our goals for 2014 are to provide even more reliable operations, great customer service and materially better financial performance."
For the fourth quarter of 2013, total revenue was USD 9.3 billion, an increase of 7.2 percent year-over-year. Fourth-quarter consolidated passenger revenue increased 5.9 percent to USD 8.0 billion, compared to the same period in 2012. Other revenue in the fourth quarter increased 22.2 percent year-over-year to USD 1.1 billion, in large part due to an agreement to sell jet fuel to a third party. Ancillary revenue per passenger in the fourth quarter increased 15 percent year-over-year to nearly USD 21 per passenger. Fourth-quarter cargo revenue decreased 9.5 percent versus the fourth quarter of 2012 to USD 220 million.
Consolidated revenue passenger miles (RPMs) increased 2.7 percent on a consolidated capacity (available seat miles) increase of 2.6 percent year-over-year for the fourth quarter, resulting in a fourth-quarter consolidated load factor of 82.4 percent.
Fourth-quarter 2013 consolidated PRASM increased 3.2 percent compared to the same period in 2012. Consolidated yield for the fourth quarter of 2013 increased 3.0 percent year-over-year.
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