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United Airlines Reports
Fourth-Quarter and Full-Year 2017 Performance
CHICAGO, January 23, 2018 United Airlines (UAL) today announced its fourth-quarter and full-year 2017 financial results.
|||UAL reported fourth-quarter net income of $580 million, diluted earnings per share of $1.99, pre-tax earnings of $600 million and pre-tax margin of 6.4 percent. Excluding special charges and income tax adjustments, UAL reported fourth-quarter net income of $408 million, diluted earnings per share of $1.40, pre-tax earnings of $631 million and pre-tax margin of 6.7 percent.|
|||UAL reported full-year net income of $2.1 billion, diluted earnings per share of $7.02, pre-tax earnings of $3.0 billion and pre-tax margin of 7.9 percent. Excluding special charges and income tax adjustments, UAL reported full-year net income of $2.1 billion, diluted earnings per share of $6.76, pre-tax earnings of $3.2 billion and pre-tax margin of 8.4 percent.|
|||UAL repurchased $553 million of its common shares in the fourth quarter, bringing the full-year share repurchases to $1.8 billion and completing the companys July 2016 $2 billion share repurchase program. The companys board of directors authorized a new $3 billion share repurchase program in December.|
|||During 2017, United consistently notched operational bests in on-time arrivals and completions while seeing the fewest cancellations and the best baggage performance in company history.|
|||Employees earned $349 million in profit sharing for 2017.|
I am incredibly proud of how our employees delivered in 2017, achieving our best-ever operational performance. Reliability is an important pillar in our continued focus on further improving the customer experience, said Oscar Munoz, chief executive officer of United Airlines. Looking ahead, we are committed to improving profitability over the long-term by building on the strong foundation we have laid over the past two years. Everyone at United is excited to enter 2018 with a clear set of priorities and a renewed sense of purpose around unlocking the full potential of United Airlines.
Fourth-Quarter and Full-Year Revenue
For the fourth quarter of 2017, revenue was $9.4 billion, an increase of 4.3 percent year-over-year. Fourth-quarter 2017 consolidated passenger revenue per available seat mile (PRASM) was up 0.2 percent compared to the fourth quarter of 2016. Cargo revenue was $304 million in the fourth quarter of 2017, an increase of 21.6 percent year-over-year primarily due to higher international freight volume and yields. For the full year of 2017, total revenue was $37.7 billion, an increase of 3.2 percent year-over-year.
The following information was filed by United Airlines, Inc. on Tuesday, January 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.