United Makes $653 Million Profit
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Oct. 27--United Continental Holdings reported net income of $653 million for the third quarter ending Sept. 30.
Chicago-based United and Houston's Continental Airlines merged in October of 2010 but continue to operate as separate units until the Federal Aviation Administration grants the carrier its single operating certificate. United officials said they expect that certificate later this year.
The 2011 quarterly results include special charges of $120 million related to merger integration costs.
On a pro-forma basis, combined net income for the two airlines over the same period last year would have been $852 million.
The carrier paid more for fuel this year. United Continental's fuel bill increased by $1 billion, a 41.3 percent hike compared to the same period last year.
Revenue increased to $10.2 billion, up 8.7 percent on a pro forma basis compared to the same three months last year.
"Our solid financial performance in the third quarter was due to the hard work and focus of my co-workers," Jeff Smisek, president and chief executive officer, said in a statement. "Our merger integration is going well as we approach two significant milestones: our single operating certificate, which we expect to achieve by the end of this year, and our single passenger service system, which we expect to implement by the end of the first quarter of next year."