-Revenue (Q2): $9.40 Bln vs. $9.91 Bln past year.
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And United said Tuesday that it approved buying up to $2 billion more of its own stock – a move that will make existing shares more valuable. The program is in addition to its nearly completed $3 billion repurchase effort announced last July.
Fares are falling because airlines are using today’s cheaper jet fuel to add flights faster than demand is growing.
United Continental Holdings Inc. completed the last step in an April agreement with two airline investors that staved off a proxy fight by appointing a mutually agreed 15th member to its board of directors.
“This progress is exemplified by the best six months of operational performance in our history and we will continue down the path of unlocking United’s full potential”, Munoz said in a company statement. For example, its Washington-Manchester flights will become seasonal in 2017.
A steep drop in sterling against the U.S. dollar since Britain’s June 23 vote to leave the European Union has made it more expensive for Britons to visit the United States, threatening bookings.
The airline posted revenue of $9.4 billion in the period. In the second quarter, the measure fell 6.6 percent from a year ago, and United forecast it will drop between 5.5 and 7.5 percent in the third quarter.
(UAL) on Tuesday reported second-quarter profit of $588 million. That was down from $1.19 billion a year earlier. Excluding items such as airport assets that lost value, profit fell 32 percent to $863 million, or $2.61 per share. Revenue was $9.4 billion, compared with analysts’ estimate of $9.39 billion.
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United shares rose 14 cents to close at $47.85 before the results were released and slipped 52 cents in extended trading.
