CHICAGO >> United Airlines ' parent company reported a $308 million fourth-quarter loss today, capping a calamitous year in which it lost $2.1 billion -- a record for any airline. United Airlines parent
loses $308 millionAssociated Press
Staggered by the recession and the aftershocks of the Sept. 11 attacks, UAL Corp. said it burned through about $10 million a day in the fourth quarter.
The result was the third-worst quarterly loss ever for the nation's No. 2 carrier, exceeded only by those in the third and first quarters of last year.
But the latest loss was not quite as steep as analysts expected, which the carrier attributed to both cost-cutting and a pickup in air travel. United now plans to add 127 daily flights by April, increasing its schedule about 7 percent.
Elk Grove Village, Ill.-based UAL said the loss for the October-December period amounted to $5.68 per share. It lost $71 million, or $1.40 a share, a year earlier.
Excluding federal aid after the attacks and other special items, UAL lost $640 million, or $11.94 per share.
The consensus estimate of analysts surveyed by Thomson Financial/ First Call was $14.96 a share.
Revenues plummeted 38 percent to $2.95 billion, down from $4.79 billion a year earlier.
The airline said it expects to report another "significant loss" for the current quarter, with January passenger revenue running as much as 17 percent behind a year ago.