Die Zeit ist gekommen. Die Chapter 11 Befürchtungen dürften nach dieser Cash Position per 30.06.09 endgültig verstummen.
Ich sehe die Aktie auf Sicht von 6 Monaten wieder bei 10 $
July 21 (Bloomberg) -- United Airlines parent UAL Corp. said it will reduce overseas flights by 7 percent to trim costs after posting a second-quarter loss that beat analysts’ estimates. The shares jumped the most in four weeks.
The loss excluding one-time costs widened to $323 million, or $2.23 a share, from $151 million, or $1.19, a year earlier, the Chicago-based airline said today in a statement. The average loss estimate on that basis was $2.61 a share among 10 analysts surveyed by Bloomberg.
United’s cuts will shrink seating capacity on the third- largest U.S. airline by almost 11 percent this year, up from a plan of as much as 10 percent, as the recession curbs business travel. The moves take effect in the last four months of 2009.
Paring international flying is a “prudent move,” Jim Corridore, a Standard & Poor’s equity analyst in New York, said in a note to investors. “Results were aided by fuel-hedging gains and good non-fuel cost controls.” He rates UAL as “hold.”
Excluding costs for terminating plane leases and employee severance and costs and gains related to fuel hedging, UAL had net income of $28 million, or 19 cents a share, compared with a year-earlier net loss of $2.74 billion, or $21.57.
The shares rose 32 cents, or 9.1 percent, to $3.83 at 10:06 a.m. New York time in Nasdaq Stock Market composite trading. They touched $3.93 earlier for the biggest intraday advance since June 25.
Sales Dwindle
Sales fell 25 percent from a year earlier to $4.02 billion, making last quarter the second-worst for revenue since UAL left bankruptcy on Feb. 1, 2006. Revenue in the first three months of this year was $3.69 billion.
United’s yield, or average fare per mile, dropped 19 percent for its main jet operations. Yields on flights across the Pacific tumbled the most, with a 21 percent decline, followed by a 20 percent drop on service to Latin America.
International flights are the most-profitable service for U.S. airlines, because the carriers don’t face pressure from discounters on routes across the Atlantic and Pacific.
“While there is much outside our control, including the state of the economy and the price of oil, we are focused and executing against those things we can control,” Chief Executive Officer Glenn Tilton said in the statement.
Second-quarter losses excluding one-time items at the eight biggest U.S. airlines will total $1.2 billion, according to Michael Linenberg, a Bank of America Corp. analyst in New York.
American Airlines parent AMR Corp. and Continental Airlines Inc. have reported losses, while Southwest Airlines Co. reported a $54 million profit. Continental said today it is cutting 1,700 more jobs, while Southwest said 1,400 workers accepted incentives to leave the company.
United said in June it would eliminate 600 flight attendant jobs on top of 1,550 cut in 2008. By the end of this year, the airline will have cut more than 9,000 jobs in reductions that began in September 2008.
To contact the reporter on this story: Mary Schlangenstein in Dallas at maryc.s@bloomberg.net
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