11-01-2001, 03:58 PM
Join Date: Sep 2001
| | UAL Posts Worst Loss in Its History
CHICAGO (AP) -- United Airlines and Delta Air Lines, the nation's second- and third-largest carriers, respectively, reported massive third-quarter losses on Thursday, although large cash infusions from the federal government helped them beat Wall Street's extremely low earnings expectations. |
United's parent, UAL Corp. (NYSE:UAL - news) of Elk Grove Village, Ill., said it lost $1.16 billion for the three months ended Sept. 30 and warned that revenues in the fourth quarter could be even worse as it slashes airfares to attract nervous travelers in the wake of the Sept. 11 terror attacks.
The loss, which amounted to $21.43 per share, was United's worst quarterly performance in its 75-year history. It includes $865 million in special charges and a $248 million after-tax cash infusion from the federal government after the attacks, which involved two United planes and caused a steep dropoff in U.S. air travel.