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Earnings at UAL -- rising
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October 28, 1997: 11:11 a.m. ET
Airline reports stronger profit and says next quarter also looks promising
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NEW YORK (CNNfn) - UAL Corp., the parent company of United Airlines, said Tuesday that its third-quarter earnings soared high above expectations.
The company posted earnings of $499 million, or $3.75 per share, surpassing First Call consensus estimates of $3.65 per share.
Those figures topped earnings of $475 million, or $3.58 per share, for the same period a year ago.
Skies look clear for the future as well, said UAL chairman Gerald Greenwald.
"We are encouraged by September's revenue strength and, unless the recent stock market volatility and uncertainty disrupts the general economy, we expect this strength to continue in the fourth quarter," Greenwald predicted.
Earnings were helped by the sale of Apollo Travel Services to Galileo International, which resulted in a one-time gain of $378 million.
UAL (UAL) said that passenger revenue grew 3.6 percent to $4.1 billion and passenger seat miles increased 4 percent. Cargo revenue jumped 17.8 percent for the quarter to $225 million.
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