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UAL loss tops estimates
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October 19, 2000: 8:27 a.m. ET
World's largest airline loses $1.29 a share, more than double forecasts
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NEW YORK (CNNfn) - UAL Corp., the parent of United Airlines, posted a much larger-than-expected third-quarter loss Thursday as a result of flight cancellations due to labor negotiations with its pilots and mechanics.
UAL Corp., owner of the world's largest airline, lost $64 million, or $1.29 a share excluding special items. While the company had warned about a loss in the quarter, analysts surveyed by earnings tracker First Call had expected it to be only 54 cents a share. A year earlier, the carrier earned $359 million, or $2.89 a share.
The company also took a number of special charges and items that brought losses in the latest period to $116 million, or $2.30 a share. Revenue edged up 1.2 percent to $4.9 billion from $4.8 billion.
Shares of UAL (UAL: Research, Estimates) fell $1 to $36.31 in trading Wednesday.
Other major airlines generally have reported a positive quarter despite rising fuel costs. A 12 percent gain in revenue helped Northwest Airlines, the nation's No. 4 air carrier, beat Wall Street's third-quarter earnings estimates by 8 cents a share.
Excluding one-time charges, Northwest earnings rose 6 percent to $191 million, or $2.06 a diluted share, from $180 million, or $1.96 a share, for the same 1999 period. Analysts surveyed by First Call had expected earnings of $1.98 a share.
Including the one-time gains related to a licensing agreement and Northwest's share in Worldspan arbitration award, Minneapolis-based Northwest (NWAC: Research, Estimates) reported net income of $207 million, or $2.23 a share.
Operating revenue for Northwest grew by nearly 12 percent to $3.2 billion, while operating income fell by 4.3 percent to $354 million.
Northwest fell 50 cents to close at $21 on Wednesday. 
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