UAL Corp., the parent company of United...
From Times Wire Services
UAL Corp., the parent company of United Airlines, said its losses narrowed in the fourth quarter of last year as the nation’s second-largest carrier benefited from strong revenue growth and cost cutting.
Chicago-based UAL, taken over in an employee buyout last summer, said excluding the payment of preferred dividends, it posted its first fourth-quarter profit since 1989.
The company said it lost $12 million, or 98 cents a share, in the fourth quarter on revenues of $3.44 billion. That compared with a loss of $73 million, or $3.02 a share, on revenues of $3.35 billion a year earlier.
Excluding preferred stock dividends, UAL said it earned $11 million in the fourth quarter versus a loss of $64 million a year earlier.
