* UAL Corp., the parent company of...
From Times Staff and Wire Reports
* UAL Corp., the parent company of United Airlines, reported higher-than-expected results for the second quarter Tuesday, largely due to lower costs, higher ticket prices and increased traffic.
For the quarter ended June 30, the company earned $151 million, or $9.20 a share, compared to $55 million, or $1.89 a share, a year ago.
Revenue increased to $3.82 billion from $3.50 billion.
The results exceeded Wall Street’s expectations, causing UAL stock to rise sharply. Shares rose $4 to close at $149.50 on the New York Stock Exchange.
Employee concessions in exchange for a majority stake in the company and lower jet fuel prices also contributed to the record results, said Gerald Greenwald, UAL chairman and chief executive.
