UAL Corp., the parent company of United...
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.
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