United loses $190m in 4Q

New York
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United Airlines lost $190 million during the fourth quarter excluding special charges.

The Chicago-based carrier lost $620 million including $430 million in special charges during the quarter. Charges include integration related costs and a change in the airline's obligations with the Pension Benefit Guaranty Corporation.

Superstorm Sandy reduced revenue by $140 million and profit by $85 million during the period.

Operating revenue was down 2.5% to $8.7 billion and operating expenses were up 3.2% to $9.2 billion in the quarter. The operating loss was $465 million.

Traffic was down 3.2% on a 4.2% decrease in capacity. Passenger revenue per available seat mile (PRASM) was up 0.6% to 12.95 cents.

United reports a $589 million net profit excluding $1.3 billion special charges for the full year, or a $723 million net loss including the charges.

Operating revenue was up 0.1% to $37.2 billion and operating expenses were up 5.2% to $37.1 million during the year compared to 2011. Operating income was $39 million.

Traffic was down 1% on a 1.5% decrease in capacity. PRASM was up 1.7% to 13.09 cents.