Continental Airlines (NYSE:CAL) Announces $233 Million Second Quarter Profit

Writer: Marian Buchant on Jul 29 2010.

Continental Airlines (NYSE:CAL) Announces $233 Million Second Quarter Profit

Highest second quarter pretax profit since 2000; operating income improves $482 million vs. 2009

A second quarter net income of $233 ($1.46 diluted earnings per share), was announced by Continental Airlines (NYSE: CAL).

Continental registered second quarter net income of $257 million ($1.60 diluted earnings per share), not including the $24 million of merger-related costs and other special charges.

Operating income for the second quarter of 2010 was $328 million, up $482 million compared to the same period of 2009.

“I want to thank my co-workers for delivering solid second-quarter profitability,” said Jeff Smisek, chairman, president and chief executive officer. “Their hard work and continued focus on running a clean, safe and reliable airline give us great momentum as we head into the second half of the year.”

There’s an increase of 18.6 percent over last year’s peroformance covering the same second quarter period with total revenue at $3.7 billion for 2010. Compared to the same period in 2009, passenger income increased in the second quarter by 19.7 percent ($544 million).

For the second qurater of 2010, there’s a 2.0 percent improvement in consolidated revenue passenger miles (RPMs) while there was no improvement in capacity (available seat miles, ASMs), culminating in 84.6 percent record setting performance for the second quarter.

There’s an increase of 17.3 percent year-over-year in consolidated earnings for the quarter.

Second quarter 2010 consolidated passenger revenue per available seat mile (RASM) increased 19.9 percent when merged with the 1.9 point year-over-year improvement in consolidated load factor.

Compared to the same period last year, Continental’s mainline yield increased 16.3 percent in the second quarter this year.

The 1.8 points up performance year-over-year for mainline load factor of 85.0 percent was also a second quarter record. Second quarter 2010 mainline RASM increased 18.8 percent year-over-year.

Mainline RPMs in the second quarter of 2010 increased 1.5 percent on a mainline capacity decrease of 0.7 percent year-over-year.

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