United Continental Holding announced first-quarter 2011 financial results. UAL results for the first quarter include the financial results of its two operating subsidiaries, United Airlines and Continental Airlines. Prior to the merger on Oct. 1, 2010, UAL results included only the financial results of United Airlines. Pro forma results that consolidate the financial results for Continental for first-quarter 2010 are included for meaningful year-over-year comparisons.
UAL reported a first-quarter 2011 net loss of $136 million excluding $77 million of special charges consisting primarily of integration-related costs, an improvement of $47 million compared to the pro forma results year-over-year. On a GAAP basis, UAL reported a first-quarter 2011 net loss of $213 million. UAL consolidated passenger revenue increased 11.5% in the first quarter of 2011 compared to the pro forma results for the same period in 2010. Rising fuel prices largely offset the improvement in revenue. First-quarter 2011 consolidated fuel expense, excluding the impact of hedges, increased 34.5% or $725 million, year-over-year on a pro forma basis.
UAL ended the quarter with $8.9 billion in unrestricted cash, cash equivalents and short-term investments
