United Airlines reports second-quarter 2016 performance

For the second quarter of 2016, United Airlines reported total revenue was US$9.4bn, a decrease of 5.2% year-over-year. Second-quarter 2016 consolidated passenger revenue per available seat mile (PRASM) decreased 6.6% and consolidated yield decreased 6.1% compared to the second quarter of 2015. The decline in PRASM continues to be driven by factors including a strong U.S. dollar, lower surcharges, travel reductions from customers impacted by declining oil prices, competitive actions and higher-yielding demand not keeping pace with industry capacity. Including special items, UAL reported second-quarter net income of US$588m and pre-tax earnings of US$931m. During the second quarter of 2016, the company repurchased US$694m of its common stock, representing 4.4% of shares outstanding. In July, the company’s Board of Directors authorized an additional US$2bn share repurchase program.