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United Continental fuel bill jumps, reducing 3Q profit to $653 million
United Continental Holdings Inc. says its third-quarter net income shrank 23 percent as it dealt with higher fuel prices.
The Chicago-based company earned $653 million for the quarter that ended Sept. 30, or $1.69 per share. That was down from $852 million, or $2.16 per share, during the same period last year. The year-ago results include both United and Continental right before they merged.
Revenue rose almost 9 percent to $10.17 billion.
Analysts surveyed by FactSet had been expecting net income of $2.08 per share on revenue of $10.11 billion.
United Continental raised fares and reduced flying by 0.8 percent during the quarter, but that couldn't overcome an $831 million increase in its fuel bill from the year-earlier period.