OREANDA-NEWS. United Airlines (UAL) today reported second-quarter 2014 net income of USD 919 million, an increase of 51 percent year-over-year, or USD 2.34 per diluted share, excluding USD 130 million of special items. Including special items, UAL reported second-quarter 2014 net income of USD 789 million, or USD 2.01 per diluted share.

For the second quarter of 2014, total revenue was USD 10.3 billion, an increase of 3.3 percent year-over-year. Second-quarter consolidated passenger revenue increased 3.6 percent to USD 9.0 billion, compared to the same period in 2013. Ancillary revenue per passenger in the second quarter increased 7.9 percent year-over-year to more than USD 21 per passenger. Second-quarter cargo revenue decreased 1.7 percent versus the second quarter of 2013 to USD 232 million. Other revenue in the second quarter increased 1.7 percent year-over-year to USD 1.1 billion.

Consolidated revenue passenger miles increased 0.6 percent and consolidated available seat miles decreased 0.1 percent year-over-year for the second quarter, resulting in a second-quarter consolidated load factor of 85.3 percent.

Second-quarter 2014 consolidated PRASM increased 3.7 percent and consolidated yield increased 3.0 percent compared to the second quarter of 2013. The company's consolidated domestic PRASM, including both mainline and regional flying, increased 5.6 percent year-over-year.

UAL ended the second quarter with USD 6.8 billion in unrestricted liquidity, including USD 1.0 billion of undrawn commitments under a revolving credit facility. The company generated USD 1.5 billion of operating cash flow in the second quarter. During the second quarter, the company had gross capital expenditures of USD 871 million, excluding fully reimbursable projects. The company made debt and capital lease principal payments of USD 333 million in the second quarter. For the 12 months ended June 30, 2014, the company's return on invested capital was 10.3 percent.

The company's long-term capital structure goals include reducing its non-aircraft related debt and achieving a total gross debt balance, including capitalized operating leases, of approximately USD 15 billion while maintaining an unrestricted liquidity balance of USD 5 billion to USD 6 billion, including its undrawn revolver.