United Airlines said Thursday that it expects a key measure of revenue will fall about 6.3 percent to 7.3 percent in the fourth quarter compared to the same time last year.
The drop-off in passenger unit revenue, or revenue divided by capacity, comes as United shrinks fourth-quarter capacity 3.3 percent compared with the same period last year. United expects fourth-quarter traffic to be roughly flat.
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Operating expenses are falling, too, with consolidated unit costs down 7.9 percent to 8.2 percent not counting profit sharing and some hedging impact.
United, which is a unit of UAL Corp. (NYSE: UAL), said it expects to end the quarter with $3 billion in unrestricted cash. That's up by about $500 million from the end of the third quarter, the company said. United expects to get another $250 million in January from transactions it has already announced.
UAL shares fell 25 cents, or 2.2 percent, to $11.01 in morning trading.
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