Earnings: UAL Corp, Tyson Foods

Earnings: UAL Corp. | Tyson Foods

UAL Posts Profit

NEW YORK (Reuters) - UAL Corp. (UAUA), the parent of United Airlines, Monday posted a second-quarter profit, its first since 2000, helped by strong revenue and cost cuts.

UAL last week disclosed preliminary second-quarter results, saying its profit would be more than double Wall Street estimates.

The No. 2 U.S. carrier, which emerged from bankruptcy in February, said Monday that profit amounted to $119 million, or 93 cents per share, reversing a loss in the second quarter of 2005.

Excluding one-time severance charges of $22 million, earnings per share were $1.09.

Operating revenues rose 16 percent to $5.11 billion on fuller plans and higher fares.

Cost cutting and robust travel demand more than offset a 31 percent rise in fuel costs. UAL said it earned 0.6 cents per seat mile, compared with 0.29 cents per seat mile a year earlier.

UAL said it generated operating cash flow of nearly $700 million in the quarter, increasing its cash and short-term investments by $500 million to $5.1 billion.

Jake Brace, UAL's chief financial officer, said in a statement that the airline aims to accelerate cost cutting. He said the company intends to bring forward some of the $400 million in savings planned for 2007 to this year.

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Tyson Reports Quarterly Loss

CHICAGO (Reuters) - Tyson Foods Inc. (TSN), the nation's top meat producer, reported a quarterly loss compared with a year-earlier profit Monday due to large meat supplies and disruptions in beef and chicken exports due to mad cow disease and bird flu.

The Springdale, Arkansas-based company reported a loss of $52 million, or 15 cents per share, for the fiscal third quarter ended July 1, compared with a year-earlier profit of $131 million, or 36 cents per share.

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