18.10.201723:11:00UTC+00United Airlines Quarterly Profit Drops in Third Quarter

United Airlines reported its third-quarter net income declined less than projected by investors as the third-biggest U.S. carrier was hit by $185 million pre-tax losses stemming from canceled flights during the series of hurricanes that hit the Atlantic region.

The airline estimated a pre-tax margin of 3 percent and 5 percent for the present quarter, a steep decline from 9.8 percent a year prior, mainly caused by the increasingly competitive environment in key markets versus low-cost carriers.

The company noted the short-term impact on profit from matching significantly fares versus its competitors, but said it would continue matching until it could outstrip low-cost competitors.

For the present quarter, the firm project that passenger revenue per available seat mile would fall by one percent to three percent.

United posted net income of $637 million, marking a 34 percent decline from $965 million in the year-prior quarter.

Excluding some expenses, United posted EPS of $2.22 per share, topping estimates of $2.16 per share.

United's shares traded near the unchanged level in extended trading.