Continental posts US$241 million profit and record operating income

CONTINENTAL Airlines has reported third quarter 2007 net income of US$241 million, excluding a special charge of $12 million for pilot pension plan settlement payments. Continental also recorded net income of $253 million ($2.25 diluted earnings per share), a 73 per cent year-on-year improvement.

During the third quarter, revenue grew 8.6 per cent year on year to a record $3.8 billion. Continental's operating income increased 45.8 per cent over the same period last year to a third quarter record of $280 million.

"Our success is due to the hard work and dedication of my co-workers," said Larry Kellner, Continental's chairman and CEO. "Their commitment to great service has enabled us to record the highest quarterly revenue in our company's history."

Through September, Continental accrued $157 million for its current year profit sharing, a $59 million increase over the same nine-month period last year. The actual amount of profit sharing that the company will be able to distribute to employees in February 2008 could increase or decrease depending on the company's fourth quarter results.