UAL Corporation (UAUA) reported a fourth quarter loss of $1.05 per share, better than the Zacks Consensus Estimate of a loss of $1.47. Last year, the loss was $4.31. The company’s loss narrowed during the quarter due to an improvement in demand for business and premium travel along with lower operating costs.

Total revenues declined about 8% year-over-year to $4.2 billion. UAL beat its consolidated passenger unit revenue guidance by about one point, as both traffic and yield were stronger than expected through the latter half of December. Cargo and other revenue was $380 million, essentially flat with last year, as ancillary revenues increased year-over-year and strong signs of recovery in both cargo volume and yield brought cargo revenues to within 8% of last year’s performance.

Operating expense declined 20.4% to $4.3 billion as UAL continued to benefit from capacity reduction, cost control and lower fuel prices.

UAL reported a full-year 2009 net loss of $1.1 billion, an improvement of $645 million from full-year 2008.

Total passenger traffic volume, as measured by revenue passenger miles, was essentially flat with the year-ago quarter, as strengthening demand drove a 300 basis point increase in load factor against a capacity reduction of about 3%.

UAL has finished the year with $3 billion in unrestricted cash, almost in line with its guidance, having completed several successful liquidity raises during the quarter.

UAL generated positive operating cash flow of $88 million during the quarter, an improvement of over a billion dollars compared to the prior-year quarter.

Results for the quarter reflected the work and the improvement that the UAL team is effecting across the company, particularly in cost management, operational deployments and management of revenue. While the environment continues to be marked by reduced demand and volatile fuel prices, there are signs of the economy and business travel improving in 2010.

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