United's profit plunges 37 percent

New signage is shown on a United Airlines boarding gate at San Francisco International Airport in San Francisco, Wednesday, July 13, 2011. Bay-area customers of United Airlines and Continental Airlines, subsidiaries of United Continental Holdings, Inc., are seeing a new look at SFO Wednesday as the company continues to provide a more consistent travel experience for customers.
Eric Risberg

(AP) The parent company of United Airlines (UAL) said its second-quarter net income dropped 37 percent as it continued to hit obstacles in its integration of Continental.

United had warned on Tuesday that June passenger revenue rose less than it had been expecting. The shortfall occurred because it didn't correctly estimate the value of tickets that had been bought but not yet used to fly.

United Continental Holdings Inc. says it earned $339 million for the quarter, or 89 cents per share. Excluding special items, United would have earned $545 million, or $1.41 per share.

Revenue rose 1.3 percent to $9.94 billion.

Analysts surveyed by FactSet had been expecting a profit of $1.65 per share on revenue of $10 billion.