The parent company of United and Continental airlines says it lost $138 million in the fourth quarter because of the costs of integrating the two airlines.
Without special charges, United Continental Holdings Inc. says it would have earned $109 million, or 30 cents per share.
Analysts surveyed by FactSet had been expecting a profit of 13 cents per share.
Revenue rose more than 5 percent, to $8.93 billion, the same as analysts expected.
The company spent $170 million integrating the two airlines.
A year ago it lost $325 million because of integration costs. The companies closed the merger on Oct. 1, 2010.
Revenue for each seat flown one mile rose 8.2 percent as the company raised fares.
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