United Airlines (NASDAQ:UAUA) today distributed $110 million in profit sharing payments to U.S.-based employees. For the year, employees earned a total of $170 million in payments related to 2007 performance.
Eligible employees can expect to receive a profit sharing payment of approximately $1,200 before withholdings for every $30,000 of eligible earnings.
"Today's profit sharing payments are a result of the strong performance by our employees in 2007," said Glenn Tilton, United chairman, president and CEO. "Our employees worked together and stayed focused on our performance and customers, in a year of challenging weather and difficult ATC conditions. We are all proud of what we accomplished together and look forward to building upon that in 2008."
Profit sharing will be paid to most U.S.-based employees today, and union-represented employees will also receive their Success Sharing payout for United's 2007 financial performance. AFA-represented employees elected to receive their profit sharing award in the form of a company contribution to their 401(k) to the extent possible.
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