On Tuesday afternoon, United Continental (NYSE: UAL) released its second-quarter earnings results. Adjusted earnings per share reached $2.75: up about 5% year over year and comfortably above the average analyst estimate of $2.63.
Nevertheless, United Continental’s earnings report wasn’t cause for celebration. First, the company’s profit margin continues to decline. Second, United isn’t making any tangible progress in catching up to industry leader Delta Air Lines (NYSE: DAL) in terms of profitability.