United Continental Holdings (NYSE: UAL) reported Q1 EPS of ($1.33), excluding $120 million of special items, $0.02 better than the analyst estimate of ($1.35). Revenue for the quarter came in at $8.7 billion versus the consensus estimate of $8.71 billion.

Highlights:

• Historic severe weather increased United's first-quarter loss by approximately $200 million.
• United's consolidated passenger revenue per available seat mile (PRASM) decreased 2.0 percent in the first quarter of 2014 compared to the first quarter of 2013. Weather-related cancellations reduced first-quarter 2014 consolidated PRASM by approximately 1.5 percentage points.
• First-quarter 2014 consolidated unit costs (CASM) increased 1.0 percent year-over-year. First-quarter 2014 consolidated CASM, excluding special charges, third-party business expenses, fuel and profit sharing, increased 3.1 percent year-over-year on a consolidated capacity reduction of 0.3 percent.
• UAL ended the first quarter with $6.0 billion in unrestricted liquidity

"This quarter's financial performance is well below what we can and should achieve. We are taking the appropriate steps with our operations, network, service and product to deliver significantly better financial results," said Jeff Smisek, UAL's chairman, president and chief executive officer. "The entire United team is sharply focused on accomplishing the goals we have laid out for long-term financial success."

For earnings history and earnings-related data on United Continental Holdings (UAL) click here.