UAL posted a net loss of $664 million, or $5.73 per share, compared with a loss of $476 million, or $4.33 per share, a year earlier. A consensus forecast among three Wall Street analysts was for a loss of $5.20 per share for the No. 2 U.S. carrier, according to Reuters Estimates. "Record fuel prices and pressure on revenue led to unacceptable results," said United Chief Executive Glenn Tilton in a statement. "United has made good progress with more cost reductions already under way. But as we have said, and as this quarter shows without question, we have more work to do." The carrier said fuel expenses rose 58 percent in the quarter, to $842 million. Excluding special items, UAL's loss for the quarter was $553 million, or a $4.77 loss per share. Special items included a gain of $158 million from the sale of UAL's remaining shares of online travel agency Orbitz, $222 million in reorganization expenses, and a $47 million increase in frequent flyer liability. Revenue was $4 billion, up from $3.8 billion a year earlier. "Weak yields and high fuel prices are the key chief culprits," said Ray Neidl, airline analyst at Calyon Securities "It still needs a lot of work." Neidl said the airline needs to step up its cost-cutting efforts, particularly its labor costs. The Elk Grove Village, Illinois-based airline, which has been in bankruptcy for more than two years, is seeking to cut costs and reorganize into a leaner operation. It is seeking $725 million in annual savings from its labor force. Those cuts are on top of $2.5 billion in givebacks negotiated earlier with the same unions. United has reached tentative labor deals with five of its six unions and continues to negotiate pension issues. Jake Brace, United's chief financial officer, said the carrier must terminate and replace all of its pension plans in order to exit Chapter 11.