For the months of July and August, Continental exceeded its breakeven load factor number. For July, Continental achieved a load factor of 79.4%, 0.4 points above its estimated breakeven load factor of 79.0%. In August, Continental achieved a load factor of 79.1%, 1.1 points above its estimated breakeven load factor of 78%.

September will almost certainly prove to be an operational money-loser, though. The estimated breakeven load factor for that month is a virtually unattainble 87%.

Although the RASM/CASM figures are necessary to give a more precise description of CO's current condition, the LF data suggests that CO more or less did OK this quarter on a purely operational basis.