United Airlines to retire 747s a year ahead of schedule

• United Airlines (NASDAQ:UAL) says it will fly its last Boeing (NYSE:BA) 747 jumbo jet late this year, retiring the iconic plane a year ahead of schedule.
• "It's a bittersweet milestone," UAL president Scott Kirby says, but the company nevertheless will replace its 747 fleet, which it has been flying since 1970, with other fuel-efficient, cost-effective and widebody aircraft.
• It is also a reminder of the tough task Boeing faces as it tries to keep its newest 747 model, the -8, aloft amid waning demand; Delta also is parking its jumbo jets this year, while Cathay Pacific Airways, ANA Holdings, Singapore Airlines and Air France are among carriers that have retired their 747-400 jetliners amid a shift from four-engine to twin-engine planes, which are more fuel efficient and cheaper to maintain.
• UAL has not said which wide-body aircraft would replace the planes that have served as a workhorse on trans-Pacific routes.