United Airlines posts first quarterly profit since pandemic began

The American holding company United Airlines Holdings Inc., the parent company of the air carrier United Airlines, in the second quarter of 2022 received a net profit for the first time since the start of the coronavirus pandemic. However, United’s adjusted earnings and revenue came in below market expectations.

In April-June, the company’s net income was $329 million, or $1 per share, compared with a net loss of $434 million, or $1.34 per share, for the same period last year.

Adjusted earnings per share were recorded at $1.43 versus an adjusted loss of $3.91 per share a year earlier.

Revenue increased to $12.11 billion from $5.47 billion a year earlier. The rate per passenger per mile jumped to a record 19.35 cents from 13.81 cents the previous year.

Analysts polled by FactSet had, on average, forecast the airline’s adjusted earnings of $1.85 per share on revenue of $12.12 billion.

„It’s nice to be profitable again, but we need to contend with three risks that could rise over the next 6 to 18 months,” said United chief Scott Kirby. recession”.

The airline fixed the average jet fuel price for the quarter at $4.18 a gallon, compared to $1.97 a gallon the previous year.

Shares of United Airlines fell 7.2% in additional trading on Wednesday after the publication of financial statements. The capitalization of the airline has decreased by 5% since the beginning of the year and amounts to $13.55 billion.

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