United Airlines Holdings Inc UAL announced its Q3 results after the market closed on Tuesday. Here’s a summary.
Q3 Earnings: United Airlines’ revenue for Q3 was $14.843 billion, surpassing the expected $14.783 billion. Adjusted earnings were $3.33 per share, beating analysts’ prediction of $3.13.
Capacity increased by 4.1% year-over-year. Total revenue per available seat mile (TRASM) fell by 1.6%, while cost per available seat mile (CASM) rose by 0.1%. This was United’s busiest Q3 ever based on revenue passenger volumes.
They reported $7.2 billion in operating cash flow and $3.4 billion in free cash flow thus far this year. The quarter ended with $17.1 billion in liquidity and $25.7 billion in debt.
CEO Scott Kirby stated, “We saw a revenue boost after some unproductive capacity was removed from the market in August, helping us exceed expectations.”
The board approved a new share buyback program of up to $1.5 billion.
Outlook: United expects Q4 adjusted earnings of $2.50 to $3 per share, lower than the projected $3.17. The company anticipates full-year 2024 capital expenditures to be under $6.5 billion.
A conference call will be held Wednesday at 10:30 a.m. ET to discuss these results.
UAL Price Action: United Airlines’ stock rose 0.54% in after-hours trading, reaching $64.33.
Photo: courtesy of United Airlines.
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