United Airlines grew its operating revenue by 17.1 per cent to $14.2bn in the second quarter of 2023, compared to the same period in 2022.
In a statement announcing the financial results, the company reported quarterly earnings per share of $3.24 and pre-tax margin of 9.8 per cent. Its net income appreciated to $1.1bn.
The momentum from the second quarter was expected to power the company to full year 2023 adjusted earnings per share of $11 to $12, up versus previous guidance of $10 to $12.
It said, “The all-time quarterly highs in the second quarter and the bright outlook for the future are evidence that the United Next strategy to upgrade the airline, increase connectivity at its mid-continent hubs, and expand its industry leading global network is working.
The company’s second quarter performance also benefited from the strength in its network. In the second quarter, United’s domestic margins returned to 2019 levels while international margins were well above 2019. United continues to establish its position as the United States flag carrier, with a 27 per cent increase in capacity internationally versus the same quarter last year.”
Commenting on the financial report, the United Airlines Chief Executive Officer, Scott Kirby, said, “The United team persevered through an unprecedented series of events at the end of last month. They are the best in the business and we’re focused on the important changes we can make, especially in Newark, to serve our customers even better.
“United’s financial performance in the second quarter and our outlook for the remainder of the year and beyond make it clear that United Next is working and is the right strategy at the right time. Our focus now is on executing that strategy well – because we know it will deliver huge benefits for our customers, our employees and our owners.”