United Airlines has reported a second quarter net profit of $1.3 billion or $3.96 per diluted share on a year-over-year increase in revenue of 5.7 percent to $15.0 billion. At June 30, 2024, the carrier had liquidity totaling $18.2 billion.
On Wednesday (July 17, 2024), United Airlines reported their second quarter financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of $1.3 billion or $3.96 per diluted share on a 5.7 year-over-year increase in revenue to $15.0 billion. United’s Q2 2024 total revenue per available seat mile (TRASM) declined versus the same period last year by 2.4 percent to 18.81 cents, while cost per available seat mile (CASM) declined 4.8 percent compared to Q2 2023 to 16.39 cents. United’s second quarter Costs excluding fuel (CASM-ex) increased 2.1 percent versus Q2 2023 to 12.10 cents. At June 30, 2024, the company had cash, cash equivalents, short-term investments and undrawn credit facilities totaling $18.2 billion.
In Wednesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“The revenue diversity advantages that we’ve built with our premium customers, Basic Economy customers, and domestic road warriors, on top of the world’s best loyalty program and leading customer service, have propelled our margins to near the top of the industry. Looking forward, we see multiple airlines have begun to cancel loss-making capacity, and we expect leading unit revenue performance among our largest peers in the second half of the third quarter. United has long been preparing for the moment when industry wide domestic capacity would adjust – it’s now clear that inflection point is just 30 days away.
“At United, we have been effectively managing costs, cash and capacity against a challenging industry backdrop because we're focused on doing what's necessary to hit our financial targets. Thank you to leaders across the company for embracing a 'no excuses' approach to running our business. It gives me confidence in our ability to achieve our $9-$11 EPS2 goal for 2024, despite the challenges the industry has faced this year.”
United Airlines Second Quarter 2024 Financial Results - Courtesy United Airlines/PRNewswire
During Q2 2024, United Airlines inaugurated new service to Georgetown, Guyana, as well as added new routes between Tulum, Mexico and Chicago and Los Angeles, Barcelona, Spain and San Francisco, Athens, Greece and Chicago, and between Tokyo-Haneda and Guam. Additionally, the carrier added second daily seasonal flights between Porto, Portugal and New York/Newark and between Rome and Washington D.C. United also resumed a second seasonal daily service between Reykjavik, Iceland and Newark for the first time since 2022. Since the start of the United/Air Canada joint business agreement, United has also launched or reinstated service from Chicago to Winnipeg and Quebec City, Denver to Winnipeg, Newark to Halifax, Los Angeles to Calgary, and Washington D.C. to Vancouver.
Domestically, the airline also reinstated 12 routes, including Chicago to Nantucket and Wilmington (N.C.), Denver to Fairbanks, Alaska and Myrtle Beach (S.C.), Houston to Traverse City, Michigan and Ontario, Canada, as well as from Washington D.C. to Anchorage, Alaska, Mobile, Alabama, State College, Wilkes Barre/Scranton, Harrisburg and Philadelphia in Pennsylvania.
At United Airlines, ‘Good Leads the Way.’ The airline operates the most comprehensive network among North American carriers with U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. United and United Express operate over 4,000 flights per day to more than 350 airports across six continents. In 2023, United carried more than 150 million customers, becoming the world’s largest airline as measured by available seat miles (ASMs). Shares in the company’s parent, United Airlines Holdings, Inc., are publicly traded on the NASDAQ under the symbol ‘UAL.’
In trading Thursday morning (July 18, 2024), shares in United Airlines Holdings, Inc. (NASDAQ: UAL) were 2.17% higher at $47.96/share (10:42 AM EDT).
Source: United Airlines/PRNewswire