United Airlines has reported a third quarter 2024 net profit of $965 million or $2.90 per diluted share on a 2.5 percent year-over-year increase in revenue to $14.8 billion.
On Tuesday (October 15, 2024), United Airlines reported their third quarter financial results for the period ending September 30, 2024. The carrier reported a third quarter net profit of $965 million or $2.90 per diluted share on a year-over-year increase in revenue of 2.5 percent to $14.8 billion. United’s Q3 total revenue per available seat mile (TRASM) declined 1.6 percent compared to the same period last year to 18.20 cents, while cost per available seat mile (CASM) increased 0.1 percent to 16.28 cents. United's third quarter costs excluding fuel (CASM-ex) increased year-over-year by 6. 5 percent to 12.26 cents. At September 30, 2024, United Airlines had cash, cash equivalents, short-term investments and undrawn credit facilities totaling $17.1 billion.
In Tuesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“I appreciate the entire United team coming together to take care of our customers by operating a safe and on-time airline this summer. As predicted, unproductive capacity left the market in mid-August, and we saw a clear inflection point in our revenue trends that propelled United to exceed Q3 expectations. A prosperous summer 2024 is just the beginning as our improved customer experience combined with United Next positions the airline at the top of the industry for the foreseeable future.”
Also commenting on the company’s third quarter financial results, United’s CFO, Michael Leskinen, added,
“In the last four years, we’ve invested $22 billion in our product and nearly $10 billion in our people. Those investments have enabled higher profits and are now contributing to growing free cash flow. We’re now in a position to add a share repurchase program as we continue to invest in and deleverage our business. We are simultaneously targeting net leverage below 2x in the next few years. We intend this buyback to be the beginning of a consistent and disciplined return of capital that is paced by our ability to generate increasing levels of free cash.”
Last week United Airlines announced their largest international expansion in the carrier’s history, with the addition of eight new Atlantic and Pacific destinations for summer 2025, including Ulaanbaatar, Faro, Palermo, Dakar, Bilbao, Madeira Island, Nuuk, and Kaohsiung City. In total, United will serve more international destinations across the Atlantic and Pacific than all other U.S. carriers combined, with 800 daily flights to/from 147 destinations, including 40 not served by any other U.S. airline.
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.’
Source: United Airlines/PRNewswire
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