{"id":37997,"date":"2023-07-20T02:25:33","date_gmt":"2023-07-20T06:25:33","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/united-airlines-posts-record-high-quarterly-earnings-lifts-full-year-outlook\/"},"modified":"2023-07-20T02:25:34","modified_gmt":"2023-07-20T06:25:34","slug":"united-airlines-posts-record-high-quarterly-earnings-lifts-full-year-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37997","title":{"rendered":"United Airlines posts record high quarterly earnings, lifts full-year outlook"},"content":{"rendered":"
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\u00a9 Reuters. United Airlines planes are parked at their gates at O’Hare International Airport ahead of the Thanksgiving holiday in Chicago, Illinois, U.S., November 20, 2021. REUTERS\/Brendan McDermid<\/span>
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By Rajesh Kumar Singh<\/p>\n

CHICAGO (Reuters) -United Airlines Holdings on Wednesday lifted its full-year profit outlook after posting the highest ever quarterly earnings on booming demand for international travel.<\/p>\n

Its shares rose 2.4% in extended trading.<\/p>\n

Ticket sales at U.S. carriers are soaring despite rising living costs as consumers cut spending on goods in favor of experiences. Last week, rival Delta Air lines lifted its full-year profit outlook for the second time in less than a month and reported the highest quarterly earnings in its history.<\/p>\n

International bookings are especially strong after the lifting of pandemic-related restrictions. Data from travel website Kayak, for example, shows searches by U.S.-based customers for summer travel to Europe are up 55% from last year.<\/p>\n

Among U.S. airlines, higher-margin international travel is the most important to United, accounting for about 38% of its passenger revenue before the pandemic.<\/p>\n

In the second quarter, international passenger revenue accounted for about 41% of the airline’s total passenger revenue.<\/p>\n

To capitalize on international travel demand, United announced earlier this week a second expansion of its Pacific coverage this autumn with new flights to Manila, Hong Kong, Taipei and Tokyo.<\/p>\n

In the third quarter, the airline expects 10%-13% year-on-year increase in revenue with a 16% increase in capacity. It forecast adjusted earnings of $3.85 to $4.35 per share for the quarter, while the Wall Street consensus is $3.70.<\/p>\n

It now expects an adjusted profit of $11 to $12 per share for 2023, compared with $10 to $12 estimated in January. That is well above analysts’ consensus earnings estimate of $9.77 per share for 2023, according to a Refinitiv survey.<\/p>\n

Adjusted second-quarter profit came in at $5.03 per share, above analysts’ expectations for $4.03 according to Refinitiv data.<\/p>\n

United will discuss the results on a call with analysts and investors on Thursday morning.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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