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United Airlines Beats Expectations as International Travel Booms
United Airlines took flight on a surge in international travel during the second quarter, more than tripling its profit from last year. It raised its profit outlook for the full year, following the lead of Delta Air Lines as the aviation industry stages a postpandemic comeback.- Profit of $1.08 billion compared with $329 million the same period a year ago. Adjusted earnings per share beat the consensus, and revenue rose 17% to about $14 billion. United now sees full-year profit of $11 to $12 a share, higher than its earlier forecast.
- United said it carried the highest volume of revenue passengers since before the Covid-19 pandemic, and it added 800,000 members to its mileage membership program. It estimates third-quarter adjusted earnings per share of $3.85 to $4.35, above analysts’ estimates.
- United stumbled at the end of June, when bad weather and a shortage of air-traffic control staff combined for gridlock at its Newark, N.J., hub. CEO Scott Kirby said the carrier will have to cut back at Newark to better manage operations there.
- United has added to its trans-Atlantic routes to take advantage of a surge in demand, and said its international profit margins are above 2019 levels. Kirby is expected to add more details to the overall outlook during the company’s conference call to discuss earnings on Thursday.
