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United Airlines (UAL) has issued third-quarter financial results that surpassed Wall Street’s consensus forecasts on the top and bottom lines.
The Chicago-based carrier reported earnings per share (EPS) of $3.33 U.S., which beat the $3.17 U.S. that was expected among analysts who track the company’s progress.
Revenue in the period totaled $14.84 billion U.S., which was ahead of the $14.78 billion U.S. that had been estimated on Wall Street.
Executives at United Airlines attributed the strong results to domestic unit revenue, which was positive in August and September compared to a year earlier.
United also expanded capacity by 4.1% during the third quarter, and said that premium revenue, which includes business class tickets, rose 5%. Sales of basic economy tickets were up 20%.
Looking ahead, United said that it expects to earn $2.50 U.S. to $3 U.S. a share in the current fourth quarter. That’s ahead of the $2.68 U.S. expected among analysts.
Earlier in October, United announced an expansion plan that includes new flights to Mongolia, Senegal, Spain and Greenland as the airline looks to grow its international travel segment.
Alongside its Q3 results, United said that it is starting a $1.5 billion U.S. share repurchase program. It’s the first stock buyback at United since before the pandemic struck in 2020.
The stock of United Airlines has risen 62% over the last 12 months to trade at $64.05 U.S. per share.
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