United Airlines has reported a first quarter 2022 net loss of $1.38 billion or ($4.24) per diluted share on a 21 percent decline in revenue versus Q1 2019 to $7.57 billion. At March 31, 2022, the carrier had total available liquidity of $20 billion.
On Wednesday (April 20, 2022), United Airlines reported their first quarter financial results for the period ending March 31, 2022. The carrier reported a first quarter net loss of $1.38 billion or ($4.24) per diluted share on a 21.1 percent decline in revenue compared to the first quarter of 2019. United’s first quarter total revenue per available seat mile (TRASM) was down 2.8 percent versus the same period in 2019 to 14.20 cents, while cost per available seat mile (CASM) increased 21 percent year-over-three to 16.79 cents. Excluding fuel (CASM-ex), the airline’s first quarter cost per available seat mile was up 18 percent versus Q1 2019 to 12.55 cents. At March 31, 2022, United Airlines had cash, cash equivalents, short term investments and undrawn credit facilities totaling $20 billion.
In Wednesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“I am proud of the United team that once again managed to overcome the challenges of the quarter and prioritized high operating reliability for our customers by gradually adding back capacity. Our team continues to do an outstanding job of caring for our customers. The demand environment is the strongest it’s been in my 30 years in the industry – and United and its customers will benefit more than any other airline. We're now seeing clear evidence that the second quarter will be an historic inflection point for our business. It leaves me more optimistic than ever about United’s future.”
United Airlines’ shared purpose is “Connecting People. Uniting the World.” In 2019, United and United Express® carriers operated over 1.7 million flights carrying over 162 million guests. United Airlines operates the most comprehensive network among North American carriers with mainland U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. Shares in the company’s parent, United Airlines Holdings, Inc., are publicly traded on the NASDAQ under the symbol ‘UAL.’
In trading Thursday morning (April 21, 2022), shares in United Airlines Holdings, Inc. (NASDAQ: UAL) were 11.22% higher at $51.74/share (10:25 AM EDT)
Source: United Airlines/PRNewswire