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United Airlines Reports Fourth Quarter 2023 Net Profit of $600 Million or $1.81 per Diluted Share

United Airlines has reported a fourth quarter 2023 net profit of $600 million  or $1.81 per diluted share on a year-over-year increase in revenue of 9.9 percent to $13.6 billion.  For the full year, the carrier reported a net profit of $2.6 billion or $7.89 per diluted share.


United Airlines Airbus A321neo - Courtesy United Airlines

On Monday (January 22, 2024), United Airlines announced their fourth quarter and full year financial results for the period ending December 31, 2023.  The carrier reported a fourth quarter net profit of $600 million or $1.81 per diluted share on a year-over-year increase in revenue of 9.9 percent to $13.6 billion.  For the full year 2023, United reported a net profit of $2.6 billion or $7.89 per diluted share on a year-over-year increase in revenue of 19.5 percent to $53.7 billion.  At December 31, 2023, United Airlines had total liquidity of $16.1 billion.


In Monday’s announcement, United’s CEO, Scott Kirby, said,


“Our plans really came together in 2023, and I want to thank the United team for all of the hard work it took to get us there.  Despite unpredictable headwinds, we delivered on our ambitious EPS target that few thought possible – and set new operational records for our customers.  Looking ahead, we expect these trends to continue and United is incredibly well positioned to capitalize on them and to deliver on our short and long-term financial targets.”



United’s fourth quarter total revenue per available seat mile (TRASM) decreased 4.2 percent compared to Q4 2022 to 18.48 cents, while costs per available seat mile (CASM) decreased year-over-year by 0.1 percent to 17.13 cents.  Costs excluding fuel (CASM-ex) increased 4.9 percent compared to the same period last year to 12.28 cents.  For the full year 2023, United’s TRASM increased 1.7 percent versus FY2022 to 18.44 cents, while CASM decreased 1.2 percent to 16.99 cents, and CASM-ex increased 2.6 percent to 12.03 cents.


During 2023, United announced orders for 110 additional aircraft for delivery from 2028 as part of the company’s United Next growth strategy.  The carrier also took delivery of their first Airbus A321neo which entered passenger revenue service.  Additionally, United opened five new United ClubSM locations across three hubs, including the airline’s largest-ever, 35,000 sq. ft. club in Denver.


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.  As measured by available seat miles (ASMs), United is now the world’s largest airline.  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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