United Airlines has reported a fourth quarter 2021 net loss of $646 million or ($1.99) per diluted share on revenue of $8.2 billion. For the full year 2021, the carrier reported a net loss of $2.0 billion or ($6.10) per diluted share on revenue of $24.6 billion.
On Wednesday (January 19, 2022), United Airlines reported their financial results for the fourth quarter and full year ending December 31, 2021. The carrier reported a fourth quarter net loss of $646 million or ($1.99) per diluted share on a year-over-two decline in revenue of 25 percent to $8.2 billion, and an adjusted net loss of $520 million. For the full year 2021, United reported a net loss of $2.0 billion or ($6.10) per diluted share on a year-over-two decline in revenue of 43 percent to $24.6 billion, and an adjusted net loss of $4.5 billion. At December 31, 2021, the company had available liquidity, including cash, cash equivalents, short-term investments and undrawn credit facilities of approximately $20 billion.
In Wednesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“The United team has been fighting through unprecedented obstacles to, once again, overcome the new and daunting challenges that COVID-19 is bringing to aviation, and I am grateful to each one of them for their commitment to taking care of our customers. While Omicron is impacting near term demand, we remain optimistic about the spring and excited about the summer and beyond. We look forward to beginning to return the Pratt & Whitney 777s to service this quarter and getting the full airline back to normal utilization — as we ramp up along with demand this year. By investing in innovative technology, focusing on process improvements and implementing a transformative United Next strategy, we’re poised to emerge as an aviation leader that's more efficient than before and serves our customers better than ever.”
United Airlines’ fourth quarter 2021 capacity was down 23 percent compared to Q4 2019, while total revenue per available seat mile (TRASM) was down year-over-two by 3 percent. The carrier’s fourth quarter cost per available seat mile (CASM) was up 11 percent versus Q4 2019, and CASM excluding fuel (CASM-ex) was up 13 percent versus the same period in 2019.
During the full year ending December 31, 2021, United Airlines received approximately $5.8 billion in funding under the Payroll Support Program (PSP) extensions (PSP2 & PSP3) originally introduced under the 2020 U.S. Cares Act, and subsequently continued. The total PSP funding included an unsecured loan of approximately $1.7 billion. As a result, the company recorded a grant income of $4.0 billion in Special charges or credits, with an offset of $99 million for warrants issued to the U.S. Treasury Department as part of the PSP2 and PSP3 agreements.
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.’
Source: United Airlines/PRNewswire