United Airlines Reports Fourth Quarter Net Profit of $843 Million or $2.55 per Diluted Share
United Airlines has reported a fourth quarter net profit of $843 million or $2.55 per diluted share on revenue og $12.4 billion, up 14 percent versus Q4 2019. For the full year, the carrier reported a net income of $737 million or $2.23/share on revenue of $45 billion.
On Tuesday (January 17, 2023), United Airlines reported their financial results for the fourth quarter and full year for the period ending December 31, 2022. The carrier reported a fourth quarter net income of $843 million or $2.55 per diluted share on a 14 percent increase in revenue compared to Q4 2019 to $12.4 billion. For the full year 2022, United reported a net income of $737 million or $2.23 per diluted share on revenue of $45 billion, up 3.9 percent compared to FY 2019. For the fourth quarter, the airline’s total revenue per available seat mile (TRASM) was 19.29 cents, up 26 percent versus Q4 2019, while cost per available seat mile (CASM) was 17.14 cents, an increase of 21 percent compared to the fourth quarter of 2019. Fourth quarter cost, excluding fuel (CASM-ex), was 11.71 cents, up 11 percent over the same period in 2019. At December 31, 2022, United Airlines had total available liquidity of $18.2 billion.
In Tuesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“Thank you to the United team that, last month, managed through one of the worst weather events in my career to deliver for so many of our customers and get them home for the holidays. Our dedicated team used our state-of-the-art tools to prepare for the bad weather, take care of our customers and quickly recover once the worst of the weather had passed. Over the last three years, United has made critical investments in tools, infrastructure and our people – all of which are essential investments in our future. That's why we've got a big head start, and we're now poised to accelerate in 2023 as our United Next strategy becomes a reality.”
During Q4 2022, United announced an order for 100 Boeing 787 Dreamliners with options for 100 more, the largest widebody order by a U.S. carrier in commercial aviation history. The airline also added an additional 100 Boeing 737 MAX Family aircraft by exercising 44 options and adding 56 new firm orders. In 2022, United also opened the United Aviate Academy, becoming the only major U.S. airline to own their own flights school. The company also launched Calibrate, an in-house apprenticeship program for Aircraft Maintenance Technicians. Additionally, United announced and began the expansion of their Flight Training Center in Denver, already the largest facility of its kind in the world.
United Airlines also announced their summer 2023 schedule, which includes new service to Malaga (Spain), Stockholm (Sweden) and Dubai (UAE). United will also be the No. 1 carrier to Europe, Africa, India and the Middle East for summer 2023, offering service to 37 destinations, more than all other U.S. airlines combined. During 2022, the carrier also announced a new alliance partnership with Virgin Australia and began year-round direct service between San Francisco and Brisbane, becoming the largest carrier between the U.S. and Australia. Additionally, United began year-round nonstop service between Washington D.C. and Cape Town (South Africa), and expanded year-round service between New York/Newark and Cape Town.
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