United Airlines has reported a second quarter 2023 net profit of $1.1 billion or $3.24 per diluted share on a year-over-year increase in revenue of 17.1 percent to $14.2 billion.
On Wednesday (July 19, 2023), United Airlines reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net profit of $1.1 billion or $3.24 per diluted share on a year-over-year increase in revenue of 17.1 percent to $14.2 billion. United’s second quarter total revenue per available seat mile (TRASM) decreased 0.4 percent versus Q2 2022 to 19.2 cents, while cost per available seat mile (CASM) decreased year-over-year by 4.0 percent to 17.2 cents. Costs excluding fuel and other select items (CASM-ex) increased compared to the same period last year by 2.0 percent to 11.9 cents.
In Wednesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“The United team persevered through an unprecedented series of events at the end of last month. They are the best in the business and we're focused on the important changes we can make, especially in Newark, to serve our customers even better. United's financial performance in the second quarter and our outlook for the remainder of the year and beyond make it clear that United Next is working and is the right strategy at the right time. Our focus now is on executing that strategy well – because we know it will deliver huge benefits for our customers, our employees and our owners.”
During the second quarter, United raised $1.3 billion from an offering of enhanced equipment trust certificates (EETC), and also pre-paid $1.0 billion of high coupon debt.
United Airlines Second Quarter 2023 Financial Results - Courtesy United Airlines
United also launched six new international transatlantic routes during the second quarter with service from New York-Newark to Malaga and Stockholm, between Washington D.C. and Berlin, from Chicago to Barcelona and Shannon, and between San Francisco and Rome. The carrier also announced a major South Pacific expansion, becoming the only airline to offer direct service to Christchurch, New Zealand from the continental U.S. via San Francisco. United also announced the launch of new service from Los Angeles to both Auckland, New Zealand and Brisbane, Australia.
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