United Airlines has reported a third quarter 2022 net profit of $942 million or $2.86 per share on a year-over-three revenue increase of 13.2 percent to $12.9 billion. At September 30, 2022, the carrier had total available liquidity of $20.4 billion.
On Tuesday (October 18, 2022), United Airlines reported their third quarter financial results for the period ending September 30, 2022. The carrier reported third quarter net income of $942 million or $2.86 per diluted share and an adjusted net income of $927 million. United’s revenue increased 13.2 percent versus the pre-pandemic third quarter of 2019 to $12.9 billion. The airline’s Q3 total revenue per available seat mile (TRASM) increased year-over-three by 25.5 percent to 19.02 cents, while costs per available seat mile (CASM) increased 27.8 percent compared to Q3 2019 to 16.87 cents. Costs excluding fuel (CASM-ex) increased year-over-three by 14.5 percent to 11.2 cents. At September 30, 2022, United Airlines Holdings had $20.4 billion in total available liquidity including cash, cash equivalents, short-term investments and undrawn credit facilities. During the third quarter, United Airlines made $810 million in payments on long-term debt, finance lease obligations and other financing liabilities.
In Tuesday’s announcement, United Airlines’ CEO, Scott Kirby, said,
“I am grateful to United employees who delivered an incredible performance this quarter taking care of our customers and producing, by most metrics, the best operational quarter in our history. Despite growing concerns about an economic slowdown, the ongoing COVID recovery trends at United continue to prevail and we remain optimistic that we'll continue to deliver strong financial results in the fourth quarter, 2023 and beyond.”
United Airlines announced a historic commercial agreement during the period with Emirates, that will enhance the networks of both carriers, while facilitating access to hundreds of additional destinations worldwide to guests of both airlines. United also announced the launch of a new direct route between New York-Newark and Dubai from March 23, 2023, pending government approval. During the third quarter, the airline also announced a $15 million investment in Eve Air Mobility, and a conditional purchase agreement for 200 four-seat electric aircraft, plus 200 options, with the first deliveries expected as early as 2026.
United also announced a joint business agreement with Air Canada, enhancing transborder connectivity. Additionally, the carrier announced the launch of new service between Washington Dulles International Airport and Cape Town, South Africa starting November 17, 2022, becoming the first U.S. airline to offer direct roundtrip service between the two capitals. During Q3 2022, United also resumed five international routes since the onset of the global COVID-19 pandemic, including Chicago to Edinburgh, San Francisco to Tokyo-Haneda, and Guam to Fukuoka, Osaka and Nagoya in Japan.
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