American holding company United Airlines Holdings, the parent structure of United Airlines, tripled its net profit in the second quarter of the current year, reaching a record high in the company’s history.
According to the company’s press release, the net profit for April to June amounted to $1.08 billion, or $3.24 per share, compared to $329 million, or $1 per share, for the same period last year.
The adjusted profit per share was recorded at $5.03.
Revenue increased by 17% to $14.18 billion from $12.11 billion compared to the previous year.
Analysts surveyed by FactSet had expected an adjusted profit of $4.03 per share on revenue of $13.9 billion.
For the third quarter, United expects an adjusted profit per share ranging from $3.85 to $4.35, while the consensus forecast of experts is at $3.76 per share. The company also predicts revenue growth of 10-13%, though the market expects an increase of 9%.
Revenue per available seat mile decreased by 0.4% to 17.68 cents for April to June.
United Airlines carried 41.95 million passengers in the past quarter, an increase of 10.6% compared to the same period in 2022.
The load factor on domestic flights was 87.5% compared to 89.9% in the second quarter of the previous year, and on international flights, it was 85.6% compared to 82.4%.
The airline reported an average fuel price of $2.66 per gallon in the past quarter, compared to $4.18 per gallon in the previous year.
United Airlines’ stock quotes rose by 3.25% in after-hours trading on Wednesday. The company’s market capitalization has surged by 45% since the beginning of the year and now stands at $17.97 billion.
