United Airlines' fourth-quarter profit topped Wall Street estimates thanks to strong demand and high fares.
A grounds crew member directs an United Airlines airplane to a gate at Terminal A at Newark Liberty International Airport in Newark, New Jersey, US, on Thursday, Jan. 12, 2023.' fourth-quarter profit topped Wall Street estimates thanks to strong demand and high fares.
Consumers' appetite for air travel and willingness to pay higher fares has helped airlines return to profitability despite higher costs for fuel, labor and other expenses tied to ramping their networks back up. Meanwhile, aircraft delivery delays and training backlogs have constrained airlines' growth, keeping fares high.
United reported an $843 million profit for the last three months of 2022 on revenue of $12.4 billion. Here's how the carrier performed in the fourth quarter compared with what Wall Street expected, based on average estimates compiled by Refinitiv:$12.4 billion versus expected $12.2 billion For the first three months of 2023, United expects to generate revenue 50% higher than the same period of 2022. It expects first-quarter earnings per share to be between 50 cents and $1, above analyst consensus of 25 cents, according to Refinitiv.The quarterly update is another sign of a strong year-end for airlines, despite severe winter storms and disruptions during the popular holiday travel period.
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