United Airlines (UAL) has reported its first-quarter 2024 financial results. According to United, “The company had a pre-tax loss of $164 million, a $92 million improvement over the same quarter last year; adjusted pre-tax loss of $79 million, a $187 million improvement on an adjusted basis over the same quarter last year.”
United says: “These earnings reflect the approximately $200 million impact from the Boeing 737 MAX 9 grounding, without which the company would have reported a quarterly profit. In the quarter, the company generated $2.8 billion operating cash flow and free cash flow of $1.5 billion. The company continues to expect full-year 2024 adjusted diluted earnings per share of $9 to $11.”
The airline “delivered strong financial and operational performance in the quarter. The demand environment remained strong with a double-digit percentage increase in business demand quarter over quarter, as compared to pre-pandemic.”
Additionally, the company was able to take advantage of a number of opportunities to adjust domestic capacity which drove meaningful improvements in first quarter profitability. Atlantic and Domestic markets both saw large passenger revenue per available seat mile (PRASM) increases year over year, with 11% and 6% growth respectively.
While thanking the team for working hard, United Airlines CEO Scott Kirby said the airline delivered “strong operational metrics for our customers and sharpen our focus on safety,” noting further that the airline has “adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver hubs.”