United Airlines reports first-quarter loss
United Airlines announced its financial results for the first quarter of 2023, reporting a net loss despite rising revenues during the quarter.
The American airline is expected to generate $10.2 billion in revenue in the first quarter of 2023, up 61.8 percent from the $6.3 billion recorded in the first quarter of 2022.
However, as costs continue to rise across the industry, the airline recorded an operating loss of $43 million, with a net loss of $194 million.
“I am extremely proud of the performance of the United team in the first quarter of 2023,” said Scott Kirby, Chief Executive Officer of the company.
“Our industry-leading operational performance contributed to the highest operating cash flow ever in the first quarter and keeps us on track to meet our cost targets for the full year.”
The Chicago O’Hare International Airport-based airline carried 36.8 million passengers during the first quarter with an average load factor of 79.9 percent. The airline operates 1,337 aircraft, including those associated with regional carriers under United Express.
United Airlines closed the fourth quarter of 2022 with $843 million in net income, carrying 38.2 million passengers on 1,338 aircraft and generating $12.4 billion in revenue. The company reported its first profit since 2019 in 2022 and generated $737 million in net income.
Looking ahead, Kirby said United Airlines is seeing greater demand for international flights, which are growing twice as fast as their domestic counterparts, while the company is monitoring “macroeconomic risks carefully.”
