2023-04-18 16:18:31 ET
United Airlines ( NASDAQ: UAL ) shares wavered in after hours trading on Tuesday after posting a mixed Q1 earnings update.
The Chicago-based airline reported a $0.63 per share loss on $11.43B in revenue. Analysts had expected a $0.73 per loss on $11.43B in revenue. Passenger revenue at $10.27B met expectations, while Passenger Revenue per Available Seat Mile narrowly missed expectations at $15.63 against a $15.70 consensus estimate.
“Our industry-leading operational performance contributed to an all-time high operating cash flow in the first quarter and keeps us on track to achieve our cost targets for the full year,” CEO Scott Kirby commented. “We are watching the macroeconomic risks carefully, but demand remains strong, especially internationally, where we are growing at twice the domestic rate. We expect all of these factors will keep us on track to achieve our full-year adjusted diluted EPS target.”
The company expects Q2 adjusted diluted EPS to range from $3.50 to $4.00 and reiterated a full-year forecast of between $10 and $12. The analyst consensus for the quarter and year stand at $3.62 and $8.68, respectively. Operating revenue is expected to jump between 14% and 16% as capacity rises 18.5% in Q2. Full-year capacity is expected to rise in the “high teens” as international travel returns.
Shares of the Chicago-based carrier slipped about 2% shortly after the print before rebounding to about a 1% gain in Tuesday’s extended session.
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United Airlines posts lighter than expected loss, projects profits ahead