United Airlines Holdings, Inc. (NYSE: UAL) Tuesday reported a net loss for the first quarter of 2023 when the aviation firm’s revenues increased sharply.
The company reported a net loss of $0.63 per share for the March quarter, on an adjusted basis, compared to a loss of $4.24 per share last year. On an unadjusted basis, it was a net loss of $194 million or $0.59 per share for the first quarter, compared to a loss of $1.38 billion or $4.24 per share in the comparable period of 2022.
First-quarter operating revenues jumped 51% year-over-year to $11.4 billion. The top line benefited from continued recovery in passenger traffic.
“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,” said the company’s CEO Scott Kirby.