United Airlines Holdings, Inc. (NYSE: UAL) reported a narrower net loss for the first quarter of 2024, on an adjusted basis. The bottom line benefitted from an increase in revenues.
The company reported an adjusted loss per share of $0.15 per share for the March quarter, compared to a loss of $0.63 per share last year. On an unadjusted basis, net loss was $124 million or $0.38 per share in Q1, vs. a loss of $194 million or $0.59 per share in the year-ago quarter.
First-quarter operating revenues increased 9.7% year-over-year to $12.54 billion from $11.43 billion in the comparable period of 2023. Both revenues and the bottom line beat analysts’ estimates.
“We’ve adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver. And, we’ll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs,” said the company’s CEO Scott Kirby.