United Airlines reports financial results for the first quarter of 2023

United Airlines released its first quarter 2023 financial results, reporting a pre-tax loss of $256 million. The company increased total operating revenue by 51.1% compared to the same period in 2022 and total revenue per available seat mile (TRASM) by 22.5%.

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«I am extremely proud of the United team’s performance during the first quarter of 2023. Our industry-leading operating performance contributed to an all-time high operating cash flow in the first quarter and keeps us on track to achieve our full-year cost targets«, said Scott Kirby, chief executive officer of United Airlines.

First Half 2023 Financial Results

• Adjusted net loss of $207 million.
• Adjusted diluted loss per share of $0.63.
• Average fuel price per gallon of USD 3.33.
• Adjusted total debt reduction of USD 4.6 billion over the last 12 months.

Operational performance

• The company achieved a lower first quarter seat cancellation rate (1.09%) since 2012, scheduling more than 413,000 seats and 2,300 daily flights.
• The airline ranked first in on-time departures at Chicago O’Hare (ORD), Denver (DEN), Los Angeles (LAX) and Houston (IAH) and second at San Francisco (SFO) and Washington – Dulles (IAD).

Route network

• Through its cross-border partnership with Air Canada, the airline schedules new routes and increased service between the United States and Canada.
• It will begin with new routes to Dubai (DXB) and Tokyo – Haneda (HND). In addition, it resumed several destinations in Japan, Hong Kong and Central America that have not been operated since the outbreak of the pandemic.
• Increased premium seat capacity in the domestic market by 25% compared to the first quarter of 2019.

Customer Service Enhancements

• The new United Club at O’Hare Airport (ORD) had a solid debut in January 2023 with positive customer satisfaction scores.
• During the first quarter of 2023, more than one million users utilized the bag drop shortcut, which streamlines the baggage screening process and is active at 38 airports.
• With the opening of the new Terminal A at Newark Airport (EWR), it added 12 gates to its operations and expects to have 17 gates in total by the end of 2023.

Supporting Communities

• United Airlines, Tallgrass and Green Plains Inc. announced the creation of a new joint venture – Blue Blade Energy – to develop and then commercialize a novel sustainable jet fuel technology that uses ethanol as a feedstock.
• The company launched a «Miles on a Mission SM» campaign to help earthquake victims in Turkey and Syria, raising nearly 400,000 miles and $25,000 for Airlink, the American Red Cross and World Central Kitchen.
• Nearly 300 airline employees participated in Martin Luther King Jr. Day parades and volunteer activities across the company’s network.
• The company supported Sesame Workshop’s «Welcome Sesame» initiative, which provides child development opportunities for families affected by conflict and crisis.

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