A United Airlines jetliner taking off from Newark Liberty International Airport
United Airlines announced financial results for the first quarter of 2024.
The airline reports a net loss of $124 million on revenue of $12.5 billion in the period, despite describing its overall financial and operational performance in the quarter as “strong.” In 2023, United reported a net loss of $194 million on $11.4 billion in revenue for the same period.
The carrier said that the grounding of Boeing’s 737 Max jet had cost it $200 million, and blamed the disruption to operations for its failure to report a quarterly profit.
The airline increased both its capacity and the amount of passenger travel during the quarter ended March 31.
Airline executives said on Wednesday, during its quarterly earnings call, they see another summer of record travel this year.
Compared to the same quarter last year, PRASM, passenger revenue per available seat mile, was up 6.1% on domestic flights and 12% on European flights but was overall only up 1% when including other markets. ASM, or available seat miles, which is the number of seats available for passengers multiplied by the number of scheduled miles those seats are flown, was up 9.1%.
In addition, the number of revenue passengers was up 6.8%, the number of scheduled miles flown by revenue passengers was up 9.3%.
(Photo: Accura Media Group)
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