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- United Airlines Holdings Inc (NASDAQ:UAL) reported a first-quarter operating revenue decline of 21% compared to 1Q19 to $7.6 billion, missing the consensus of $7.68 billion.
- Capacity down 19% compared to 1Q19. Cost Per Available Seat Mile (CASM) was up 21%, and CASM-ex3 was up 18%, compared to 1Q19. TRASM of down 3% vs. 1Q19.
- Adjusted EPS was $(4.24), missing the consensus of $(4.21).
- UAL reported a Q1 operating loss of $1.4 billion and an adjusted operating loss of $1.4 billion. The fuel price was ~$2.88 per gallon in the quarter.
- United Airlines ended the quarter with available liquidity of $20 billion. It reported a decline in total debt of over $700 million.
- UAL’s net cash provided by operating activities totaled $1.47 billion for the quarter, compared to $447 million in 1Q21.
- The airline has a bullish outlook on the future – bolstered by this persistent strength of demand and the fact that it is nearing 2019 operating margins – and once again reiterated confidence in its long term United Next targets of an adjusted pre-tax margin of ~9% in 2023 and about 14% in 2026. This confidence is underpinned by the company’s current expectation to report a profit for the full year 2022.
- FY22 Outlook: UAL expects Capacity vs 2019 down ~13%, (TRASM) vs 2019 ~17%, CASM-ex vs 2019 ~16%.
- It expects the average Aircraft Fuel Price per Gallon to be $3.43 and an Operating and Adjusted Operating Margin of ~10%.
- Price Action: UAL shares are trading higher by 7.63% at $50.07 during the post-market session on Wednesday.
- Photo via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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