United Airlines returned to profitability in the second quarter of 2022, the US carrier said after releasing its financial results for the period.
The company achieved the highest second quarter revenue in its history, delivering its first profitable quarter since Covid began, despite record-high fuel prices.
For the quarter, the company saw operating revenue up 6 per cent versus the same quarter in 2019, and record-setting TRASM (Total Revenue Per Available Seat Mile), up 24 per cent versus the same quarter in 2019.
As a result, the company continues to expect to be profitable for the full year 2022.
‘Return to profitability’
“I am grateful to the United team that has fought through severe systemic challenges impacting all of global aviation to serve our customers,” said United Airlines CEO Scott Kirby.
“It’s nice to return to profitability – but we must confront three risks that could grow over the next 6-18 months. Industry-wide operational challenges that limit the system’s capacity, record fuel prices and the increasing possibility of a global recession are each real challenges that we are already addressing.
“These fundamental challenges have already led to higher costs, higher fuel prices but, also higher revenue, which means we’re as confident as ever we will deliver on our 9 percent adjusted pre-tax margin target in 2023.”