$UAL (+1,43%) | United Airlines Q3'24 Earnings Highlights:
๐น Adj EPS: $3.33 (Est. $3.13) ๐ข; DOWN from $3.65 YoY
๐น Revenue: $14.84B (Est. $14.77B) ๐ข; UP +2.5% YoY
๐ธ Authorized a new $1.5B share repurchase program
Q4 Guidance:
๐น Adj EPS: $2.50 - $3.00 (Est. $2.75) ๐ก
Operational Metrics:
๐น Capacity (Available Seat Miles): 81.54B; UP +4.1% YoY
๐น Revenue Passenger Miles: 69.55B; UP +2.7% YoY
๐น Load Factor: 85.3% (vs. 86.4% YoY)ย
๐น PRASM: 16.63 cents; DOWN -2.4% YoYย
๐น CASM-ex: 12.26 cents; UP +6.5% YoYย
Segment Revenue:
๐น Passenger: $13.56B; UP +1.6% YoY
๐น Cargo: $417M; UP +25% YoY
๐น Other: $865M; UP +7.9% YoY
Fuel Statistics:
๐น Fuel Consumed: 1.17B gallons; UP +3.4% YoY
๐น Average Fuel Price per Gallon: $2.56; DOWN -13% YoY
Share Repurchase Program:
๐ธ Board authorized a new $1.5B share repurchase program
๐ธ First buyback since suspension in 2020 due to COVID-19
๐ธ Limit of $500M in aggregate repurchases through year-end 2024
๐ธ Operational Highlights:
โ Generated $7.2B of operating cash flow and $3.4B of free cash flow year-to-date
โ Demand continues to be strong; Corporate revenues up 13% YoY in September
โ Premium revenues up 5% YoY; Basic Economy revenue up 20% YoY
CEO Scott Kirby's Commentary:
๐ธ "As predicted, unproductive capacity left the market in mid-August, and we saw a clear inflection point in our revenue trends that propelled United to exceed Q3 expectations."