United Airlines said Wednesday that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices.
A passenger is silhouetted as a United Airlines plane takes off at O'Hare International Airport in Chicago on July 1, 2021. United Airlines said Wednesday, July 20, 2022, that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices.
Kirby said travelers may find fewer seats available for the holidays than they had expected. He said it could take until next summer before the aviation system is fully staffed and able to handle the number of people who want to travel. The quarter marked United’s first profit without federal pandemic aid in the COVID-19 age. Kirby highlighted that in a prepared statement and also warned about risks over the next six to 18 months from problems in the aviation system that can cause delays and cancellations, the recent record high fuel prices, and “the increasing possibility of a global recession.”
Revenue was $12.11 billion, United’s best ever in a second quarter and in line with analysts’ forecasts. It was 6% higher than in 2019, even though United did nearly 15% less flying.Revenue for each seat flown one mile, a closely watched figure among airlines, rose 24% compared with the same quarter in 2019 — the result of higher average fares.