United Airlines almost quadruples net profit but is cautious about Q1

United Airlines reported a $2.618 billion net profit for 2023, up from $737 million in 2022. At 165 million, the airline carried the highest-ever number of passengers in its history and had a strong December month. In its outlook for Q1 this year, United is more prudent and expects revenues to be up and earnings per share down by $0.85 to $0.35 cents, it said on Monday. 

Full-year diluted earnings per share were $7.89 or adjusted $10.05, which was better than the $10 to $12 targeted at the start of the year. “Despite unpredictable headwinds, we delivered on our ambitious EPS target that few thought possible – and set new operational records for our customers,” CEO Scott Kirby says in the earnings release.

United generated $53.7 billion in full-year revenues, up from $45 billion in 2022

. Passenger revenues totaled $49 billion versus $40 billion. This isn’t just the result of flying more passengers (164.9 million versus 144.3 million) but especially from strong demand for premium and Economy cabins. In Q4, premium revenues were up by 16 percent year on year and economy by 20 percent. Full-year cargo revenues were almost one-third lower to $1.5 billion from $2.2 billion, and other revenues were up 15.4 percent to $3.2 billion.