United Airlines released its second quarter 2024 earnings yesterday. With pre-tax earnings of $1.7 billion and a pre-tax margin of 11.6%, the company posted adjusted diluted earnings per share of $4.14, in line with guidance. The company reiterated expectations for full-year adjusted diluted earnings per share between $9 and $11.
These earnings come despite domestic overcapacity, which the carrier expects will correct this summer, with mid-August as an inflection point. Given published schedule changes, a projected 3% decline in capacity should help with domestic yields. In the second quarter, premium revenue grew 8.5% year over year, basic economy revenue grew 38% YoY, taking share from ULCCs, and market share among domestic road warriors also increased YoY.
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