Press release
United Airlines Announces Second-Quarter Financial Results: Achieves Record-Setting Financial Performance
In addition to YOY EPS and pre-tax margin improvement, achieved highest quarterly adjusted EPS1 and second-quarter adjusted pre-tax margin1 in company history
About this update from United Airlines Holdings, Inc.
[{"type":"text","content":"In addition to YOY EPS and pre-tax margin improvement, achieved highest quarterly adjusted EPS1 and second-quarter adjusted pre-tax margin1 in company history\nExpects full-year 2023 adjusted EPS2 to now be $11-$12\nStrengthened balance sheet -- ahead of pace to reach FY23 leverage target\nRecord-setting 2Q performance is clear evidence of 'United Next' success\nCHICAGO, July 19, 2023 /PRNewswire/ -- Airlines (UAL) today reported second-quarter 2023 financial results. The company reported quarterly earnings per share of $3.24 and pre-tax margin of 9.8%. The company set records on an adjusted basis1 with earnings per share of $5.03 and pre-tax margin of 15.3%. The strong financial performance has accelerated the company's efforts to restore its balance sheet, resulting in trailing twelve months adjusted net debt1 to adjusted EBITDAR1 of 2.4x, back to 2019 levels and ahead of its full year 2023 target of less than 3x. The momentum from the second quarter is expected to power the company to full year 2023 adjusted earnings per share2 of $11 to $12, up versus previous guidance of $10 to $12. The all-time quarterly highs in the second quarter and the bright outlook for the future are evidence that the United Next strategy to upgauge the airline, increase connectivity at its mid-continent hubs, and expand its industry leading global network is working.\nThe company's second quarter performance also benefited from the strength in its network. In the second quarter, United's domestic margins returned to 2019 levels while international margins were well above 2019. United continues to establish its position as the United States flag carrier, with a 27% increase in capacity internationally versus the same quarter last year. Looking to capitalize on demand for international travel, United announced earlier this week a second expansion of its Pacific flying this fall with new flights to Manila, Hong Kong, Taipei and Tokyo (Narita). The airline is expecting to maximize the success of its international business with the largest widebody aircraft order in history that it announced with Boeing in December 2022.\n\"The United team persevered through an unprecedented series of events at the end of last month. They are the best in the business and we're focused on the important changes we can make, especially in Newark, to serve our customers even...