United Airlines Q3 Profit Tops Estimates; To Buy Back Up To $1.5 Bln Of Shares

(RTTNews) - United Airlines Holdings Inc. (UAL) reported that its third quarter net income declined to $965 million or $2.90 per share from $1.14 billion or $3.42 per share in the same quarter last year.

Adjusted income for the third quarter was $1.11 billion or $3.33 per share compared to $1.21 billion or $3.65 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $3.17 per share for the third quarter. Analysts' estimates typically exclude special items.

Total operating revenue for the third quarter rose to $14.84 billion from $14.48 billion in the prior year. Analysts expected revenue of $14.78 billion for the quarter.

Capacity for the third quarter was up 4.1% compared to third-quarter 2023.

The company's Board of Directors authorized a new share repurchase program for up to $1.5 billion of outstanding shares of common stock and warrants originally issued to the U.S. Treasury under the CARES Act and Payroll Support Program, subject to a limit of $500 million in aggregate through year-end 2024.

UAL closed Tuesday's regular trading at $64.05 up $0.52 or 0.82%. In the after-hours trading the stock further gained $0.39 or 0.61%.

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