United Airlines (NASDAQ:UAL) reported share prices were cleared for takeoff Wednesday, a day after reporting first-quarter 2023 financial results. The company reported a $256 million pre-tax loss, consistent with expectations provided in March. The company grew total operating revenue by 51.1% compared to first quarter 2022 and total revenue per available seat mile (TRASM) by 22.5%. Cost per available seat mile (CASM) increased 4.0%, while CASM-ex came in at down 0.1%, better than guidance due to strong operational reliability that produced available seat miles (ASMs) 23.4% higher than the first quarter of 2022. The company remains confident in the 2023 United Next adjusted diluted earnings per share target of $10 to $12 .
"I am extremely proud of the United team's performance during the first quarter of 2023. Our industry-leading operational performance contributed to an all-time high operating cash flow in the first quarter and keeps us on track to achieve our cost targets for the full year," said United Airlines CEO Scott Kirby . "We are watching the macroeconomic risks carefully, but demand remains strong, especially internationally, where we are growing at twice the domestic rate. We expect all of these factors will keep us on track to achieve our full-year adjusted diluted EPS target."
UAL’s net loss was $194 million, with an adjusted net loss of $207 million. Capacity was up 23.4% compared to first-quarter 2022. Total operating revenue of $11.4 billion, up 51.1% compared to first-quarter 2022.
UAL shares took flight $1.53, or 3.6%, to $44.57.
