United Airlines achieves highest Q2 pre-tax income in company history
United Airlines (UAL) today announced that the continued successful implementation of its strategy led to the company delivering two straight quarters of solid pre-tax margin growth – three quarters on an adjusted basis1 – and the highest second-quarter pre-tax income in the airline’s history.
“Thanks to the outstanding and sustained efforts of 95,000 United team members, United is now consistently delivering results for our customers as well as investors as we raise the mid-point of our full-year 2019 adjusted diluted EPS3 guidance with a new range of $10.50 to $12.00,” said Oscar Munoz, CEO of United Airlines. “By once again delivering strong EPS over the last three months, top-tier results are now the expectation, not the exception for United.”
• Reported second-quarter net income of $1.1 billion, diluted earnings per share (EPS) of $4.02, pre-tax earnings of $1.4 billion and pre-tax margin of 11.9 percent, expanding pre-tax margin 4.0 points versus the second quarter of 2018.
• Reported second-quarter adjusted net income of $1.1 billion, adjusted diluted EPS of $4.21, adjusted pre-tax earnings of $1.4 billion and adjusted pre-tax margin of 12.4 percent, expanding adjusted pre-tax margin 2.0 points versus the second quarter of 2018.
• Total passenger revenue increased 6.1 percent versus the second quarter of 2018.
• Consolidated second-quarter passenger revenue per available seat mile (PRASM) increased 2.5 percent year-over-year.
• Consolidated second-quarter unit cost per available seat mile (CASM) decreased 0.4 percent year-over-year.
• Consolidated second-quarter CASM, excluding special charges, third-party business expenses, fuel and profit sharing, increased 0.6 percent year-over-year.
• Repurchased $536 million of its common shares in the second quarter of 2019, at an average purchase price of $84.07 per share.
• On July 15, 2019, the company’s Board of Directors authorized a new $3 billion share repurchase program.