United Airlines Holdings Inc (NASDAQ:UAL, ETR:UAL1) shares jumped before Wednesday’s opening bell as the airline’s first quarter earnings impressed investors.
The company said its Q1 performance was its best in five years, despite the challenging macroeconomic environment.
Revenue was a record $13.21 billion, narrowly ahead of the $13.18 billion expected, with total revenue per available seat mile up 0.5% year-over-year.
Earnings per share were $0.91, above estimates of $0.74.
Capacity was up 4.9% from the first quarter of 2024.
During Q1, the company carried more than 450,000 customers per day on average, a record for the airline.
United also saw its best on-time arrival and departure rate for Q1 since 2021, and its seat cancellation rate was cut in half year-over-year.
"United Next is on track and we will continue to execute our multiyear plan that has allowed United to thrive in any demand environment,” CEO Scott Kirby said in a statement.
“It has given us industry-leading margins in the good times and we expect to expand our lead further in challenging economic times.”
Shares of United Airlines added 6% at $71 shortly before US markets opened.