United Airlines earned $942 million in the third quarter as vacationers paid higher fares and packed planes over the summer, and the airline offered an upbeat forecast of late-year earnings.
United’s CEO said Tuesday that concern about inflation and the economy does not seem to be discouraging people from buying airline tickets. He said that is partly because people who work part of the week from home have more flexibility to take short trips.The Chicago-based airline said adjusted earnings were $2.81 per share, compared with a forecast of $2.28 among analysts in a FactSet survey.
U.S. air travel has bounced back from the onset of the pandemic. Nearly 2.5 million travelers went through airport security checkpoints on Sunday, the biggest travel day since February 2020, according to Transportation Security Administration figures. Fares are higher than they were before the pandemic, resulting in airline revenue exceeding 2019 levels on a per-mile basis.
Delta CEO Ed Bastian said at the time that the airline industry is enjoying a “countercyclical” recovery because consumers still have money, and they are spending more on services and less on goods.Delta executives said bookings by business customers — a key, lucrative group for airlines — picked up after Labor Day, and they are confident corporate travel will fully recover, even with Zoom calls replacing some in-person meetings.
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