United reports $1B income, 6% increase in passenger revenue

UNITED: Departing passengers check in at the United Airlines counter on July 1 in Tiyan, Guam. The airline reported robust earnings in the second quarter and a 6% increase in revenue. David Castro/The Guam Daily Post

United Airlines on Friday announced the continued successful implementation of its strategy that led to the company delivering two straight quarters of solid pretax margin growth - three quarters on an adjusted basis - and the highest second quarter pretax income in the airline’s history. 

Oscar Munoz, CEO of United Airlines, thanked “the outstanding and sustained efforts of 95,000 United team members.”

“By once again delivering strong (earnings per share record) over the last three months, top-tier results are now the expectation, not the exception for United.”

The airline reported:

• Total passenger revenue increased 6% compared with the second quarter of 2018.

• Second quarter net income of $1.1 billion, diluted earnings per share of $4.02, pretax earnings of $1.4 billion and pretax margin of 11.9%, expanding pretax margin 4.0 points versus the second quarter of 2018.

• Second quarter adjusted net income of $1.1 billion, adjusted diluted EPS of $4.21, adjusted pretax earnings of $1.4 billion and adjusted pretax margin of 12.4%, expanding adjusted pretax margin 2.0 points versus the second quarter of 2018. 

• Consolidated second quarter passenger revenue per available seat mile increased 2.5% year over year.

• Consolidated second quarter unit cost per available seat mile decreased 0.4% year over year.

• Authorized, through its board, a new $3 billion share repurchase program.

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