Shares of airline company United Airlines (NASDAQ:UAL) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Adjusted earnings per share came in at -$0.15, which beat analysts’ consensus estimate of -$0.57 per share. It’s worth noting that the firm would’ve seen a profit if it hadn’t been for a $200 million impact from the Boeing 737 MAX 9 grounding.
Furthermore, sales increased by 9.7% year-over-year, with revenue hitting $12.5 billion. This beat analysts’ expectations of $12.4 billion.
In addition, total revenue per available seat mile (TRASM) increased by 0.6% compared to the first quarter of 2023, while the cost per available seat mile (CASM) fell by 0.6%. However, CASM-ex (which excludes the impact of fuel expense, profit sharing, special charges, and third-party expenses) increased by 4.7% year-over-year.
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