United Airlines posts $194 million loss in Q1 2023

Despite a significant increase in revenue during Q1 2023, United Airlines announced a net loss for the quarter. The US airline recorded $10.2 billion in revenue, a 61.8% growth from Q1 2022, while experiencing an operating loss of $43 million and a net loss of $194 million due to the continuous growth of costs across the industry.

The CEO of United Airlines, Scott Kirby, praised the company’s operational performance, which contributed to an all-time high operating cash flow. Throughout the quarter, the carrier carried 36.8 million passengers on 1,337 aircraft with an average load factor of 79.9%. Kirby noted that demand remains robust, especially on the airline’s international network, which is growing twice as fast as its domestic rate.

The company’s year-end diluted Earnings per Share (EPS) goal is between $10 and $12, with 2022’s diluted EPS being $2.23 and 2019’s being $11.58. Additionally, United Airlines launched several new routes across its South Pacific route network and announced its codeshare partnership with Emirates, coinciding with a new route from Newark Liberty International Airport to Dubai International Airport.