United Airlines released its first-quarter earnings report on Tuesday, beating its revenue estimates for the period despite posting a loss. The company’s quarterly loss was $0.63 per share, marginally short of the Zacks Consensus Estimate of a loss of $0.73 per share. The first quarter loss proved to be a significant improvement in the first quarter of 2022 when the Q1 loss stood at $4.24 per share.
One major surprise from United’s Q1 earnings report was the $11.43 billion that the airline earned during the quarter ending March 2023. In addition to surpassing estimates by 0.07%, United Airlines’ revenue also greatly exceeded the $7.57 billion earned in the same quarter last year.
Since the start of the year, United Airlines stocks have gained 12.4%; exceeding the 8.1 year-to-date growth of the S&P 500 index at large. The company’s revenue grew by 13.70% from the previous quarter.
Following United’s quarterly earnings report, Southwest Airlines is gearing up to release its own Q1 figures on April 27. The airline is expected to post a quarterly loss of $0.21 per share.