United Airlines posts weak quarterly earnings
After falling 1.6% in the regular session, United’s stock was down around 2% after hours
Stocks impacted: United Airlines Holdings (UAL)
After the market close on Monday, United Airlines Holdings reported first-quarter revenue of $3.2 billion, down 66% from the first quarter of 2019. The company announced a loss per share of $7.50 on revenue of $3.22 billion while the first-quarter capacity was down 54% versus first-quarter 2019. GAAP earnings came in at a loss of $4.29 a share against the consensus of $4.24. The airline reported a pretax loss of $3 billion against estimates for a loss of $2.8 billion. The airline also said it was launching a new service to Greece, Iceland, and Croatia, and said it could return to positive net income even with business and international travel only returning to 65% of 2019 levels. After falling 1.6% in the regular session, United’s stock was down around 2% after hours. The company’s shares have added over 29% since the beginning of the year.
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