United Airlines has reported a $942 million profit for the third quarter after a strong summer travel season.
FILE - A United Airlines jetliner takes off from a runway at Denver International Airport Tuesday, Sept. 14, 2021, in Denver. Airlines say travelers are still booking trips despite uncertainty over inflation and the economy. Thats boosting the bottom line at United Airlines, which looks for a big summer of international travel next year. The company's third-quarter earnings are reported today.
The Chicago-based airline said adjusted earnings were $2.81 per share, compared with a forecast of $2.28 among analysts in a FactSet survey. CEO Scott Kirby said he is optimistic United will see strong financial results in the fourth quarter and beyond despite growing concern about an economic slowdown. He credited a change in travel habits, particularly among office workers who can now work from home at least part of the week.
Delta executives said bookings by business customers — a key, lucrative group for airlines — picked up after Labor Day, and they are confident corporate travel will fully recover, even with Zoom calls replacing some in-person meetings. “Inflationary cost pressures are not going away,” Cowen analyst Helane Becker said in a note to clients. “Salaries are going up through hourly pay increases and bonuses, and once that genie is out of the bottle, it’s hard to put it back in.”
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