United Airlines reports doubled profit in Q1 to $292 million and EPS $1.09
The company remains confident that it will deliver on its long-term adjusted diluted earnings per share (EPS) targets of $10 to $12 in 2019 and $11 to $13 in 2020.
Reported first-quarter net income of $292 million, diluted EPS of $1.09, pre-tax earnings of $367 million and pre-tax margin of 3.8 percent, expanding pre-tax margin 1.8 points versus the first quarter of 2018.
Reported first-quarter adjusted net income of $309 million, adjusted diluted EPS of $1.15, adjusted pre-tax earnings of $389 million, adjusted pre-tax margin of 4.1 percent, expanding adjusted pre-tax margin 2.1 points versus the first quarter of 2018.
Total passenger revenue increased 7.1 percent versus the first quarter of 2018.
First-quarter passenger revenue per available seat mile (PRASM) increased 1.1 percent year-over-year.
Consolidated first-quarter unit cost per available seat mile (CASM) decreased 2.1 percent year-over-year.
Consolidated first-quarter CASM, excluding special charges, third-party business expenses, fuel and profit sharing, decreased 1.8 percent year-over-year.
Repurchased $527 million of its common shares in the first-quarter of 2019, at an average purchase price of $83.68 per share.
For the second consecutive quarter the airline reported adjusted pre-tax margin expansion. ■