DALLAS – United Airlines Holdings (UA) has reported its fourth-quarter and full-year 2022 financial results, announcing a profit for the first time since 2019.
For Q4 2022, UA posted a profit of US$843m. This was compared to the US$646m loss during the same period in 2021. Meanwhile, its earnings for the 2022 financial year were US$737m, up from a near US$2bn loss the previous year.
Revenue for the full year rose to US$45bn, compared to US$24.6bn in 2021. Revenues for Q4 were also up to US$12.4bn compared to US$8.2bn during Q4 2021.
However, operating expenses have almost doubled due to rising fuel prices and challenging operational environments. Costs were US$42.6bn compared to US$25.7bn in 2021.
Investing in its Future
“Over the last three years, United has made critical investments in tools, infrastructure and our people – all of which are essential investments in our future,” said UA CEO Scott Kirby.
“That’s why we’ve got a big head start, and we’re now poised to accelerate in 2023 as our United Next strategy becomes a reality.”
In December, UA announced a massive order for 100 Boeing 787 Dreamliners with options on a further 100. It also included a deal for 100 Boeing 737 Max airframes. This is part of the Chicago-based carrier’s “United Next” fleet renewal plan, which will see hundreds of new airframes joining the fleet in the coming years.
Kirkby also praised his teams handling of the recent winter storms that crippled North America, which he described as “one of the worst weather events in my career.” UA recovered quickly from the travel chaos, unlike Southwest (WN) which was forced to cancel thousands of flights.
“Thank you to the United team that, last month, managed through one of the worst weather events in my career to deliver for so many of our customers and get them home for the holidays. Our dedicated team used our state-of-the-art tools to prepare for the bad weather, take care of our customers and quickly recover once the worst of the weather had passed.”
Featured Image: Brandon Farris/Airways.