Summary by Futu AI
United Airlines reported Q3 2024 net income of $965 million, down 15.1% from $1.1 billion in Q3 2023, as higher operating costs offset revenue gains. Total operating revenue increased 2.5% to $14.8 billion, driven by a 4.1% capacity expansion and stronger cargo performance, while passenger revenue rose 1.6% to $13.6 billion despite slightly lower yields.Operating expenses grew 4.2% to $13.3 billion, primarily due to a 10.4% increase in salaries and related costs from wage increases and 4.4% headcount growth. This was partially offset by lower fuel costs, which decreased 10.4% to $3 billion due to reduced fuel prices, though consumption increased 3.4% with expanded operations.The company maintained a strong liquidity position with $14.2 billion in unrestricted cash and investments as of September 30. United announced a new $1.5 billion share repurchase program and continues to execute its fleet expansion plans, with firm commitments for 686 new aircraft deliveries through 2033, though timing remains subject to manufacturer capabilities.
