Boeing 787-10 Dreamliner, of the United Airlines company, taking off from Barcelona Airport, in Barcelona, on March 28, 2023.
JanValls | Nurfoto | fake images
united airlines Shares rose about 5% on Tuesday after the company reported better-than-expected fourth-quarter earnings and revenue.
The airline hit its full-year adjusted earnings target of $10 to $12 per share in 2023 and said bookings so far in 2024 have been strong.
The report kicks off a busy week of airline earnings reporting, with quarterly updates from American, South west and Alaska Everything will be out on Thursday.
Shares of those three companies each rose about 3% on Tuesday. Shares of Delta, which reported fourth-quarter earnings earlier this month, also rose about 3%.
United forecast a loss in the first quarter due to the shutdown of boeing 737 Max 9 planes this month, but CEO Scott Kirby told CNBC in an interview Tuesday that the airline is seeing a surge in business travel in 2024.
“It's only been two weeks of the year, but we've seen an increase in business travel. Now we're back in terms of revenue, at least above where we were in 2019,” Kirby told CNBC's Phil LeBeau.
United shares are largely flat this year, but are down about 30% from their 52-week high of $58.23 in July.
Actions of Spiritual airlineswhich have been on a tumultuous ride in the last week since a federal judge blocked the airline's planned merger with JetBlue, rose about 3% on Tuesday. JetBlue Shares also rose about 3%.
