The airline reported a 9.7% increase in revenue.
United Airlines (UAL 0.17%) narrowed its net loss and increased revenue in the first quarter of 2024. Here’s a summary of the company’s quarterly filing.
Revenue soars on higher capacity and yield
United Airlines reported a net loss of $124 million for the first quarter of 2024, an improvement from the $194 million net loss in the same period last year. Total operating revenue increased by 9.7% year over year to $12.5 billion, driven by a 10.1% rise in passenger revenue. The company attributed its revenue growth to a 9.1% increase in capacity and a 0.7% increase in yield, an airline industry metric that measures revenue per passenger per mile flown.
Operating expenses also increased by 8.4% to $12.4 billion, with notable increases in salaries and related costs due to wage rate increases and higher headcount. However, aircraft fuel expenses decreased by 6.9% despite increased flight activity, benefiting from a lower average price per…