United Airlines (UAL) reported positive financial results for the first quarter of 2024, exceeding analyst expectations.
Despite a pre-tax loss of $164 million, a significant improvement of $92 million year-over-year, the impact of the Boeing 737 MAX 9 grounding masked what would have been a profitable quarter.
Adjusted for this grounding, the company saw a pre-tax loss of $79 million, a substantial improvement of $187 million year-over-year.
United generated a strong $2.8 billion in operating cash flow and $1.5 billion in free cash flow during the quarter.
The company remains confident in its full-year 2024 outlook, projecting adjusted diluted earnings per share of $9 to $11.
Q1 Strong Demand Drives Profitability
United delivered a robust performance on both financial and operational fronts. Passenger demand continued to remain high in the first quarter.
Notably, business travel experienced a double-digit percentage increase compared to pre-pandemic levels. Strategic…