United Airlines said Monday it will lose money in the first three months of this year as it deals with the grounding of its Boeing 737 Max 9 planes after a panel blew out of a Max jetliner this month.
United said it expects to lose between 35 cents and 85 cents per share in the first quarter.
The airline said, however, that it will recover to earn a full-year profit between $9 and $11 per share. Analysts were expecting $9.48 per share, according to FactSet.
The Chicago-based airline based its forecasts on an assumption that the Max 9s will be grounded through the month of January, but not longer. Federal regulators have refused to put a timeline on letting the planes fly again, saying it will happen only when they believe the planes are safe.
United reported that despite higher revenue fourth-quarter profit fell 29%, to $600 million. The results were dragged down by a 28% increase in labor costs, partly reflecting a new union…
