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Mar 31, 2021
United Airlines Q1 2021 Earnings Report
Rebounding demand drove a clear path to profitability and the company achieved its highest customer satisfaction in history.
Key Takeaways
United Airlines announced first-quarter 2021 financial results, demonstrating a focus on future growth through cost reduction, customer program investments, and capitalizing on pent-up travel demand. The company is optimistic about returning to positive adjusted EBITDA margins and net income, driven by strong demand and strategic initiatives.
Reported first-quarter 2021 net loss of $1.4 billion, adjusted net loss of $2.4 billion.
Reported first-quarter total operating revenue of $3.2 billion, down 66% versus first-quarter 2019.
Reported first-quarter operating expenses down 49% versus first-quarter 2019, down 34% excluding special charges.
Reported first-quarter 2021 ending available liquidity of $21 billion.
Revenue by Segment
Forward Guidance
Based on current trends, the company expects second quarter 2021 Total Revenue Per Available Seat Mile (TRASM) to be down approximately 20% versus the second quarter 2019. Expects second quarter 2021 capacity to be down around 45% versus the second quarter 2019.
Positive Outlook
- Company expects second quarter 2021 Total Revenue Per Available Seat Mile (TRASM) to be down approximately 20% versus the second quarter 2019.
- Expects second quarter 2021 capacity to be down around 45% versus the second quarter 2019.
- Expects second quarter operating expenses excluding special charges to be down approximately 32% versus the second quarter 2019.
- Second quarter 2021 fuel price per gallon estimated to be approximately $1.83.
Challenges Ahead
- Expects second quarter 2021 adjusted EBITDA margin of around (20%).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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