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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.
United Airlines
United Airlines
United Airlines Revenue by Segment
Revenue by Segment
Passenger Revenue
CapyFin.comCargo Revenue
CapyFin.comOther Operating Rev Revenue
CapyFin.com 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