United cargo revenue tops $1bn, up 12% in 9M2024
Cargo revenue tonne miles increased 16% to 2.6 billion for the first nine months, and 15% to 881 million in Q32024.
United Airlines reported a 12 percent increase in cargo revenue at $1.22 billion for the first nine months of 2024 compared to $1.09 billion in the same period last year.
For the third quarter ended September 30, cargo revenue was up 25 percent at $417 million, says an official release.
Cargo revenue tonne miles increased 16 percent to 2.6 billion for the first nine months, and 15 percent to 881 million in Q32024, the release added.
"United and Airlink mobilised 335 responders for 14 emergencies, humanitarian crises and recovery and preparedness initiatives globally, and United shipped 17 million tonnes of aid cargo to support relief efforts."
Operating revenue increased six percent to $42 billion for the first nine months and two percent to $14.8 billion for Q32024. Net income was up seven percent at $2.2 billion for nine months and down 15 percent at $965 million for Q32024.
"I appreciate the entire United team coming together to take care of our customers by operating a safe and on-time airline this summer," says Scott Kirby, CEO, United Airlines. "As predicted, unproductive capacity left the market in mid-August, and we saw a clear inflection point in our revenue trends that propelled United to exceed Q3 expectations. A prosperous summer 2024 is just the beginning as our improved customer experience combined with United Next positions the airline at the top of the industry for the foreseeable future."
The Board of Directors authorised a new share repurchase programme for up to $1.5 billion, the release added. "In the last four years, we've invested $22 billion in our product and nearly $10 billion in our people. Those investments have enabled higher profits and are now contributing to growing free cash flow," says Michael Leskinen, CFO, United Airlines. "We're now in a position to add a share repurchase programme as we continue to invest in and deleverage our business."
Last week, United announced the largest international expansion in the airline's history, bringing service to eight new Atlantic and Pacific destinations in summer 2025 (Ulaanbaatar, Mongolia; Faro, Portugal; Palermo, Italy; Dakar, Senegal; Bilbao, Spain; Madeira Island, Portugal; Nuuk, Greenland; and Kaohsiung, Taiwan).