United Q22024 cargo revenue up 14% on higher tonne miles

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United Airlines reported a 14 percent increase in cargo revenue at $414 million for the second quarter of 2024 compared to $362 million in the same period last year.

Cargo revenue tonne miles increased 16 percent to 890 million from 768 million in the second quarter of 2023, says an official release.

United opened a state-of-the-art cargo facility at the New York/Newark airport, expanding the airline's cargo space at the hub to 319,000 square feet, the release added.

"United transported nearly 320 million pounds of cargo, including approximately 33 million pounds of medical shipments and 29,000 pounds of military shipments with more than 110 tonnes of cargo flown to support the Gaza humanitarian crisis, Brazil flood relief, Maui Recovery and other disaster preparedness, relief and recovery efforts."

For the first six months of 2024, cargo revenue increased six percent to $805 million, and cargo revenue tonne miles were up 16 percent at 1.7 billion.

United reported a six percent increase in operating revenue at $15 billion in the second quarter and seven percent rise in the first half at $27 billion.

Net income went up 23 percent to $1.3 billion in Q22024 and 36 percent in H12024 to $1.2 billion, the update added.

"At United, we have been effectively managing costs, cash and capacity against a challenging industry backdrop because we're focused on doing what's necessary to hit our financial targets," says Scott Kirby, CEO, United Airlines. "Thank you to leaders across the company for embracing a 'no excuses' approach to running our business. It gives me confidence in our ability to achieve our $9-$11 EPS goal for 2024, despite the challenges the industry has faced this year."

The airline launched Kinective Media by United Airlines, the first media network that uses insights from travel behaviour to connect customers to personalised advertising, experiences and offers from leading brands, the release added.