United Q3 cargo revenue down 33%
For the first nine months of 2023, cargo revenue declined 36% to $1.1bn compared to $1.7bn in the same period last year
United Airlines reported a 33 percent decline in cargo revenue at $333 million for the third quarter ended September 30, 2023 compared with $498 million in Q32022.
For the first nine months of 2023, cargo revenue was down 36 percent to $1.1 billion from $1.7 billion during the same period of 2022, according to an official release.
Cargo revenue tonne miles (tonnes carried multiplied by the number of miles flown) for Q32023 was up 4.5 percent at 766 million from 733 million in Q32022. For the first nine months of 2023, it was flat at 2.3 billion.
Total operating revenue increased 12 percent for Q32023 to $14.5 billion and net income was up 21 percent at $1.1 billion.
"In international space, profits were at record highs in both the Atlantic and Pacific regions. Revenue in the Atlantic region was up 15 percent versus the same quarter in 2022, and 70 percent versus the same quarter in 2019. Pacific revenue exceeded third-quarter 2019 levels despite capacity remaining 24 percent below third-quarter 2019. Domestic revenues in the quarter were second highest all-time and the domestic system remains solidly profitable."
Scott Kirby, CEO, United Airlines says: "Our strategy to diversify our revenue streams, capitalise on growth opportunities and constantly innovate to enhance our products for our customers is paying off. Our United Next strategy is working and we remain on track to hit our financial targets."
United pilots, represented by the Air Line Pilots Association International (ALPA), ratified a new four-year contract with the company, the release added.
