United Q4 cargo revenue down 15%, FY23 cargo revenue drops 31%

United transported nearly 313mn pounds of cargo including approximately 9.6mn pounds of medical shipments in 2023

United Q4 cargo revenue down 15%, FY23 cargo revenue drops 31%
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United Airlines reported a 15 percent decline in cargo revenue at $402 million for the fourth quarter ended December 31, 2023 compared to $472 million in Q42022.

Cargo revenue tonne miles, however, increased 17 percent to 894 million from 765 million in Q42022, according to an official release.

"During the year, United transported nearly 313 million pounds of cargo, including approximately 9.6 million pounds of medical shipments and 264,000 pounds of military shipments," the release added.

Cargo revenue for the year ended 2023 declined 31 percent to $1.5 billion from $2.2 billion in 2022. Cargo revenue tonne miles increased four percent to 3.2 billion from three billion in 2022.

Total operating revenue for 2023 increased 20 percent to $53.7 billion, and net income came in at $2.6 billion compared to $737 million in 2022.

"Our plans really came together in 2023, and I want to thank the United team for all of the hard work it took to get us there," says Scott Kirby, CEO, United Airlines. "Despite unpredictable headwinds, we delivered on our ambitious EPS target that few thought possible – and set new operational records for our customers. Looking ahead, we expect these trends to continue and United is incredibly well positioned to capitalise on them and to deliver on our short and long-term financial targets."

United announced orders for 110 more aircraft for delivery beginning in 2028 – another milestone in United Next growth strategy, the release added.

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