United Airlines posted its highest-ever second-quarter revenue and had its first profitable quarter since the start of the Covid-19 pandemic, the carrier said on Wednesday. The Chicago-based airline, the second largest in the US, reported net income of $329 million on operating income of $12.1 billion. Revenue was up 6 percent compared to the March to June 2019 quarter, while flying with 15 percent less seat capacity. Earnings per share came in at $1.43, below analysts’ estimates of $1.95 per share, according to a Refinitiv poll. Summer air travel fell into chaos in May and June as airlines scrambled to scale up to meet a surge in pent-up demand created by the Covid-19 pandemic. More than 34,000 United flights to, from or within the US were canceled or delayed, equivalent to a quarter of its entire schedule for those two months, according to FlightAware. “It’s nice to be back to profitability, but we have to address three risks that could increase over the next six to 18 months,” chief executive Scott Kirby said, referring to “operational challenges across the industry that are limiting system capacity, record fuel prices and the growing possibility of a global recession.” Ed Bastian, chief executive of rival Delta Air Lines, told the Financial Times last week that he was not worried about the impact of a possible recession on the airline industry. United spent about $4.18 per gallon of fuel, consuming 912 million gallons in the second quarter. The airline expects fuel prices to moderate in the third quarter to $3.81 a gallon. The carrier also forecast third-quarter revenue to rise 11 percent from the same period in 2019, when it reached $11.4 billion. United also reiterated its expectations for a profitable full year.
