United Continental Holdings’ earnings for the first quarter beat analysts’ estimates. The company reaffirmed its outlook for the full-year.
The airline company’s unadjusted earnings for the first quarter came in at $1.15 a share, compared to 95 cents a share expected by analysts polled by FactSet.
The quarterly profit on an adjusted basis was $292 million (or $1.09 a share), doubling from the year-ago quarter’s $145 million (or 51 cents a share). Revenue of $9.59 billion, however, fell slightly short of analysts’ expectations of $9.61 billion. But it was still higher than the prior year period’s $9.03 billion.
Shaken by recent crashes of Boeing 737 MAX 8 aircrafts flown by Lion Air and Ethiopian Airlines respectively, United said earlier this week that it was canceling MAX flights through early July. United has 14 737 MAX 9 jets in its fleet, not the MAX 8 variant.
United reiterated its full-year earnings guidance of the range $10 to $12 per share for 2019, which is higher than current FactSet consensus estimates of $11.09 a share. The carrier projects earnings of $11 to $13 a share on an adjusted basis for 2020, compared to FactSet consensus estimates of $12.09 a share.