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United (UAL) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

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For the quarter ended September 2023, United Airlines (UAL - Free Report) reported revenue of $14.48 billion, up 12.5% over the same period last year. EPS came in at $3.65, compared to $2.81 in the year-ago quarter.

The reported revenue represents a surprise of +0.29% over the Zacks Consensus Estimate of $14.44 billion. With the consensus EPS estimate being $3.40, the EPS surprise was +7.35%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how United performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Available seat miles (ASMs): 78,348 million versus 78,561.31 million estimated by seven analysts on average.
  • Total revenue per available seat mile: 18.49 cents compared to the 18.36 cents average estimate based on six analysts.
  • Passenger revenue per available seat mile: 17.04 cents versus 16.92 cents estimated by six analysts on average.
  • Passenger load factor: 86.4% compared to the 86.8% average estimate based on six analysts.
  • Average fuel price per gallon: $2.95 versus $2.83 estimated by six analysts on average.
  • Fuel gallons consumed: 1,132 MGal versus 1,131.91 MGal estimated by five analysts on average.
  • Average yield per revenue passenger mile: 19.72 cents compared to the 19.53 cents average estimate based on five analysts.
  • Cost per available seat mile (CASM): 16.27 cents versus the five-analyst average estimate of 15.1 cents.
  • CASM, excluding special charges, third-party business expenses, fuel, and profit sharing: 11.51 cents compared to the 11.61 cents average estimate based on five analysts.
  • Operating revenue- Total passenger revenue: $13.35 billion versus $13.32 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +14.6% change.
  • Operating revenues- Other: $802 million versus the seven-analyst average estimate of $791.35 million. The reported number represents a year-over-year change of +10.5%.
  • Operating revenue- Cargo: $333 million versus the seven-analyst average estimate of $357.13 million. The reported number represents a year-over-year change of -33.1%.
View all Key Company Metrics for United here>>>

Shares of United have returned -11.4% over the past month versus the Zacks S&P 500 composite's -1.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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