United announces $1.5 bn share buyback as earnings top estimates / Photo: JUSTIN SULLIVAN - GETTY IMAGES NORTH AMERICA/AFP
-
Villa put six past Fenerbahce in record rout
-
In Chicago, pope's hometown, Catholics express shock and support
-
US stocks fall after hot inflation report as leading AI shares tumble
-
Musk suggests US govt behind any slowdown in Ukraine's Starshield system
-
Government buildings torched in violent Albanian protests
-
Chiclayo prays for recovery and return of the 'Peruvian pope'
-
Wall Street grills Bank of America over money laundering fine
-
Barcola scores hat-trick as Liverpool hit LASK for six
-
Mekies extends contract as Red Bull team principal until 2031
-
Healthy corals help bleached neighbors regain color: study
-
Indonesia rescues starved orangutan from fires: officials
-
Hope ton helps West Indies level T20 series at 2-2 in India
-
Real Madrid's Vinicius banned for Clasico after red card
-
Ukraine war reaches shores of Bulgarian fishing village
-
Restrictions expose Ukraine's Starlink dependency in Russia war: observers
-
Brazil probing 'criminal' origin of forest fires: minister to AFP
-
Espada out as Astros manager while Mattingly stays with Phillies
-
Sally Rooney books cannot be sold in UK amid Palestine Action ban: publisher
-
Houthis say targeted Saudi oil giant Aramco, vow more attacks
-
Italian ski stars Goggia and Brignone to miss season opener
-
Govt takes control of Turkey's most-watched news channel
-
Bournemouth boss Rose urges Cherries to bounce back from Chelsea 'slap'
-
FIFA to offer members $6.35-billion development fund windfall
-
Top seed Sabalenka falls at first hurdle in Wuhan
-
US consumer inflation hotter than expected as midterms loom
-
FX Junction Brings Copy Trading to Everyone, While Their Money Never Leaves With Their Broker
-
INmune Bio Inc. and Quantum Computing Inc. Partner to Apply Quantum Optimization and AI to Advance Alzheimer’s Drug Research and Explore New Applications for XPro
-
Brighton defender Struijk's red card overturned
-
Hot US inflation data dents Wall Street stocks
-
Saudi league postpones three matches after Houthi attacks
-
India sends 'cockroach' leaders to jail after protest
-
US consumer inflation up more than expected as midterms loom
-
'Sinners' director Ryan Coogler to reboot 'X-Files' for Disney
-
Canadian publisher supports novelist Orelien after AI denial
-
Lufthansa wins contest for TAP Air Portugal stake
-
Medvedev sees off Tsitsipas to reach Shanghai Masters quarters
-
AI worms, 'major' incident fears spur safety calls at industry summit
-
Louvre boss warns of closure risk without major renovations
-
Fuel shortage triggers queues on Indonesia's Bali island
-
Lawes and Genge urge England to end ban on overseas-based players
-
Evolution Metals & Technologies Corp. Reaffirms $400 Million to $460 Million FY2027 Revenue Guidance, Unveils Eight Sintered Magnet Grades Covering an Estimated 75% of Global NdFeB Revenue, and Moves to Answer U.S. Army Call for Rare Earth Magnets
-
Metrika Selected by OCC to Support Stablecoin Supervisory Framework Under the GENIUS Act
-
Trial defence says Russia used Nord Stream pipelines as 'weapon'
-
Kenya hosting 2029 World Championships will help doping fight, says Coe
-
Israeli settlers set fire to mosque in occupied West Bank
-
UK prosecutor tells jury Russell Brand a 'sexual predator'
-
Macron says French student protesters 'exploited' by political forces: spokeswoman
-
Fulham manager Arbeloa fined £25,000 after Man Utd outburst
-
Stocks diverge ahead of key US inflation data
-
Nepal flood triggered by rock and ice avalanche: report
United announces $1.5 bn share buyback as earnings top estimates
United Airlines announced a $1.5 billion share buyback on Tuesday as its earnings for the third quarter topped analyst estimates.
The US airline reported net income of $965 million, down more than 15 percent from the same period a year earlier. This translated to an adjusted diluted earnings per share of $3.33 -- above analyst estimates.
But operating revenues rose by 2.5 percent to around $14.8 billion due to an increase in both passenger and cargo revenues.
United's share price rose slightly in after-hours trading.
"I appreciate the entire United team coming together to take care of our customers by operating a safe and on-time airline this summer," United Airlines CEO Scott Kirby said in a statement.
"As predicted, unproductive capacity left the market in mid-August, and we saw a clear inflection point in our revenue trends that propelled United to exceed Q3 expectations," he continued.
Alongside its earnings, United also announced a new $1.5 billion share repurchase program -- its first since the onset of the Covid-19 pandemic.
The firm said the buyback program represents around seven percent of its market capitalization, based on Monday's closing stock price.
M.Qasim--SF-PST