United Airlines (United) has reported fourth-quarter and full-year 2022 financial results. The company exceeded adjusted operating margin guidance in the fourth quarter reporting an 11.1% operating margin; an 11.2% operating margin on an adjusted basis. Additionally, the company reported a 9.1% pre-tax margin on a GAAP basis and 9.0% on an adjusted basis, achieving its 2023 target ahead of schedule. The company grew operating revenue by 14% and TRASM (total revenue per available seat mile) by 26%, both versus fourth quarter 2019. The company remains confident in the 2023 United Next adjusted pre-tax margin target of about 9%.
United reported net income of US$843 million, adjusted net income of US$811 million for the fourth-quarter and net income of US$737 million, adjusted net income of US$831 million for the full-year 2022.
United was able to recover quickly from significant irregular operations in December as a result of winter storm Elliott. During the key holiday travel days between December 21 and 26, nearly 36% of all United flights were exposed to severe weather. Despite that impact, 90% of United customers made it to their destination within four hours of their scheduled arrival time. The company credits significant investment in its people, resources, technology and infrastructure over the past few years with its ability to recover from significant weather events. (£1.00 = US$1.24 at time of publication).
