United posts record earnings and forecasts strong profits for bustling summer quarter

United Airlines on Wednesday posted record quarterly earnings and forecast a strong third quarter due to an unrelenting travel boom, led by a return of international travel. The airline lost some of its capacity during the second quarter because of flight disruptions at its Newark, New Jersey, hub. But its quarterly results and forecast still surpassed analysts’ estimates due to strong demand. Shares rose roughly 3% in extended trading following the report. United is the second U.S. carrier to report results for the recent quarter, echoing Delta Air Lines’ upbeat travel demand outlook. American Airlines reports earnings before the market opens Thursday. United and other carriers have been expanding their international service to capitalize on strong bookings after a years-long pandemic slump. The airline’s revenue for international flights made up about 40% of its total sales but is growing faster than domestic sales. Here’s what United reported for the second quarter compared with what Wall Street expected, based on average estimates compiled by Refinitiv:<br/>Adjusted earnings per share: $5.03 vs. an expected $4.03<br/>Total revenue: $14.18b vs. an expected $13.91b<br/>United reported net income of $1.08b or $3.24 per share, compared with $329m, or $1 per share, during the same period last year. Adjusting for items, including a pilot bonus as part of a new preliminary labor deal, the company earned $1.67b, or $5.03 per share.<br/>A 26% lower fuel bill helped boost United’s bottom line. Meanwhile, revenue per available seat mile dropped 0.4% from a year earlier. Capacity was up 17.5% from the second quarter of 2022, a percentage point below what United planned to fly, before the Newark disruptions.<br/>