United Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.
Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:Earnings per share: $3.33 adjusted vs. $3.17 expected$3.33 adjusted vs. $3.17 expected Revenue: $14.84 billion vs. $14.78 billion expectedThe share buyback would be United's first since before the Covid-19 pandemic.
Southwest Airlines announced a $2.5 billion share repurchase program last month.
"Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program," United CEO Scott Kirby said in a note to staff on Tuesday.
"Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program."
Persons:
Scott Kirby
Organizations:
Airlines, LSEG, Southwest Airlines
Locations:
U.S