United, Other Airline Shares Rise After Latest Signal of Strong Travel Demand

Dow Jones04-17

By Ben Glickman

Shares of United Airlines Holdings and other airline operators rose late Tuesday after United offered the latest signal of strong travel demand.

United stock was up 5.8% to $43.91 in late trading, following a 1.1% increase at the close. Delta Air Lines and American Airlines Group were up 1.5% and 1.9%, respectively.

JetBlue Airways stock rose 1.2% in late trading, while Southwest and Spirit were up less than 1%.

Chicago-based United reported revenue rose 9.7% to $12.54 billion, topping analysts' expectations. Results were boosted by strong demand for flights, including a double-digit percentage increase in business travel demand on a sequential basis.

The company's Atlantic and domestic markets saw jumps in passenger revenue per available seat mile, a common efficiency metric in the airline industry.

Delta reported last week that it had seen strong demand in the quarter ending in March, with revenue up 6% from a year ago. The airline said those demand trends had continued into the current quarter, which ends in June.

American Airlines, JetBlue Airways Southwest and Spirit are all scheduled to report results later this month.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 16, 2024 17:53 ET (21:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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