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Bond Market News

United Airlines’ Bonds Tick Higher on Forecast of 4x Profit Jump

January 18, 2023

United Airlines have forecasted at least a 4x jump in its full year profit for 2023 after reporting its 4Q 2022 earnings. The air carrier reported a $2.52/share adjusted profit last year and a Q4 profit of $2.46/share beating analysts’ expectations of $2.10/share. It now expects an adjusted profit of $10 to $12 per share for 2023, a significant jump. This comes after US air carriers are witnessing the strongest travel demand since the start of the pandemic. It also expects a 50% YoY jump in operating revenue for 1Q 2023 with a 25% rise in total revenue per available seat mile (an indication of pricing power). Total operating revenue stood at $12.4bn in the latest quarter with net income of $843mn. Liquidity at end-2022 stood at $18.2bn .

Its bonds were trading higher with its 4.625% 2029s up 0.6 points to 92.87, yielding 6.01%.

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