United Airlines has reported its best ever quarterly on-time performance (OTP) in the company's history in its full year and fourth quarter 2023 financial results. Its total operating revenue for Q4 reached $13.6bn, which is up 9.9% compared to same period 2022. Capacity was also up 14.7% in Q4.
The company's Q4 diluted earnings per share were $1.81, which was a 29% decrease from Q4 2022, while full year diluted earnings per share were $7.89. The company reported reported a net income of $2.6bn for 2023, up from $737 million in 2022.
United's premium cabin saw an increase in revenue of 16% for Q4 year-over-year, while its basic economy offering saw revenue increase 20% for the same period.
United also benefited from cost convergence across the industry. This resulted in a stronger relationship between United's unit costs and unit revenue performance. Combined with durable demand for travel and an increasing preference for United's reliable operational performance and premium offerings, the company delivered on its initial full year 2023 earnings per share guidance despite a wide range of challenges.
United CEO Scott Kirby said: "despite unpredictable headwinds, we delivered on our ambitious EPS target that few thought possible – and set new operational records for our customers.