United Airlines Earnings: On Course To Achieve Strong 2023 Results on International Travel Rebound

United Airlines reported brisk 51% revenue growth on 23.4% more capacity in the first quarter compared with 2022, a promising start to 2023 that we expect to meet management's full-year guidance. Despite its pretax loss of $256 million in the quarter (due to seasonally low winter travel), management expects 9% adjusted pretax margins with EPS of $10-$12 for 2023. After updating our assumptions to account for the quarter and a few near-term costs, we’ve raised our fair value estimate approximately 1.5% to $60.