The United Airlines parent company said that its revenue for its fourth quarter of its fiscal 2018 came in at $10.49 billion, topping the $10.34 billion that analysts were calling for, according to data compiled by Refinitiv. On the earnings front, the company underwhelmed as its net income went down 20% compared to the year-ago quarter to $462 million due to a rise in costs.
United Continental said that its fuel bill for the period was roughly 27% higher than it was during its fourth quarter of fiscal 2017. The airline operator that on an adjusted basis, it brought in earnings of $2.41 per share, which is stronger than the $2.04 per share that analysts were calling for.
For its first quarter of its fiscal 2019, the company projects its adjusted earnings to come in at $1 per share, topping analysts’ guidance of 84 cents per share. For the fiscal year, United Continental sees its earnings in the range of $10 to $12 per share on an adjusted basis, meeting the guidance.
UAL stock soared about 6.2% after the bell on Tuesday following the company’s strong quarterly earnings showing. Shares had gained about 1.6% during regular trading hours in anticipation of the company’s results.
The U.S. Global Jets ETF (JETS) was trading at $29.27 per share on Wednesday afternoon, up $0.57 (+1.99%). Year-to-date, JETS has declined -10.10%, versus a -1.45% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Nasdaq.