United Airlines' cargo gain undermined by low rates

United Airlines had a weak quarter for cargo revenue, but it’s on par with the rest of the industry.

What happened

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Why it matters

(Editor’s Note: This article was updated at Oct. 20, 2023, 7:30 ET)

United Airlines saw cargo revenue drop 33% year over year in the third quarter to $333 million, as the weak air cargo market continued to take a toll on the top line for freight.

The contraction in cargo sales was hardly noticed by investors on Tuesday as United punched its way to a $1.1 billion profit ($3.65 earnings per share) on record third-quarter revenue of $14.5 billion, beating analysts’ estimates.

This news brief is based on reporting published by FreightWaves on 2023-10-17. The original report is linked below.