United’s cargo revenue up 16.6% in 2024

United Airlines reported $1.7 billion in cargo revenue for 2024, an increase of 16.6% from 2023. The carrier also reported a 6.2% year-over-year increase in 2024 operating revenue to $57.1 billion. The carrier transported nearly 589,670 tonnes of cargo in 2024, including about 19,504 tonnes of medical shipments and 498,952 tonnes of military shipments, United said in its earnings report on Jan. 22. United also reported for 2024: Adjusted EBITDA of $8.2 billion, up 3.4% YoY; Diluted earnings per share of $9.45, up 19.8% YoY; and 3.6 billion cargo revenue ton miles, up 14.1% YoY. [caption id="attachment_415049" align="aligncenter" width="1920"] A United 777-300ER takes off. (Courtesy/United Airlines)[/caption] The carrier operated an average of 4,340 flights daily, marking the most flights in one year for United, according to the report. United reported $521 million in cargo revenue for the fourth quarter of 2024, up 29.6% YoY. Cargo revenue grew throughout the year, with the carrier reporting $417 million in Q3 cargo revenue , up 25.2% YoY, and $414 million in cargo revenue in Q2, up 14.4% YoY. “It was a very good quarter and year for cargo,” Chief Commercial Officer Andrew Nocella said on the Jan. 22 earnings call. “We expect that trend to continue in Q1, which is a tailwind for our business-focused network.” Overall, United reported $14.7 billion in Q4 operating revenue, up 7.8% YoY. The carrier also reported in Q4: Adjusted EBITDA of $2.3 billion, up 33.3% YoY; Diluted earnings per share of $2.95, up 63% YoY; and 981 million cargo revenue ton miles, up 9.7% YoY. The carrier ended the year with 1,406 aircraft in its fleet, forty-eight more than in 2023. In Q4, United took delivery of five 737 MAXs, fourteen A321neos and three 787s, Chief Financial Officer Mike Leskinen said. United plans to take delivery of seventy-one narrowbodies and ten widebodies in 2025, Leskinen said. Shares of United Airlines ( NASDAQ: UAL ) were up 1.94 % from market open to $105 as of market close today. United has a market capitalization of $35.47 billion. American Airlines’ 2024 cargo revenue down 0.9% American Airlines on Jan. 23 reported $804 million in cargo revenue for 2024, down 0.9% from 2023. The carrier group reported a 2.7% YoY increase in 2024 operating revenue to $54.2 billion. The carrier also reported for 2024: Operating income of $2.6 billion, down 13.9% YoY; Diluted earnings per share of $1.24, up 2.5% YoY; 2.1 billion cargo ton miles, up 12.3% YoY; and Cargo yield per ton mile of 39 cents, down 11.8% YoY. [caption id="attachment_57146353" align="aligncenter" width="1920"] (Courtesy/American Airlines)[/caption] American reported $220 million in cargo revenue for Q4, up 10.5% YoY. Like United, Q4 marked ongoing YoY growth in the cargo segment. American’s cargo revenue was up 5% YoY to $202 million in Q3 and down 1.3% YoY to $195 million in Q2 . The carrier reported $13.7 billion in Q4 operating revenue, up 4.6% YoY. American also reported in Q4: Operating income of $1.1 billion, up 72.7% YoY; Diluted earnings per share of $0.84, compared with $0.03 in Q4 2023; 526 million cargo ton miles, up 5% YoY; and Cargo yield per ton mile of 42 cents, up 5.3% YoY. The carrier ended the year with 1,562 passenger aircraft in its fleet, taking delivery of twenty new aircraft and ten used aircraft, Chief Financial Officer Devon May said on the Jan. 23 earnings call. American plans to grow its long-haul fleet from about 125 to nearly 200 by 2029, Chief Executive Robert Isom said on the call. Shares of American Airlines ( NASDAQ: AAL ) were down 0.41 % from market open to $16.96 as of market close today. The company has a market capitalization of $11.35 billion. Alaska-Hawaiian merger boosts cargo figures Alaska Air Group, which operates Alaska Airlines and Hawaiian Airlines, this week reported $348 million in “cargo and other revenue” for 2024, up 38.1% from 2023. The group reported a 12.6% YoY increase in 2024 operating revenue to a record $11.7 billion. The group’s 2024 results include Hawaiian Airlines as of Sept. 18. Q4 is the first full quarter that includes Hawaiian’s results. Alaska Air Group and Hawaiian Holdings Inc. merged in a $1.9 billion deal in September. [caption id="attachment_56866554" align="aligncenter" width="1083"] (Courtesy/Alaska Airlines)[/caption] Alaska Air Group also reported for 2024: Diluted earnings per share of $3.08, up 68.3% YoY; and Adjusted income before taxes of $836 million, up 6.9% YoY. The group reported $132 million in cargo and other revenue for Q4, up 112.9% YoY. Due to the inclusion of Hawaiian, the group saw vast revenue improvement in Q4. The group reported $80 million in cargo and other revenue in Q3, up 29% YoY, and $72 million in Q2 , up 3% YoY. The carrier group reported $3.5 billion in Q4 operating revenue, up 38.4% YoY. It also reported in Q4: Diluted earnings per share of 55 cents, compared with a 2-cent loss in Q4 2023; and Adjusted income before taxes of $137 million, up 140.4% YoY. The carrier group is working to "grow our cargo business through the combination of Alaska and Hawaiian,” Chief Executive Ben Minicucci said on the Jan. 23 earnings call. Alaska Air Cargo teams joined Hawaiian Air Cargo teams at stations in Lihu’e (LIH) on Jan. 21 and will begin co-locating at Kahului (OGG) on Jan. 27, creating joint locations for cargo drop-off and collection, the group said in a Jan. 23 release. Alaska added its second 737-800BCF in June 2024 and also has three 737-700BDSFs. Hawaiian received two additional A330-300P2Fs (1865 and 1071) to fly on behalf of Amazon in Q4, bringing its total to six. The deal between the two , signed in October 2022, calls for Hawaiian to fly ten A330-300P2Fs for Amazon eventually. Shares of Alaska Air Group ( NYSE: ALK ) were up 1.67 % from market open to $70 as of market close today. The company has a market capitalization of $8.62 billion. Register now for Cargo Facts' essential regional events for industry stakeholders: Cargo Facts LATAM 2025 on Feb. 10-11 at the Pullman Sao Paulo Guarulhos Airport in Brazil; Cargo Facts Asia 2025 on March 24-26 at the W Shanghai in China; and Cargo Facts EMEA 2025 on May 6-8 at the Shangri-La Bosphorus in Turkey.

United’s cargo revenue up 16.6% in 2024

American’s cargo revenue down 0.9%; Alaska Air Group cargo revenue up 38.1%

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