Tag Archives: Aerospace and defense industry

Airline perks and elite status will be harder to earn this year

The new Delta SkyClub at Los Angeles International Airport (LAX), Terminals 2 and 3 where the reimagined state-of-the-art facilities will soon welcome millions of guests each year.

Media News Group | Long Beach Press-Telegram via Getty Images

When United Airlines gate agents call the first boarding group, Ted Cohen notices something he never saw in his decades crossing the globe as a music industry executive: crowds.

The “preboarding” group includes members of United Global Services, an invitation-only status for top customers, and United Premier 1K, an upper-level tier in the airline’s Mileage Plus frequent flyer program.

“It used to be two or three people, and you used to say, ‘Who is that?’ And now it’s a small army,” said Cohen, who leads a digital entertainment consulting firm and has lifetime elite status on United and American Airlines.

Welcome to air travel’s era of mass luxury.

Travelers willing to shell out more for tickets and popular rewards credit cards are swelling ranks in front cabins and airport lounges. Now airlines are trying to handle the surge of big spenders — without compromising the appeal of their lucrative loyalty programs and most expensive seats. This year, not everyone will make the cut.

The largest U.S. carriers — Delta Air Lines, American and United — are raising spending requirements to earn some elite frequent flyer tiers that grant free upgrades, early boarding, discounted or complimentary lounge memberships and other perks.

Executives say the richer requirements are the product of the pandemic. Airlines had extended frequent flyer status without requiring travelers to meet the usual annual thresholds because would-be passengers were sidelined. In the meantime, customers kept spending on their rewards credit cards, racking up points and perks along the way.

“We feel like we’re royals even though we’re not rich at all,” said Damaris Osorio, a 27-year-old based in New York who runs a vintage clothing business.

Osorio frequents airport lounges on trips booked with rewards points that she earned through strategic credit card use and sign-up bonuses. Last year she and her fiance traveled to Brazil, Chile, Argentina and Italy, all on flights she paid for with points.

She said she cares little about sitting in the front of the plane, but has a preference for the American Express Centurion Lounges, which she gets into with one of her Amex cards. Osorio realizes she’s not alone.

“You notice how much busier it’s getting at the lounges,” she said. “I go as early as possible to maximize what I’m taking away.”

Next month, Amex Platinum cardholders will be charged $50 for each guest they bring to a Centurion Lounge. Those cardholders can currently bring in two guests for free.

‘If everyone is special, no one feels special’

For the airlines, hordes of high spenders are a good problem to have two years after the pandemic drove them into a $35 billion hole, despite billions in taxpayer aid. Airlines are profitable again, with travel roaring back and flyers who are willing to pay up for a little bit more space or privacy on their trip.

Airlines’ lucrative credit card partnerships helped them stay afloat in the pandemic. They sell miles to credit card companies, and bringing in billions of dollars.

Now they have a lot of travelers itching to cash in rewards.

If they call biz class boarding and it’s like the start of the Indy 500 … it’s not going to be a pleasant experience.

Henry Harteveldt

founder of Atmosphere Research Group

Delta said in an investor presentation last month that premium products and non-ticket revenue will make up 57% of its sales this year, up from 44% in 2014 and 53% in 2019, before the pandemic. That category includes revenue from top-end international business-class seats, extra-legroom seats and other sources, such as its partnership with American Express.

After some customers complained about crowds and long lines at its Sky Club airport lounges, Delta said late last year that it will raise the prices and the requirements to gain access to those facilities. Earlier in 2022, it also instituted a three-hour time limit for lounge use and created a VIP line for high-status holders.

CEO Ed Bastian said recent policy changes aim to address pandemic-era status extensions and the rise of customers spending more for travel.

“We’ve got to address that in some way to be fair to everybody, because as they say, ‘If everyone’s special, no one feels special,'” Bastian said in an interview last month. “We’re trying to do it in a fair way.”

United’s chief customer officer, Linda Jojo, put it similarly at a recent industry conference. “If everybody has status then nobody has status,” she said.

In November, United said it was raising the requirements to earn status and perks.

United also opened a new mini-lounge at its hub at Denver International Airport, catering to customers on the go who are flying on regional feeder jets, a move that could help free up space in larger facilities for travelers hanging out longer.

United Airlines Polaris lounge at Newark Liberty International Airport

Leslie Josephs | CNBC

Last month, American Airlines said customers will have to spend or fly more to reach the lowest elite tier in its AAdvantage frequent flyer program. Customers will soon need 40,000 so-called loyalty points instead of 30,000 for Gold status.

Bigger space for big spenders

Delta, American, United and American Express have been opening bigger airport lounges to fit more travelers.

American and its trans-Atlantic partner British Airways in November opened new, high-end lounges at John F. Kennedy International Airport with showers, bars and lots of workspace. The three lounges roughly double the square feet that American previously offered at JFK to about 65,000 square feet, an airline spokeswoman said.

“There’s a tremendous demand for it, and we got to make sure that we are taking care of customers how they want to be taken care of,” American Airlines CEO Robert Isom said at the JFK lounge opening.

Several full-service carriers have also moved away from long-haul first class cabins in favor of more premium economy seats — in between business-class and standard coach seats — and larger business-class cabins that fit scores of travelers, particularly on long flights.

Many of the newer business-class seats are roomier and come with more amenities than first-class seats of the past.

A new American Airlines and British Airways lounge at John F. Kennedy International Airport, November 29, 2022.

Leslie Josephs | CNBC

American Airlines is planning to get rid of a separate first class on some older planes used to fly longer routes in favor of a single, expanded, business class featuring new suites with doors.

The airline said premium seats on its long-haul fleet will increase by more than 45% by 2026.

But with the expansion of that cabin comes the risk of diluting the premium feel, said Henry Harteveldt, a former airline executive and founder of Atmosphere Research Group.

“If they call biz class boarding and it’s like the start of the Indy 500 and you have 70 people jostling to get down the jet bridge, it’s not going to be a pleasant experience,” he said.

‘I don’t sit behind the wing’

With demand still strong, redeeming miles for flights this year might cost more.

Michael Calarco, a part-time consultant who helps travelers book trips with their rewards points, said it’s been harder to find seats lately because planes are flying so full after travel restrictions lifted, including to international destinations.

He recommends flyers be as flexible as possible with their dates if they want to cash in their points for a trip, and to avoid major holidays.

“There’s not much I can do if someone wants to go to the Maldives two months away,” he said.

Some travelers say comfort is worth cashing in chunks of the points they’ve been sitting on.

“I don’t sit behind the wing,” said Mark Ophaug, 40, who works at an educational technology company and has a top-tier status with United’s Mileage Plus program. He and his husband are planning to visit his in-laws in Buenos Aires this year and plan to use United PlusPoints to upgrade to lie-flat seats.

“It’s a long flight, and I want to lie down,” Ophaug said.

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Delta plans to offer free Wi-Fi starting Feb. 1

The passenger cabin on a Delta Boeing 737-900ER is shown while landing in Salt Lake City, Utah.

Mike Blake | Reuters

Delta Air Lines will offer travelers Wi-Fi for free starting Feb. 1, CEO Ed Bastian said Thursday.

Most U.S. flights will introduce the service next month, but it will become available on more each week, Bastian said during a presentation at the Consumer Electronics Show in Las Vegas.

Delta’s plan to make Wi-Fi free, after years of studying the possibility, comes as airlines compete for customers in the travel rebound following the pandemic slump nearly three years ago.

“It’s free. There’s no fine print,” Bastian said Thursday. “We have invested over $1 billion to create this.”

Travelers will access the free internet service by logging in with their Delta SkyMiles frequent flyer account information, Bastian added.

Delta last March said it was outfitting more of its planes with fast Wi-Fi from Viasat and made it available for a $5 flat fee. The carrier already offers free messaging.

Most airlines charge for Wi-Fi: United Airlines charges $8 for members of its frequent flyer program and $10 to other customers, and Southwest Airlines charges $8. It’s free on JetBlue, which has some corporate sponsorships for the service, and Hawaiian Airlines is planning to offer free internet with SpaceX’s Starlink this year.

Some airline executives have been hesitant to roll out the free service until the service becomes more reliable.

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SpaceX raising $750 million at $137 billion valuation, a16z investing

A long exposure photo shows the path of SpaceX’s Falcon 9 rocket as it launched the ispace mission on Dec. 11, 2022, with the rocket booster’s return and landing visible as well.

SpaceX

Elon Musk’s re-usable rocket maker and satellite internet company, SpaceX, is raising $750 million in a new round of funding that values the company at $137 billion, according to correspondence obtained by CNBC.

Last month, Bloomberg first reported that SpaceX was allowing insiders to sell at $77 per share, which would have put the company’s valuation near $140 billion. The company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May, CNBC previously reported.

According to an e-mail sent to prospective SpaceX investors, Andreessen Horowitz (also known as a16z) will likely lead the new funding round. Early SpaceX investors included Founders Fund, Sequoia, Gigafund and many others.

A16z also participated in Elon Musk’s leveraged buyout of Twitter, a $44 billion deal that closed in late October 2022.

SpaceX and a16z did not immediately respond to a request for comment.

Last year, SpaceX achieved several new milestones but faced delays to its Starship program, which is part of NASA’s effort to bring astronauts back to the moon.

On the upside, the company’s satellite internet service, Starlink, exceeded 1 million subscribers and provided a lifeline to users in Ukraine who suffered infrastructure disruptions after Russia’s invasion. SpaceX also managed to surpass 60 reusable rocket launches in a single year via its Falcon program.

The company is currently continuing development of its Starship and Super Heavy launch vehicles at the company’s Starbase facility in Boca Chica, Texas. It’s not clear when the company will move to the next step of the program, which entails an orbital launch test of these larger vehicles.

As Musk has repeatedly sounded off about geopolitical issues on Twitter, NASA Administrator Bill Nelson recently asked SpaceX President and COO Gwynne Shotwell whether his “distraction” as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency, NBC News reported. Nelson said that Shotwell reassured him it would not.

NASA is now considering whether SpaceX can help rescue residents on the International Space Station, including an astronaut and two cosmonauts with Russia’s Roscomos, according to CNET. Russia’s Soyuz capsule sprung a coolant leak in December, and an investigation is underway to determine if the spacecraft can safely return the crew home or if emergency measures will need to be taken instead.

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Airlines cancel 17,000 flights due to severe winter weather but disruptions ease

Aircraft are deiced at General Mitchell International Airport in Milwaukee

Reuters

Flight cancellations eased further on Monday but disruptions from severe winter weather across the U.S. lingered at the tail end of Christmas weekend.

Airlines have canceled more than 17,000 U.S. flights since Wednesday, according to FlightAware, as storms brought snow, ice, high winds and bitter cold around the country, derailing air travel from coast to coast. Those conditions slowed down ground crews as they faced severe conditions at airports.

Carriers are likely to detail the costs of the disruptions when they report results next month, if not earlier.

Southwest Airlines was especially hit hard by the winter storms over the holiday travel period, along with other issues including unexpected fog in San Diego and staffing shortages at a fuel vendor in Denver, the carrier’s chief operating officer told staff.

Southwest had been canceling many flights proactively in an effort to stabilize its operation, COO Andrew Watterson said. From Wednesday through Saturday, about a quarter of Southwest’s flights were canceled, and two-thirds were delayed, according to FlightAware data.

The airline apologized to employees for the chaos, which left many struggling to get a hold of crew scheduling services, making it harder to get reassignments or make other changes, or get hotel rooms. Southwest also offered flight attendants working over the holiday extra pay.

“Part of what we’re suffering is a lack of tools,” Southwest CEO Bob Jordan said in a message to staff on Sunday. “We’ve talked an awful lot about modernizing the operation, and the need to do that. And Crew Scheduling is one of the places that we need to invest in. We need to be able to produce solutions faster.”

Airlines often cancel flights proactively during bad weather to avoid having planes, crews and customers out of place, problems that can make recovery from a storm more difficult.

Carriers also planned smaller schedules for Christmas Eve and Christmas Day compared with the days leading up to the holidays, making it harder for them to rebook travelers on other flights, and bookings had spiked.

Passengers check in at the Delta counter at Detroit Metro Airport in Romulus, Michigan, on December 22, 2022. 

Jeff Kowalsky | AFP | Getty Images

On Monday, more than 1,700 flights were canceled and 2,200 more were delayed, down from nearly 3,200 canceled flights and 7,700 delayed U.S. flights on Sunday.

Delta Air Lines, American Airlines, United Airlines, JetBlue Airways and Alaska Airlines were among the other carriers affected by the weather.

An American Airlines spokeswoman said the “vast majority of our customers affected by cancellations were able to be reaccommodated.”

Delta is “seeing steady recovery in our operations, and expect the improvements to continue over the next several hours,” a spokesman said Monday.

Passengers also faced delayed luggage, however.

Bill Weaver, 41, said he, his wife and five children drove from Wichita, Kansas to Dallas Fort Worth International Airport for a Friday flight to Cancun after their connecting flight into the American Airlines hub was canceled. The American Airlines flight to Cancun arrived on time but their luggage didn’t get to in Cancun until Monday, and hadn’t made it to their hotel by mid-morning, so they had to spend hundreds of dollars to buy clothing and other essentials at their hotel.

Weaver, who works in software sales, said he used to travel frequently.

“I’m used to missing bags and things happen but this is by far the worst I’ve ever seen,” he said.

Extreme cold and high winds slowed ground operations at dozens of airports. More than half of U.S.-based airlines’ flights arrived late from Thursday through Saturday, with delays averaging 81 minutes, according to FlightAware.

“Temperatures have fallen so low that our equipment and infrastructure have been impacted, from frozen lav systems and fuel hoses to broken tow bars,” said United Airlines message to pilots on Saturday. “Pilots have encountered frozen locks when trying to re-enter the jet bridge after conducting walk arounds.”

The FAA said it had to evacuate its tower at United hub Newark Liberty International Airport in New Jersey because of a leak on Saturday.

JetBlue, meantime, offered flight attendants triple pay to pick up trips on Christmas Eve due to staffing shortages.

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American Airlines is dropping Mesa, citing financial problems

American Eagle Bombardier CRJ-900ER aircraft seen at Phoenix Sky Harbor International Airport.

Alex Tai | SOPA | Getty Images

American Airlines said Saturday that it will drop Mesa Air for some of its regional flying, citing concerns about its partner’s financial and operational problems, issues that are tied to a rise in costs and the industry’s pilot shortage.

“As a result, we have concerns about Mesa’s ability to be a reliable partner for American going forward,” Derek Kerr, American’s chief financial officer and president of American’s regional brand American Eagle, said in a staff note, which was seen by CNBC on Saturday. “American and Mesa agree the best way to address these concerns is to wind down our agreement.”

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The final Mesa flight for American will be on April 3, though American is slashing Mesa flights in March, Kerr said in his note.

Now, Arizona-based Mesa is planning to transition “all of our CRJ900 flying to United Airlines,” a carrier it already flies for, Mesa’s CEO Jonathan Ornstein said in a note to staff on Saturday, which was seen by CNBC.

United declined to comment.

Large carriers like American, United and Delta Air Lines routinely contract regional airlines to fly many shorter routes, and they account for roughly half of departures, though that varies by airline.

The heart of the problem stems from a shortage of pilots, which is most acute at regional carriers, and has become more severe since travel demand snapped back after a pandemic travel slump. Mesa and other regional airlines have sharply raised wages to attract and retain aviators. American raised wages at its regional subsidiaries.

American declined to fund higher pilot rates for other regional partners, Mesa’s CEO told staff, adding that they were penalized for not being able to meet pre-Covid contract obligations.

“With that in mind, we are excited to announce we have negotiated a wind down of our operations with American and are finalizing a new agreement with United which would transition all CRJ900s currently flying for American Eagle to United Express,” Mesa’a Ornstein said.

American didn’t comment on the Mesa note to staff.

Mesa had a net loss of about $67 million in the nine months ended June 30, according to a securities filing. Last week, the Phoenix, Arizona-based airline postponed its quarterly earnings report.

American said its agreement with Mesa was mostly tied to its hubs at Dallas/Fort Worth International Airport and Phoenix Sky Harbor International Airport.

American plans to concentrate its flying with its wholly owned regional subsidiaries like Envoy and PSA, as well as an independent regional carrier SkyWest. Air Wisconsin will also fly for the American Eagle brand, starting its agreement earlier than originally planned, Kerr said.

“The flying previously done by Mesa will be backfilled by these high-quality regional carriers as well as our mainline operation, ensuring we can continue to build and deliver the very best global network for our customers,” Kerr wrote.

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SpaceX launches Japanese ispace lunar lander first mission

A long exposure photo shows the path of SpaceX’s Falcon 9 rocket as it launched the ispace mission on Dec. 11, 2022, with the rocket booster’s return and landing visible as well.

SpaceX

Japanese lunar exploration company ispace began its long-anticipated first mission on Sunday, with a SpaceX Falcon 9 rocket launching the venture’s lunar lander from Florida.

“This is the very, very beginning of a new era,” ispace founder and CEO Takeshi Hakamada told CNBC.

The Tokyo-based company’s Mission 1 is currently on its way to the moon, with a landing expected near the end of April.

Founded more than a decade ago, ispace originated as a team competing for the Google Lunar Xprize under the name Hakuto – after a mythological Japanese white rabbit. After the Xprize competition was canceled, ispace pivoted and expanded its goals, with Hakamada aiming to create “an economically viable ecosystem” around the moon, he said in a recent interview.

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The company has grown steadily as it worked toward this first mission, with over 200 employees around the world – including about 50 at its U.S. subsidiary in Denver. Additionally, ispace has steadily raised funds from a wide variety of investors, bringing in $237 million to date through a mixture of equity and debt. The investors of ispace include the Development Bank of Japan, Suzuki Motor, Japan Airlines, and Airbus Ventures.

The ispace Mission 1 lander carries small rovers and payloads for a number of government agencies and companies – including from the U.S., Canada, Japan, and the United Arab Emirates.

The ispace Mission 1 spacecraft deploys from the upper stage of the Falcon 9 rocket on Dec. 11, 2022.

SpaceX

Before the launch, ispace outlined 10 milestones for the mission – with the company having completed the first three so far: Preparation for launch, deployment after launch, and then establishing a communication link. Next up is to maneuver in orbit, and then a one-month period flying through space before entering the moon’s orbit. The milestones demonstrate the complexity and difficulty of ispace’s mission, with Hakamada emphasizing both his confidence in the mission, as well as noting that each milestone represents another step forward for the company’s goals.

“I have 100% trust in our engineering team, they have been doing the right things to accomplish our successful landing on the lunar surface,” Hakamada said.

If successful, ispace would be the first private company to land on the moon – a feat previously accomplished by global superpowers.

The lunar landeer for the company’s Mission 1.

ispace

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Delta gets closer to labor deal with pilots, union says

Pilots talk after exiting a Delta Airlines flight at the Ronald Reagan National Airport on July 22, 2020 in Arlington, Virginia.

Michael A. McCoy | Getty Images

Delta Air Lines is getting closer to a labor deal with pilots, their union said, marking a big improvement in a relationship that turned icy during years-long negotiations.

A preliminary deal this year would clear a major hurdle for Delta. Other carriers, including rivals United and American have also failed to reach new labor agreements. Contract talks were derailed during the pandemic as travel demand plunged and carriers booked record losses.

Airlines are now profitable again but negotiations have remained difficult throughout the industry. Delta, American, United, FedEx and Southwest pilots have picketed in recent months to demand better pay and schedules. Passenger airline pilots complained about poor quality of life from frequent flight changes and grueling schedules.

“While it is unclear exactly what the catalyst was for management’s movement toward our asks this past week, it was decisively the most productive week of negotiations” since talks opened more than three years ago, the Air Line Pilots Association said in a memo to Delta aviators on Monday.

Last month, Delta pilots voted overwhelmingly to authorize a potential strike if contract talks don’t lead to an agreement.

Some major issues are still pending, like compensation and retirement packages, the union said, but it was upbeat.

The union said it is “entirely possible” that a full agreement in principle may be reached at an upcoming session. But it said that will require management “to continue to show the motivation that resulted in progress this past week.”

Delta declined to comment.

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Rocket Lab attempts Electron booster catch with helicopter

Space company Rocket Lab called off its latest attempt at catching one of its Electron boosters with a helicopter, as the venture pursues reusability of its rockets.

The company launched the “Catch Me If You Can” mission from its private facility in New Zealand on Friday.

The primary goal of Rocket Lab’s mission, its ninth Electron launch this year, is delivering a research satellite to orbit for the Swedish National Space Agency.

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But the company had a secondary goal: Recover the booster, the largest segment of the Electron rocket, using a helicopter that would catch it mid-air as it returns to Earth above the Pacific Ocean.

This was the company’s second attempt at trying to pull off the feat during a mission, after its first in May. Rocket Lab said on its webcast that the helicopter’s pilots called off the catch.

“We do have the backup option of an ocean splashdown. We’ll bring you updates on that ocean operation in the hours to come,” Rocket Lab spokesperson Murille Baker said.

The helicopter the company uses to recover its rocket boosters.

Rocket Lab

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SpaceX launches Falcon Heavy rocket on Space Force mission

A SpaceX Falcon Heavy rocket launches on its mission with a classified payload for the U.S. Space Force at Cape Canaveral, Florida, U.S., November 1, 2022.

Steve Nesius | Reuters

Elon Musk’s SpaceX on Tuesday launched the first Falcon Heavy mission in over three years, a towering rocket that is the most powerful currently in operation.

SpaceX’s rocket is carrying the classified USSF-44 mission for the U.S. Space Force, which is also the first operational national security mission for Falcon Heavy. Its most recent previous launch was the Space Test Program-2 (STP-2) mission in June 2019, which carried experimental satellites on a demonstration flight for the Pentagon.

The mission took off at 9:41 a.m. ET from a launchpad at NASA’s Kennedy Space Center in Florida.

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While Falcon Heavy’s base is reusable, the company landed just the side pair of the three rocket boosters – with the central core dropping into the ocean like traditional rockets do, to meet the Space Force’s high-performance requirement for this mission.

The Falcon Heavy rocket for the USSF-44 mission rolls out to the launchpad on Oct. 31, 2022.

SpaceX

The hiatus in Falcon Heavy launches — the company has completed three since the rocket’s debut in February 2018 — is largely due to the readiness of customers on its schedule.

This USSF-44 mission was originally scheduled for late 2020, and two other Falcon Heavy missions scheduled for this year, another for the Space Force and the other for NASA, have customer payloads that are also not ready yet. There’s a backlog of about a dozen missions for Falcon Heavy still to come.

SpaceX continues to launch its Falcon series of rockets at a high rate, with Tuesday’s mission marking the company’s record 50th launch this year. But the company at the same time continues work on the even larger Starship rockets it hopes will replace them.

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United Airlines (UAL) earnings 3Q 22

A United Airlines Boeing 777-200 aircraft

Nicolas Economou | NurPhoto | Getty Images

United Airlines forecast another profit for the end of the year and said consumer appetite for travel is showing no signs of slowing down despite high airfares.

Shares jumped more than 7% in after-hours trading on Tuesday.

“Looking forward through the end of the year, the airline expects the strong Covid recovery trends to continue to overcome the recessionary pressures in the macroeconomic environment,” United said in an earnings release. “The airline now expects fourth-quarter adjusted operating margin to be above 2019 for the first time.”

The Chicago-based carrier posted a third-quarter profit of $942 million, down 8% from three years ago, and $12.88 billion in revenue, which was ahead of analysts’ estimates and up 13% from 2019.

Adjusting for one-time items, United earned $2.81 per share, easily topping the $2.28 analysts polled by Refinitiv were expecting.

The airline said it expects adjusted earnings per share of as much as $2.25 for the fourth quarter, far ahead of analysts’ estimates of 98 cents, according to Refinitiv.

The strong summer travel season and sunny outlook for the rest of the year indicate consumers are willing to continue to spend on trips, a turnaround from early in the pandemic when Covid-19 restrictions devastated demand. Delta Air Lines last week said it brought in record revenue for the third quarter and forecast another profit for the fourth quarter.

The upbeat outlooks from airline executives contrast with other sectors that have struggled this year, including parts of the retail industry and some streaming platforms that were beneficiaries of lockdowns early in the pandemic.

Here’s how United performed in the third quarter compared with what Wall Street expected, based on average estimates compiled by Refinitiv:

  • Adjusted earnings per share: $2.81 versus an expected $2.28
  • Total revenue: $12.88 billion versus expected $12.75 billion.

U.S. airline executives have recently noted strong demand to Europe well past the summer peak and into the fall, and are keeping more capacity in those markets in response, CNBC reported last month.

Airlines remain constrained in how many flights they can offer as aircraft deliveries run late because of supply chain problems and other issues, and carriers scramble to hire and train new staff, particularly pilots.

Limited supply of flights is keeping fares up. United said its third-quarter revenue per available seat mile was up more than 25% from three years earlier. For the current quarter, it expects that metric to be up by as much as that amount compared with 2019.

Meanwhile, the carrier said its fourth-quarter capacity will likely be down about 10% compared with 2019, similar to its capacity in the third quarter.

United executives will hold a call with analysts on Wednesday at 10:30 a.m. EDT.

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