From CNBC:

United Airlines shares rose 5% after reporting higher-than-expected earnings and revenue for the fourth quarter. The airline met its full-year adjusted earnings target of $10 to $12 per share in 2023 and stated that bookings for 2024 have been strong.

The company forecast a first-quarter loss due to the grounding of Boeing 737 Max 9 planes this month, but CEO Scott Kirby mentioned that there has been an increase in business travel in 2024. Despite this, United Airlines shares are flat for the year and down about 30% from their 52-week high of $58.23 recorded in July.

The positive earnings report from United Airlines kickstarts a busy week of airline earnings reports, with quarterly updates from American, Southwest, and Alaska all due out on Thursday. Shares of these carriers were each up about 3% on Tuesday, and Delta, which reported fourth-quarter earnings earlier this month, also saw a 3% increase in shares.

Spirit Airlines, which had a tumultuous week after a federal judge blocked its planned merger with JetBlue, saw its stock rise about 3% on Tuesday. JetBlue stock was also up 3% on the same day.



Read more: Airline stocks rise as United kicks off busy earnings week