United Airlines Holdings Inc ( UAL ) reported second-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter.

Q2 Earnings: United Airlines reported second-quarter revenue of $14.986 billion, missing the consensus estimate of $15.096 billion, according to Benzinga Pro. The airline company reported adjusted quarterly earnings of $4.14 per share, beating analyst estimates of $3.95 per share.

United said capacity was up 8.3% on a year-over-year basis. TRASM (total revenue per available seat mile) was down 2.4% and CASM (cost per available seat mile) was down 4.8%.

United ended the quarter with $18.2 billion in total liquidity and $26.6 billion in total debt and finance lease obligations.

“The revenue diversity advantages that we’ve built with our premium customers, Basic Economy customers, and domestic road warriors, on top of the world’s best loyalty program and leading customer service, have propelled our margins to near the top of the industry,” said Scott Kirby, CEO of United Airlines.

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Outlook: United Airlines reiterated expectations for full-year 2024 adjusted earnings of $9 to $11 per share versus estimates of $10.04 per share.

“Looking forward, we see multiple airlines have begun to cancel loss-making capacity, and we expect leading unit revenue performance among our largest peers in the second half of the third quarter. United has long been preparing for the moment when industry wide domestic capacity would adjust — it’s now clear that inflection point is just 30 days away,” Kirby said.

Management will hold a conference call to discuss its quarterly results Thursday morning at 10:30 a.m. ET.

United Airlines shares dropped about 6% last week after Delta Air Lines Inc ( DAL ) fell on second-quarter earnings. Delta’s guidance came up short of analyst estimates as rising costs and increased capacity weighed on profitability. That move may be taking some of the sting out of United’s top-line miss Wednesday.

UAL Price Action: United Airlines shares were down 0.94% in after hours, trading at $46.50at the time of publication, according to Benzinga Pro.

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