United Airlines Holdings Inc ( UAL ) shares are trading higher Wednesday after the company reported better-than-expected quarterly results.

Q1 Revenue: $12.539 billion beat estimates of $12.4 billion

Q1 EPS: loss of 15 cents beat estimates for a loss of 57 cents

Capacity was up 9.1% on a year-over-year basis. TRASM (total revenue per available seat mile) was up 0.6%, while CASM (cost per available seat mile) was down 0.6%.

United ended the quarter with $16.9 billion in total liquidity and $27.2 billion in total debt and finance lease obligations.

The company said it converted a portion of Boeing Co ( BA ) Max 10 orders to Boeing Max 9 orders from 2025 to 2027. The company also agreed to letters of intent with two lessors to lease 35 new Airbus A321neos, expected in 2026 and 2027.

"We've adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver. And, we'll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs," said Scott Kirby, CEO of United Airlines.

Outlook: United Airlines reiterated expectations for full-year 2024 adjusted earnings of $9 to $11 per share versus estimates of $9.67 per share. 

The company also said it now anticipates 61 narrowbody aircraft and 5 widebody aircraft to be delivered in 2024, given the 737 Max grounding and production capacity constraints.

Management will host a conference call to discuss its quarterly results at 10:30 a.m. ET. Analyst updates are likely to start rolling in following the call.

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UAL Price Action: United Airlines shares were up 5.06% at $43.60 at the time of publication, according to Benzinga Pro.