United Airlines Holdings is having such a good year so far that CEO Oscar Munoz raised the airline’s forecast for the year’s results.
The Chicago-based airline reported a third-quarter adjusted earnings per share of $4.07, 33% higher than a year earlier and 10 cents higher than the consensus Wall Street analyst estimate. United also raised its full year 2019 adjusted diluted EPS1 guidance, with a new range of $11.25 to $12.25.
“While headwinds affected the sector as a whole this quarter, United’s team once again demonstrated a robust ability to overcome adverse cost pressure, managing to continue growing our network while investing in winning our customers’ loyalty through smart enhancements to the United experience,” Munoz said.
“Thanks to the outstanding efforts of our employees, United extended our streak of expanding pre-tax margin on a quarterly basis,” he added. “It provides us further confidence to raise our full year 2019 adjusted diluted EPS guidance, putting us ahead of pace to achieve our goal of $11 to $13 in adjusted diluted EPS by the end of 2020.”
On the company’s earnings conference call, Munoz detailed some of United’s recent initiatives to improve passenger experience, including the launch of its ConnectionSaver tool that helps save passengers from missing their flight connections; the deployment of new CR J550 aircraft for regional flights; a “refreshed” United app and expanded complementary snack options.
“But ultimately, what makes all of those enhancements truly come alive are the people who deliver them and serve our customers every day,” he said.
Munoz, with broad experience in both the transportation industry and large consumer brands, was named United’s president and CEO in 2015. Previously, he served as president, CEO and board director of freight transportation company CSX Corp. Before joining CSX, Munoz held the position of chief financial officer and vice president of consumer services at AT&T Corp. Prior to joining AT&T, he served as senior vice president of finance and administration for U.S. West, regional vice president of finance and administration for Coca-Cola Enterprises and held various financial positions at PepsiCo.
Munoz has served on the board of directors of United since 2010 and served on the board of directors of Continental Airlines Inc. from 2004 to 2010. He is active in several industry coalitions and philanthropic and educational organizations including the University of North Florida’s Board of Trustees and the PAFA advisory board of Vanderbilt University.
He’s No. 77 on Chief Executive and RHR International’s CEO1000 Tracker, a ranking of the top 1,000 public/private companies.
Headquarters: Chicago, IL
Education: Pepperdine University, MBA
First joined company: 2010
Prior to joining United: CEO of CSX Corp.
Named CEO: 2015