United Airlines (NASDAQ:UAL) stock took flight once again on Wednesday, pushing to a double-digit post earnings gain.
Adding to a positive earnings print that pointed to shifting dynamics in profits and a continued recovery back to 2019 levels of occupancy, CEO Scott Kirby signaled that strong travel demand is here to stay. Citing remote work as the impetus, Kirby said that travel demand is “permanently higher” in an interview with CNBC on Wednesday.
"It wasn't money that restrained people from travel. It was time," Kirby said, offering bullish commentary on the airline’s ability to offset the impact of worsening macroeconomic conditions.
The sharp 6.12% gain on Wednesday adds to a strong upward trend in October as many airlines tout continued consumer strength. United Airlines (UAL) stock has marked an over 20% jump since the start of the fourth quarter. The significant surge has been aided not only by its own earnings results, but those of Delta and a number of European carriers on resilient travel demand.
Southwest Airlines (LUV), Spirit Airlines (SAVE), and American Airlines (AAL) also notched notable gains on Wednesday. Delta Air Lines (DAL), meanwhile, marked a less than 1% gain on Wednesday, slowing its pace from an over 15% gain to start October.
Read more on earnings expectations for American Airlines on Thursday.