United Continental Holdings posted third-quarter profits that just missed Wall Street forecasts as a surge in fuel costs undermined a more than 11 percent jump in revenue.
The parent of United Airlines posted adjusted per-share earnings of $3.06, just shy of an expected $3.07 a share, according to average estimates by analysts polled by Refinitiv, formerly Thomson Reuters. United's net income in the quarter, which includes the peak summer travel season, rose almost 30 percent from a year ago to $863 million on revenues of about $11 billion, which climbed more than 11 percent from the July-September period of 2017.
The company's stock is up roughly 24 percent so far this year, while most of its U.S. competitors' stock prices have struggled. The carrier exceeded profit expectations in the first half of the year despite an aggressive-growth strategy that initially drew skepticism from investors when it was announced earlier this year.
United also slightly raised its forecast for full-year profits from $7.25 to $8.25 per share to $8 to $8.25 per share.
The airline's executives will hold a call with analysts on Wednesday at 10:30 a.m.
Rivals Southwest Airlines and American Airlines reports on Oct. 25.
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