Shares of United Airlines Holdings Inc. UAL fell more than 7% in the extended session Monday after the airline surprised Wall Street with guiding for a loss in its first quarter due to lower-than-expected demand in January and February and continued high fuel prices. United said it expects a quarterly loss between 60 cents a share and $1 a share, which contrasts with FactSet consensus for an adjusted profit of 64 cents a share in the quarter. United said it was “observing new seasonal demand patterns, with lower-demand months such as January and February 2023 growing less than higher-demand months,” and as a result it expects a key metric, total revenue per available seat mile, to rise less in the first quarter than it initially thought. Moreover, oil prices and fuel spreads “have remained elevated,” United said. The company expects a first-quarter average fuel price per gallon of between $3.31 and $3.41. United kept its full year adjusted diluted earnings a share of $10 to $12. Shares of United ended the regular trading day down 4.2%.
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