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DALLAS (AP) — United Airlines had its best day on the stock market in two years — pulling other airlines along in its slipstream — after saying it can cover most of the increase in fuel prices.
Shares of United Continental Holdings Inc. rose $6.38, or 8.8 percent, to close Wednesday at $79.
United expects to spend $2 billion more on fuel this year than last. But with strong travel demand pushing up prices, CEO Oscar Munoz says United is offsetting three-fourths of that fuel increase.
Revenue per seat is rising fastest on flights across the Atlantic, and United's trans-Pacific business is turning around after several disappointing years.
That's calming investors who fear airlines are adding too many seats, leading to lower fares.
United raised its 2018 profit forecast after trading ended Tuesday.
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