United Airlines Holdings Inc UAL Shares are trading up 8.16% to $40.30 during Tuesday’s after-hours session after the company reported better than expected third quarter results.

What happened?

United Airlines reported quarterly earnings of $2.81 per share, beating analysts’ consensus estimate of $2.27. The company also reported quarterly revenue of $12.90 billion, which beat analysts’ consensus estimate of $12.75 billion by 1%. That revenue figure is a 66.45% increase over revenue of $7.75 billion for the same period last year.

Looking ahead to year-end, United Airlines expects the company to expect strong COVID recovery trends to continue to outweigh recessionary pressures in the macro environment.

The airline now expects fourth-quarter adjusted operating margin to top 2019 for the first time. United Airlines says the company remains confident that United Next is targeting an adjusted pre-tax margin of ~9% for 2023.

“I am grateful to the employees of United who did an incredible job this quarter by taking care of our customers and producing the best operating quarter in our history by most metrics,” said United Airlines CEO Scott Kirby.

“Despite growing concerns about an economic slowdown, ongoing COVID recovery trends at United continue and we remain optimistic that we will continue to deliver strong financial results in the fourth quarter of 2023 and beyond,” Kirby said.

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According to data from Gasoline ProUnited Airlines has a 52-week high of $54.52 and a 52-week low of $30.54.