-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下： 美聯航(UAL)公佈2026財年第一季調整後每股收益為1.19美元（年成長31%），高於市場普遍預期的1.08美元。這主要得益於總營收達146億美元（年增11%），高於市場普遍預期的144億美元。儘管面臨3.6億美元的燃油成本上漲，但其營業利潤率仍維持穩健，達到4.2%（年增35個基點）。強勁的定價能力體現在：平均每英里收入(TRASM)年增6.9%至18.80美分，平均每英里收入(PRASM)年增7.4%至16.95美分。美聯航的高端收入也為業績成長做出了貢獻，其中高端收入年增14%，忠誠度收入較去年同期成長13%，商務收入較去年同期成長14%。該公司將2026年調整後每股收益預期從12.00-14.00美元下調至7.00-11.00美元，並計劃在2026年剩餘時間內將運力削減5個百分點。管理層預計將採取分階段的收入恢復策略，第二季收回40%-50%的燃油成本成長，第三季收回70%-80%，第四季收回85%-100%。我們認為，第一季的業績證明了美聯航有能力在維持長期成長勢頭的同時，將燃油成本轉嫁給消費者。
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