Chicago-based United Airlines  revealed its first-quarter 2023 financial results  on Tuesday. The carrier recorded a net loss of $200 million (pre-tax loss of $256mn), consistent with the expectations provided last month.

Operationally, the airline flew the most mainline seats in its 97-year history and finished first in on-time departures at half of its eight hubs across the country. The airline also celebrated customer enhancements by opening a new club in Chicago and a new terminal in Newark.

United Airlines CEO Scott Kirby said the carrier's Q1 performance is leading in the industry.

The Star Alliance  member grew its total operating revenue by more than 50% compared to the first quarter of last year. The total revenue per available seat mile (TRASM) increased by nearly 25%, while the cost per available seat mile (CASM) grew by less than 5%. The carrier said it remains confident in its 2023 adjusted diluted earnings per share target of $10 to $12.

Here is a rundown of United's Q1 financial results:

• A net loss of $194 million with an adjusted net loss of $207 million

• Capacity was up 23.4% compared to the same period last year

• A total operating revenue of $11.4 billion, an increase of 51.1% compared to Q1 2022

• TRASM up by 22.5% compared to the same period in 2022

• CASM was up 4.0%, and CASM-ex was down 0.1%

• A diluted loss per share of $0.59 with an adjusted diluted loss per share of $0.63

• The average fuel price per gallon was $3.33

• A reduced adjusted total debt by $4.6 billion in the last 12 months