United posts profit, reversing first quarter loss

CHICAGO - United Airlines (UAL) is making money after a slow start to the year.

The airline's net income in the second quarter hit $789 million, topping Wall Street expectations and marking a turnaround from the first quarter when United was the only major U.S. carrier to report a loss.

Shares rose more than 5 percent in the first 30 minutes of trading Thursday.

The company also said Thursday that it will buy back up to $1 billion in shares over the next three years.

United says that excluding special items, it would have earned $2.34 per share. Analysts surveyed by FactSet were expecting $2.19.

Revenue is up 3.3 percent to $10.33 billion, slightly higher than Wall Street forecasts.