November was a good month for United Airlines (UAL 64.77, +1.24, +1.9%) and its customers for that matter. The airline had the fewest cancellations of any month in the company's history, and it set a record for both on-time departures and its on-time arrival rate.
That news was shared in conjunction with a report that consolidated traffic increased 5.1% in November, which was comparable to a 5.1% increase in consolidated capacity.
That good operational news has led to a good showing for the stock in the early going, which is undoubtedly pleasing to the company's shareholders.
The enthusiasm of the investor base was underpinned today by some added news from United, which included improved fourth quarter unit revenue guidance and the announcement of a new $3 billion share repurchase program, which will replace a $2 billion repurchase authorization that is expected to be completed by the end of December 2017.
Previously, United said it expected fourth quarter unit revenue to be down 1% to 3%, but following its November performance, it now expects fourth quarter unit revenue to be flat to down 2% versus the same period a year ago.
Including today's gain, shares of UAL are still down 11.1% for the year.