CHICAGO (AP) — United Airlines reported Tuesday that third-quarter profit fell 15% from a year earlier but revenue trends improved as low-cost carriers scaled back their growth plans for the rest of the year.

The Chicago-based airline's directors, meanwhile, approved up to $1.5 billion to buy back shares. It is United's first stock buyback program since 2020, when airlines were barred from buying back their own shares as a condition of receiving pandemic relief aid from the federal government.

United said it saw increased strength in business, premium and basic economy travel in September.

Airline executives have complained that budget airlines are cutting prices on economy class seats due to an oversupply of flights. However, their pricing power is improving as Spirit, Southwest and others trim their schedules and reduce the supply of seats for sale.

United said a closely watched number, revenue per seat, turned positive in August and September compared to a year earlier on flights within the United States, after lagging behind 2023 levels in earlier months.

United posted a third-quarter profit of $965 million, down from $1.14 billion a year earlier. Excluding special items, the airline's adjusted profit was $3.33 per share, according to FactSet, beating the average analyst forecast of $3.17 per share.

Revenue rose 2.5% to $14.84 billion, beating analysts' average forecast of $14.77 billion.

United forecast fourth-quarter profit of $2.50 to $3 per share, in line with analysts' average forecast of $2.76 per share.