On top of beating its third quarter earnings estimates, United Airlines (UAL) announced a $1.5 billion share buyback program. The airline operator reported adjusted earnings of $3.33 per share ($3.07 was expected) and $14.84 billion in revenue ($14.72 billion was expected) after Tuesday's closing bell.

"People want to travel and United has executed. They haven't faced the operational problems, let's say like, Delta (DAL) did this summer with the CrowdStrike (CRWD) outage. And... so the results are there," Third Bridge Global Head of Analysts Peter McNally tells Yahoo Finance.

McNally believes United won't largely be impacted by Boeing's (BA) labor delays and production delays. The airline already possesses a large-scale fleet in operations and its CapEx has breathing room for not being over-reliant on Boeing to deliver anything.

"The loyalty programs are allowing United, Delta, and American (AAL) to be a lot more competitive with the low cost carriers that we haven't seen really in history before," McNally explains to Julie Hyman and Josh Lipton. "And you're seeing pressure on Southwest (LUV), Spirit (SAVE), Frontier (ULCC), Alaska (ALK). And this is where like United can compete at the same time, they are able to invest in the fleet for the long term."

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This post was written by Luke Carberry Mogan.