United Continental Holdings Inc. on Tuesday outlined plans to boost profitability through a mix of cost and efficiency measures and securing higher fares from fliers.

The third-largest U.S. airline by traffic aims to lift revenue and trim expenses by a cumulative $3.1 billion between 2015 and 2018 as part of a broader effort by Chief Executive Oscar Munoz to reshape a company that some analysts have said requires bigger reforms to close its profit gap with rivals.
United aims to secure almost half of the financial improvements—some $1.5 billion over the three years—by securing additional revenue and higher fares by better segmenting its passengers according to their willingness to pay.

Alongside the efforts to boost revenue, United aims to cut $1.3 billion in costs over the next three years, the majority of it from continuing to shift more flying to larger planes from less-efficient regional jets.