Last edit by: mkr
UAL
earnings released: Thursday, July 24,2014 9:30 am CST/10:30 EST
If you missed the live webcast of the 2nd Q earnings conference call, it is now available for replay for a limited time and will later be archived.
A transcript is now available also.
Click this link for access to replay and transcript of call:
http://www.flyertalk.com/forum/23227909-post151.html
Current 2Q 2014 UAL guidance (4/24/14 investor update):
PRASM +1-3%
ASM "quarter, flat to +1%, full year +.5 to 1.5%"
CASM ex fuel, "quarter +1.25 to 2.25%, full year +1-2%"
Analyst guidance/actual 2Q 2013 results:
6/5/14 estimates:
1.86/share (using the 367M shares from last release $682M profit ex special items) [2q 2013 actual was $521M; $1.35/share ex specials; $469M GAAP]
Revenue 10.33B (3.3% growth) [2q 2013 was $10B]
Actual results:
- $789m GAAP Net income, $2.34/share. 7.6% margin
- $919m Net Income (excluding specials) or $1.04 per share. 8.9% margin
- $906m Operating Income (8.8% margin)
- $1.08B Operating Income excluding specials (10.4% margin)
- PRASM up 3.7%, yield up 3.0%; domestic yield +6.8%
- ASM -0.1%
- CASM-Ex fuel, profit sharing and special items down 0.2%
- Operating Revenue: $10.33B (up 3.3%); Passenger Revenue $8.98B( up3.6%)
- $1.5B in operating cash flow
Links to UA Press Releases / News Articles / etc.:
DAL
earnings released: Wednesday July 23 at 10 edt. Call link: https://event.on24.com/eventRegistra...epage=register
Actual results:
- $801m GAAP Net income, $0.94/diluted share. 7.5% margin
- $889m Net Income (excluding specials) or $1.04 per share. 8.4% margin
Delta's pre-tax income, ex special items was $1.4 billion.
- $1.58B Operating Income (14.9% margin)
- $1.61B Operating Income excluding specials (15.1% margin)
- PRASM up 5.7%, yield up 3.8%; domestic yield +7.4%
- ASM +3.2%
- CASM-Ex fuel, profit sharing and special items was FLAT
- Operating Revenue: $10.62B (up 9%); Passenger Revenue $9.27B ( up9%)
- Over $2.0B in operating cash flow and $1.5B in free cash, net debt $7.9B
3Q projections: Operating margin +15 to +17%, CASM +0 to 2%, "unit revenues" (I take to be PRASM - spin) +2-4% "driven by continued corporate and domestic strength, along with benefits from our revenue initiatives."
Links to DL Press Releases / News Articles / etc.:
http://news.delta.com/2014-07-23-Del...Quarter-Profit
AAL - earnings call: July 24, 2014 at 12:30 cdt
link to call: http://phx.corporate-ir.net/phoenix....estorrelations
Estimates/AAL guidance:
2Q PRASM +5-7% (updated estimate from 6/9/14 traffic release). YTD ASM +2.5%.
Actual results:
- $864m GAAP Net income
- $1.5B Net Income (excluding specials)
- $11.4B Revenue (+10.2%)
- Yeld +6.5% (17.34)
- PRASM up 5.9%, (14.57)
- ASM +3.1%
- CASM +3.9% (13.61)
earnings released: Thursday, July 24,2014 9:30 am CST/10:30 EST
If you missed the live webcast of the 2nd Q earnings conference call, it is now available for replay for a limited time and will later be archived.
A transcript is now available also.
Click this link for access to replay and transcript of call:
http://www.flyertalk.com/forum/23227909-post151.html
Current 2Q 2014 UAL guidance (4/24/14 investor update):
PRASM +1-3%
ASM "quarter, flat to +1%, full year +.5 to 1.5%"
CASM ex fuel, "quarter +1.25 to 2.25%, full year +1-2%"
Analyst guidance/actual 2Q 2013 results:
6/5/14 estimates:
1.86/share (using the 367M shares from last release $682M profit ex special items) [2q 2013 actual was $521M; $1.35/share ex specials; $469M GAAP]
Revenue 10.33B (3.3% growth) [2q 2013 was $10B]
Actual results:
- $789m GAAP Net income, $2.34/share. 7.6% margin
- $919m Net Income (excluding specials) or $1.04 per share. 8.9% margin
- $906m Operating Income (8.8% margin)
- $1.08B Operating Income excluding specials (10.4% margin)
- PRASM up 3.7%, yield up 3.0%; domestic yield +6.8%
- ASM -0.1%
- CASM-Ex fuel, profit sharing and special items down 0.2%
- Operating Revenue: $10.33B (up 3.3%); Passenger Revenue $8.98B( up3.6%)
- $1.5B in operating cash flow
Links to UA Press Releases / News Articles / etc.:
UA Deutsche Bank Presentation PDF
WSJ Article: United Continental: One Sick Bird - related FT thread on WSJ's One Sick Bird article.
May 2014 UA Traffic Reporting Discussion Thread
Q1 2014 Investor Conference Call FT Discussion Thread
United Continental Is Underestimating the Threat From Delta Air Lines @ The Motley Fool - related FT Discussion Thread
United Should Close Dulles Hub, Analyst Says, as He Cuts Rating - FT Discussion Thread
WSJ Article: United Continental: One Sick Bird - related FT thread on WSJ's One Sick Bird article.
May 2014 UA Traffic Reporting Discussion Thread
Q1 2014 Investor Conference Call FT Discussion Thread
United Continental Is Underestimating the Threat From Delta Air Lines @ The Motley Fool - related FT Discussion Thread
United Should Close Dulles Hub, Analyst Says, as He Cuts Rating - FT Discussion Thread
DAL
earnings released: Wednesday July 23 at 10 edt. Call link: https://event.on24.com/eventRegistra...epage=register
Actual results:
- $801m GAAP Net income, $0.94/diluted share. 7.5% margin
- $889m Net Income (excluding specials) or $1.04 per share. 8.4% margin
Delta's pre-tax income, ex special items was $1.4 billion.
- $1.58B Operating Income (14.9% margin)
- $1.61B Operating Income excluding specials (15.1% margin)
- PRASM up 5.7%, yield up 3.8%; domestic yield +7.4%
- ASM +3.2%
- CASM-Ex fuel, profit sharing and special items was FLAT
- Operating Revenue: $10.62B (up 9%); Passenger Revenue $9.27B ( up9%)
- Over $2.0B in operating cash flow and $1.5B in free cash, net debt $7.9B
3Q projections: Operating margin +15 to +17%, CASM +0 to 2%, "unit revenues" (I take to be PRASM - spin) +2-4% "driven by continued corporate and domestic strength, along with benefits from our revenue initiatives."
Links to DL Press Releases / News Articles / etc.:
http://news.delta.com/2014-07-23-Del...Quarter-Profit
AAL - earnings call: July 24, 2014 at 12:30 cdt
link to call: http://phx.corporate-ir.net/phoenix....estorrelations
Estimates/AAL guidance:
2Q PRASM +5-7% (updated estimate from 6/9/14 traffic release). YTD ASM +2.5%.
Actual results:
- $864m GAAP Net income
- $1.5B Net Income (excluding specials)
- $11.4B Revenue (+10.2%)
- Yeld +6.5% (17.34)
- PRASM up 5.9%, (14.57)
- ASM +3.1%
- CASM +3.9% (13.61)
UAL 2Q 2014 Results/Discussion/News → Results Announced July 24th, 2014 ←
#16
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They did convert the domestic 767s and 777s to international (or HNL/GUM) routes.
#17
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Didn't they convert 10 domestic 763s to international 2-class 763s. That pretty much swapped the 762s 1 by 1 and added a little more capacity. The 787s they have gotten so far and the ones they will get this year mostly supports growth, not replacing an aircraft. They also finished the IPTE/Interior conversions for the widebodies, so now they have 2-3 more birds flying or available that they didn't have in the last couple of years with 2-3 out of commission for the retrofits.
#18
Join Date: Sep 2010
Location: San Francisco Bay Area
Posts: 5,825
Retiring only 1 767 in 2014 (from 51 to 50).
Lots of 757's going away, but not the international configurations, right?
Follow the excitement here: http://ir.unitedcontinentalholdings....irol-fleetInfo
#19
Join Date: Sep 2010
Location: Chicago
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Slightly OT, but that's often due to the unavailability of shares to short. For you to short those shares, they have to find some to borrow for you. Before the end of lockup periods, that can be difficult to do. Different brokerages may or may not be able to find the shares for you, depending on the specific stock and how much cash you've parked with them.
#20
Join Date: May 2005
Programs: Million Miler, 1K - Basically spend a lot of time on planes
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Didn't they convert 10 domestic 763s to international 2-class 763s. That pretty much swapped the 762s 1 by 1 and added a little more capacity. The 787s they have gotten so far and the ones they will get this year mostly supports growth, not replacing an aircraft. They also finished the IPTE/Interior conversions for the widebodies, so now they have 2-3 more birds flying or available that they didn't have in the last couple of years with 2-3 out of commission for the retrofits.
It's so funny, internally Jeff was answering questions about product, and the employees were asking why United is so far behind and why they aren't improving products for customers etc and Jeff was like (well, you can't lead in every department. Delta may have better on-time, wifi, better food, free drinks in economy etc etc etc, but we have Global First and the best route network).
So, you send a plane into LHR with 6 Global first Suites, 2 paid for, and 4 non revs. 2 people walk off reasonably happy that they could have a first suite and 200 walk off wondering if they are in a time warp.
They really do not have a clue.
#21
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Location: Bay Area, CA
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That came at the expense of the domestic network. Those domestic 763s and 777s from UA are a big hit to the domestic network.
Then, subtract the 757s, and that's another hit. Yes, they're adding 737s, but they're not replacing all the capacity already lost. Combine that with the RJ pressures due to the pilot shortage, and they're really shrinking domestically.
And where is the growth DL is experiencing? Domestically.
#22
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You're giving them too much credit. Global First is hardly competitive. If you got it from a C upgrade, sure it's fine. But fly LH F vs. UA F, and there is hardly one thing that UA does better.
#23
Join Date: Jul 2005
Location: ORD-LAS
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Posts: 4,419
They cannot get rid of (or convert) those 3-Class 767's fast enough. That product in economy is comical. It is so far behind what everyone else flies these days. I was looking up where they were sending them, and LHR gets them from every angle. That's several thousand people each day that walk off those things saying ... was that.
It's so funny, internally Jeff was answering questions about product, and the employees were asking why United is so far behind and why they aren't improving products for customers etc and Jeff was like (well, you can't lead in every department. Delta may have better on-time, wifi, better food, free drinks in economy etc etc etc, but we have Global First and the best route network).
So, you send a plane into LHR with 6 Global first Suites, 2 paid for, and 4 non revs. 2 people walk off reasonably happy that they could have a first suite and 200 walk off wondering if they are in a time warp.
They really do not have a clue.
It's so funny, internally Jeff was answering questions about product, and the employees were asking why United is so far behind and why they aren't improving products for customers etc and Jeff was like (well, you can't lead in every department. Delta may have better on-time, wifi, better food, free drinks in economy etc etc etc, but we have Global First and the best route network).
So, you send a plane into LHR with 6 Global first Suites, 2 paid for, and 4 non revs. 2 people walk off reasonably happy that they could have a first suite and 200 walk off wondering if they are in a time warp.
They really do not have a clue.
I still do love the 767 though. In economy it is a very comfortable ride and I'll take that over a 757 in Coach. I'll also take that 767 over the 787 anyday.
Last edited by LASUA1K; Jun 4, 2014 at 10:48 am
#24
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Location: Chicago
Programs: AA EXP, UA former 1K (1.9MM and gone), Marriott LT Plat, Hilton Diamond, SPG Plat
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They cannot get rid of (or convert) those 3-Class 767's fast enough. That product in economy is comical. It is so far behind what everyone else flies these days. I was looking up where they were sending them, and LHR gets them from every angle. That's several thousand people each day that walk off those things saying ... was that.
#25
Join Date: May 2005
Programs: Million Miler, 1K - Basically spend a lot of time on planes
Posts: 2,202
The 3-Class 763 is archaic. The cabin is archaic. I'm not as obsessed about the extra inch when I have something to do other than look at the blank space on the seat in front of me. It's 2014, and "The world's leading airline" should offer a better economy product than what they have on those planes. I'd take any other capable United aircraft (other than the 744) in economy over that 763. Never mind every single capable DL aircraft.
#26
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The 3-Class 763 is archaic. The cabin is archaic. I'm not as obsessed about the extra inch when I have something to do other than look at the blank space on the seat in front of me. It's 2014, and "The world's leading airline" should offer a better economy product than what they have on those planes. I'd take any other capable United aircraft (other than the 744) in economy over that 763. Never mind every single capable DL aircraft.
#27
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They are adding 6 787's this year (from 8 to 14).
Retiring only 1 767 in 2014 (from 51 to 50).
Lots of 757's going away, but not the international configurations, right?
Retiring only 1 767 in 2014 (from 51 to 50).
Lots of 757's going away, but not the international configurations, right?
They're not removing the 757-224's (the BusinessFirst ones), but they are getting rid of all the 24-F -222 configurations (~80+ more large domestic aircraft to go). Those are disappearing faster than the 739's are appearing.
We've got those out, plus a net -16 aircraft on the express side, and I think those are probably understating the exits, of which there will probably be an additional >50 next year.
So for '15YE vs. '14 YE, they're going to be -10-20 767-300's, maybe another +10 787s, -80 752's, +40 739s.
#28
Join Date: Dec 2010
Location: Chicago
Programs: AA EXP, UA former 1K (1.9MM and gone), Marriott LT Plat, Hilton Diamond, SPG Plat
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The 3-Class 763 is archaic. The cabin is archaic. I'm not as obsessed about the extra inch when I have something to do other than look at the blank space on the seat in front of me. It's 2014, and "The world's leading airline" should offer a better economy product than what they have on those planes. I'd take any other capable United aircraft (other than the 744) in economy over that 763. Never mind every single capable DL aircraft.
#29
Join Date: Apr 2002
Location: BOS
Programs: riding the lifetime status. DL MM / AA MM
Posts: 2,968
UA is speaking at the deutsche bank global industrials & basic materials conference.
some of the interesting questions and answers:
1. questioner asks about Q2 PRASM, comments that on the one hand other carriers have provided information that looks encouraging, but on the other hand, united's exposure to asia could be a problem.
jeff replied "you're right........exposure to china is a drag" and continued with a non-answer on PRASM, saying that domestic PRASM is better for a comparative view against the competition.
(if you want to know the exact minute he said that, look at a UAL intra-day chart.. )
2. questioner asks about delta's deal with travelport. UA speaker (i think it was jeff) replies that UA owns the IP to SHARES, and thinks delta did well to copy UA on this one.
3. questioner asks about delta at seattle. jeff replied that "our friends in atlanta" lack a true gateway to asia. says the best one -- SFO -- is already taken, and he's not giving it up.
some of the interesting questions and answers:
1. questioner asks about Q2 PRASM, comments that on the one hand other carriers have provided information that looks encouraging, but on the other hand, united's exposure to asia could be a problem.
jeff replied "you're right........exposure to china is a drag" and continued with a non-answer on PRASM, saying that domestic PRASM is better for a comparative view against the competition.
(if you want to know the exact minute he said that, look at a UAL intra-day chart.. )
2. questioner asks about delta's deal with travelport. UA speaker (i think it was jeff) replies that UA owns the IP to SHARES, and thinks delta did well to copy UA on this one.
3. questioner asks about delta at seattle. jeff replied that "our friends in atlanta" lack a true gateway to asia. says the best one -- SFO -- is already taken, and he's not giving it up.
Last edited by Seat1A; Jun 4, 2014 at 12:43 pm
#30
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