Jun 4, 2014, 7:33 am
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 ←
Jul 21, 2014, 6:29 am
#181
Join Date: Oct 2012
Location: NYC
Programs: AADULtArer
Posts: 5,690
Or they are the same person. Dum, dum, dum. Great answers and we'll hear very similar responses.
Coincidence? Just sayin...
(well written channa - those writing skills are worth big bucks btw)
Jul 21, 2014, 7:01 am
#182
FlyerTalk Evangelist
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Here are ten serious questions.
Mr. Smisek, after Q1 you said you were unsatisfied with operational performance, particularly on-time performance, and promised to improve. Yet your June on-time rate was 71 percent. What happened?
Mr. Smisek, are you satisfied with the delay and cancellation rate associated with transoceanic flights, particularly 747 and 777 flights? If not, what steps are you taking to improve?
Mr. Smisek, do you believe that the high percentage of total domestic lift assigned to your regional affiliates contributes to defections of high-value flyers from United to your competitors? If not, why not?
Mr. Smisek, why is the employee base permitted to perpetuate the perception that you remain two airlines, Continental and United, four years after the merger announcement? If you feel this practice is troublesome, what will you do about it?
Mr. Smisek, is your plan to enhance revenue by selling fewer discount seats earlier in the sales cycle meeting your goals? Are you consciously ceding discount traffic to your competitors? Do you prefer lower load factors to selling seats at lower fares?
Mr. Smisek, is the intent of your 2015 Mileage Plus changes to "fire" insufficiently profitable customers by effectively encouraging them to shop the competition for lower prices? If not, what is your value proposition for the sub-GS customer who values service, price, and competitive loyalty rewards?
Mr. Smisek, at least one analyst has publicly urged you to dehub Dulles, and Frontier Airlines plans a challenge to United there, aimed mainly at leisure customers. With six domestic hubs plus focus cities, and continued subpar PRASM results, why not indeed consider further network shrinkage?
Mr. Smisek, what is the timetable for achieving comprehensive stability in labor relations, and why does United continue to lag Delta and American in this department?
Mr. Smisek, earlier this quarter you appeared to blame United's operational issues in part on certain of your own team members whom you said were "undertrained" by prior management.Would you care to modify your remarks? On what grounds do you blame today's issues on a training regime four or more years in the past?
Mr. Smisek, in the Q1 call, an analyst asked, "At what quarter do we conclude this isn't working?" You didn't have a direct response. So it's worth asking again. Given your performance gap versus Delta, and given this was United's ninth quarter of combined post-merger operations, at what point do you concede fundamental flaws in the company's go-to-market strategy or ability to execute?
Mr. Smisek, after Q1 you said you were unsatisfied with operational performance, particularly on-time performance, and promised to improve. Yet your June on-time rate was 71 percent. What happened?
Mr. Smisek, are you satisfied with the delay and cancellation rate associated with transoceanic flights, particularly 747 and 777 flights? If not, what steps are you taking to improve?
Mr. Smisek, do you believe that the high percentage of total domestic lift assigned to your regional affiliates contributes to defections of high-value flyers from United to your competitors? If not, why not?
Mr. Smisek, why is the employee base permitted to perpetuate the perception that you remain two airlines, Continental and United, four years after the merger announcement? If you feel this practice is troublesome, what will you do about it?
Mr. Smisek, is your plan to enhance revenue by selling fewer discount seats earlier in the sales cycle meeting your goals? Are you consciously ceding discount traffic to your competitors? Do you prefer lower load factors to selling seats at lower fares?
Mr. Smisek, is the intent of your 2015 Mileage Plus changes to "fire" insufficiently profitable customers by effectively encouraging them to shop the competition for lower prices? If not, what is your value proposition for the sub-GS customer who values service, price, and competitive loyalty rewards?
Mr. Smisek, at least one analyst has publicly urged you to dehub Dulles, and Frontier Airlines plans a challenge to United there, aimed mainly at leisure customers. With six domestic hubs plus focus cities, and continued subpar PRASM results, why not indeed consider further network shrinkage?
Mr. Smisek, what is the timetable for achieving comprehensive stability in labor relations, and why does United continue to lag Delta and American in this department?
Mr. Smisek, earlier this quarter you appeared to blame United's operational issues in part on certain of your own team members whom you said were "undertrained" by prior management.Would you care to modify your remarks? On what grounds do you blame today's issues on a training regime four or more years in the past?
Mr. Smisek, in the Q1 call, an analyst asked, "At what quarter do we conclude this isn't working?" You didn't have a direct response. So it's worth asking again. Given your performance gap versus Delta, and given this was United's ninth quarter of combined post-merger operations, at what point do you concede fundamental flaws in the company's go-to-market strategy or ability to execute?
Jul 21, 2014, 7:11 am
#183
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Jul 21, 2014, 7:58 am
#184
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Join Date: Jul 1999
Location: ORD/MDW
Programs: BA/AA/AS/B6/WN/ UA/HH/MR and more like 'em but most felicitously & importantly MUCCI
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You did so well, it takes time to notice you didn't really answer half the questions. Classic Meet the Press pivot action going on. Smisek ought to be taking notes.
Jul 22, 2014, 4:56 pm
#186
Suspended
Join Date: May 2010
Location: Just outside Big D, or many other places in big metal tubes
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However, he had no control over the typhoon. UA flights continue to depart TPE.
Now, if he should happen to get stuck somewhere else because of WX cancelling his flight ,
then we understand that channa has booked a flight for ORD for Wednesday night in case he is needed
at UA HQ on Thursday morning for the conference call to stand in for Jeff.
Listen in Thursday morning to see what answers we hear.
For instructions to sign up for and to listen to the live webcast of the conference
call Thursday morning 7/24 click this link: http://www.flyertalk.com/forum/23227909-post151.html
Jul 22, 2014, 6:10 pm
#188
Join Date: May 2005
Programs: Million Miler, 1K - Basically spend a lot of time on planes
Posts: 2,202
Jul 22, 2014, 6:55 pm
#189
Join Date: Feb 2008
Programs: 6 year GS, now 2MM Jeff-ugee, *wood LTPlt, SkyPeso PLT
Posts: 6,526
And the one delay was a East Coast Weather delay that hit everyone.I'm beginning to forget what the plane breaking, crew not there, can't get the computer to take your flight plan, etc., is like.....
Jul 23, 2014, 7:05 am
#190
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Jul 23, 2014, 8:52 am
#191
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Location: ORD/MDW
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Delta PRASM up 5.7%. Net income $889 M
ir.delta.com
ir.delta.com
Jul 23, 2014, 9:02 am
#192
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Jul 23, 2014, 9:07 am
#193
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Jul 23, 2014, 9:09 am
#194
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Jul 23, 2014, 9:10 am
#195
Join Date: Jun 2005
Posts: 4,645
When I signed up for the call, I had to click on a non-disclosure agreement, specifically prohibiting me from disclosing to anyone, anything that was stated on the call, and that gag order was repeated again verbally at the beginning of the call.