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 25, 2014, 9:15 am
#346
Join Date: Feb 2012
Posts: 19
I have noticed that the average number of ice cubes in my glass has been decreasing. Even worse it seems that when the FA was preparing my drink he prepared a Silver's drink before mine and hey I am 1K!
)
Jul 25, 2014, 9:18 am
#347
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,172
Jul 25, 2014, 9:21 am
#348
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Bay Area, CA
Programs: UA Plat 2MM; AS MVP Gold 75K
Posts: 35,068
Underperforming DL and AA (while DL is smaller, mind you), and being the only one of the Big 3 that does not pay a dividend, I don't think that's something to cheer about, particularly in one of the strongest quarters of the year.
They may be turning the corner, or maybe not. There's still a lot of work to do. They're not even close to where they should be.
The market seems to agree there's a lot more work to do:
AA Market Cap = $30.2B
DL Market Cap = $32.5B
UA Market Cap = $17.8B
They may be turning the corner, or maybe not. There's still a lot of work to do. They're not even close to where they should be.
The market seems to agree there's a lot more work to do:
AA Market Cap = $30.2B
DL Market Cap = $32.5B
UA Market Cap = $17.8B
Jul 25, 2014, 9:29 am
#350
FlyerTalk Evangelist
Join Date: Feb 2007
Location: Los Angeles / Basel
Programs: UA 1K MM, AA EXP, Hyatt Globalist
Posts: 26,929
Jul 25, 2014, 9:43 am
#351
A FlyerTalk Posting Legend
Join Date: Jun 2005
Posts: 57,610
The only people happy with Jeff are the shareholders. For employees, he's still FLIBS, and to customers, we're just wallets to be fleeced.
Jul 25, 2014, 9:47 am
#352
Suspended
Join Date: Jun 2012
Programs: UA PP, AA, DL, BA, CX, SPG, HHonors
Posts: 2,002
- AA and DL took tax provision on taxes they're supposed to pay, and yet you're supposed to back them out when comparing to UA
- rising tide is lifting all boats, so it's none of UA's credit
- market cap (a measurement of market hype), is low on UA. For the record, Lehman had billions in market cap 1 month prior to their implosion.
- people only talking about UA lagging in PRASM growth and forgot that they managed to control costs a lot better than competitors.
Jul 25, 2014, 10:08 am
#353
FlyerTalk Evangelist
Join Date: Apr 2008
Location: LGA/JFK/EWR
Programs: UA 1K1.75MM, Hyatt Globalist, abandoned Marriott LTT (RIP SPG), Hertz PC
Posts: 21,172
The earnings came in far higher than you (or any analyst) has expected, so instead of giving credit where credit is due, all I hear is continued whining :
- AA and DL took tax provision on taxes they're supposed to pay, and yet you're supposed to back them out when comparing to UA
- rising tide is lifting all boats, so it's none of UA's credit
- market cap (a measurement of market hype), is low on UA. For the record, Lehman had billions in market cap 1 month prior to their implosion.
- people only talking about UA lagging in PRASM growth and forgot that they managed to control costs a lot better than competitors.
- AA and DL took tax provision on taxes they're supposed to pay, and yet you're supposed to back them out when comparing to UA
- rising tide is lifting all boats, so it's none of UA's credit
- market cap (a measurement of market hype), is low on UA. For the record, Lehman had billions in market cap 1 month prior to their implosion.
- people only talking about UA lagging in PRASM growth and forgot that they managed to control costs a lot better than competitors.
Guess what...Q2 is a good quarter generally for airlines; UA had easy comps from last year, the industry is strong right now, so they SHOULD be posting good numbers. Of course - still not as good as their competitors.
Jul 25, 2014, 10:16 am
#354
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Bay Area, CA
Programs: UA Plat 2MM; AS MVP Gold 75K
Posts: 35,068
Jul 25, 2014, 10:26 am
#355
Join Date: Jun 2004
Location: ATL
Programs: Delta PlM, 1M
Posts: 6,365
The reason why UA does not take an earnings hit is that their TLCFs are written down to 0.
- rising tide is lifting all boats, so it's none of UA's credit
- market cap (a measurement of market hype), is low on UA. For the record, Lehman had billions in market cap 1 month prior to their implosion.
- people only talking about UA lagging in PRASM growth and forgot that they managed to control costs a lot better than competitors.
Jul 25, 2014, 11:54 am
#356
FlyerTalk Evangelist
Join Date: Feb 2002
Location: San Francisco/Tel Aviv/YYZ
Programs: CO 1K-MM
Posts: 10,762
The earnings came in far higher than you (or any analyst) has expected, so instead of giving credit where credit is due, all I hear is continued whining :
Jul 25, 2014, 11:56 am
#357
Suspended
Join Date: Apr 2012
Location: DEN
Programs: Delta Silver. Former AA gold. UA MP and DL Plat AMEX cardholder
Posts: 1,254
They don't really have many options for used aircraft.
I have a hard time believing they'll introduce a new type, or that they want a 73G-sized aircraft. Which leaves 738 ,739, 319 and 320s.
I don't think there are many 738/9's available. 319s and 320s *may* be, but for what they'd want, you'd be looking at quite old build aircraft.
DL has been very creative in what they've been up to in the used AC market. They haven't been going after the primary workhorses, the 737 and 320, but rather, the bin-ends, and putting them together.
Most airlines didn't even have the 717 on their radar. DL, with extensive experience with the MD80/90, was suited to add the '95 to their pack of mad dogs. WN, wanting consistency, didn't really want to keep their 'oddball' fleet, so they leased it to DL for cheap. What is UA going to do? knock up HA for their 18 717s? I don't think so.
I have a hard time believing they'll introduce a new type, or that they want a 73G-sized aircraft. Which leaves 738 ,739, 319 and 320s.
I don't think there are many 738/9's available. 319s and 320s *may* be, but for what they'd want, you'd be looking at quite old build aircraft.
DL has been very creative in what they've been up to in the used AC market. They haven't been going after the primary workhorses, the 737 and 320, but rather, the bin-ends, and putting them together.
Most airlines didn't even have the 717 on their radar. DL, with extensive experience with the MD80/90, was suited to add the '95 to their pack of mad dogs. WN, wanting consistency, didn't really want to keep their 'oddball' fleet, so they leased it to DL for cheap. What is UA going to do? knock up HA for their 18 717s? I don't think so.
It's not that hard: Pull a DL and cram in 200 seats into them, add winglets & AVOD (ala PS) and boom, you are set.
This management team is just horrid when it comes to fleet strategy. They are probably thinking to go back and pull 735s and 733s out of the desert. 737 commonality! Why not!
Jul 25, 2014, 11:58 am
#358
Suspended
Join Date: Apr 2012
Location: DEN
Programs: Delta Silver. Former AA gold. UA MP and DL Plat AMEX cardholder
Posts: 1,254
They don't really have many options for used aircraft.
I have a hard time believing they'll introduce a new type, or that they want a 73G-sized aircraft. Which leaves 738 ,739, 319 and 320s.
I don't think there are many 738/9's available. 319s and 320s *may* be, but for what they'd want, you'd be looking at quite old build aircraft.
DL has been very creative in what they've been up to in the used AC market. They haven't been going after the primary workhorses, the 737 and 320, but rather, the bin-ends, and putting them together.
Most airlines didn't even have the 717 on their radar. DL, with extensive experience with the MD80/90, was suited to add the '95 to their pack of mad dogs. WN, wanting consistency, didn't really want to keep their 'oddball' fleet, so they leased it to DL for cheap. What is UA going to do? knock up HA for their 18 717s? I don't think so.
I have a hard time believing they'll introduce a new type, or that they want a 73G-sized aircraft. Which leaves 738 ,739, 319 and 320s.
I don't think there are many 738/9's available. 319s and 320s *may* be, but for what they'd want, you'd be looking at quite old build aircraft.
DL has been very creative in what they've been up to in the used AC market. They haven't been going after the primary workhorses, the 737 and 320, but rather, the bin-ends, and putting them together.
Most airlines didn't even have the 717 on their radar. DL, with extensive experience with the MD80/90, was suited to add the '95 to their pack of mad dogs. WN, wanting consistency, didn't really want to keep their 'oddball' fleet, so they leased it to DL for cheap. What is UA going to do? knock up HA for their 18 717s? I don't think so.
http://www.airfleets.net/ficheapp/plane-b757-26653.htm
1992 builds don't seem that bad after all, eh?
It's not that hard: Pull a DL and cram in 200 seats into them, add winglets & AVOD (ala PS) and boom, you are set.
This management team is just horrid when it comes to fleet strategy. They are probably thinking to go back and pull 735s and 733s out of the desert. 737 commonality! Why not!
Jul 25, 2014, 3:18 pm
#359
Join Date: Aug 2009
Location: EWR, BDL
Posts: 4,471
. The one without the monitors also has wifi installed. It's tail #860. Only the ex-ATA 753s are getting the monitors removed and installed with streaming content. The CO ones will keep the DirecTV systems.
Jul 25, 2014, 3:25 pm
#360
Suspended
Join Date: Apr 2012
Location: DEN
Programs: Delta Silver. Former AA gold. UA MP and DL Plat AMEX cardholder
Posts: 1,254
What are you talking about? This is the only 753 that has gotten it's entertainment system removed. The original CO 753s still have DirecTV, and all other ex-ATA 753s still have the drop down monitors. . The one without the monitors also has wifi installed. It's tail #860. Only the ex-ATA 753s are getting the monitors removed and installed with streaming content. The CO ones will keep the DirecTV systems.
. The one without the monitors also has wifi installed. It's tail #860. Only the ex-ATA 753s are getting the monitors removed and installed with streaming content. The CO ones will keep the DirecTV systems.It's just comes back to what pax hate the most -- inconsistentcy and getting on a plane with no IFE at all. Soon to invade 11 of the 753 fleet.