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Delta Air Lines

DAL, AAL, and UAL are the largest global airlines. DAL capacity breakout is 62% mainline domestic, 19% Atlantic, 9% Pacific, and 9% LatAm. The Atlantic JV with Air France KLM offers integrated route management between the US, Europe, and Africa, and certain routes between Europe and Latin America. DAL has a South Pacific JV with Virgin Australia and North Pacifc JV with Korean Air along with an Aeromexico partnership and JV, has equity investments in GOL and China Eastern, but lost bid for Avianca. DAL purchased 49% of Virgin, forming a second Atlantic JV focused on Heathrow. DAL management is the most evolved of the US network airlines, previously focused on used aircraft to lower capital costs, now buying inexpensive Bombardier/Airbus A220s, setting up full-cycle maintenance programs, buying a refinery to hedge crack spread, reducing leverage, and first to initiate shareholder rewards. (19 Jul 2018)

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United Continental 3Q18: Affirmation for Equity

HY Note: 18 Oct 2018, 11:31 PM ET - A very strong quarter with revenue growth covering increased fuel expense.
Focused

Delta Air Lines 3Q18: Premium Drivers

HY Note: 15 Oct 2018, 5:08 AM ET - Strong growth in premium demand across the network.
Focused

US Airlines: Proforma New Lease Accounting Rules

HY Note: 04 Oct 2018, 6:04 AM ET - Capitalized lease accounting debuts with 1Q19 financial statements. For airlines, this adds a chunk of adjusted debt onto the balance sheet.

Southwest Airlines 2Q18: Revenue Drags

IG Note: 30 Jul 2018, 4:12 AM ET - Revenue growth encountered several one-time issues.

United Continental 2Q18: UAL vs. DAL

HY Note: 23 Jul 2018, 5:30 AM ET - Higher revenues cover most of fuel cost increase.
Focused

Delta Air Lines 2Q18: Yield vs. Oil

HY Note: 17 Jul 2018, 5:52 AM ET - DAL bottom line catching up to fuel cost increases.
Focused

US Airlines: Fares vs. Fuel

Sector Analysis: 14 Jun 2018, 11:21 AM ET - Pricing power in place to overcome increasing fuel price.

Spirit Airlines: 1Q18 Results

Worth Watching: 30 Apr 2018, 6:37 PM ET - Spirit Airlines recently reported 1Q18 revenue jumped to 21% YoY growth on 21% capacity expansion.  TRASM declined -2.4% on -1.7% lower yield and 4.1% longer stage length.  Non-ticket unit revenue grew almost 6% to 51% of total revenue per segm ..

American Airlines 1Q18: Strong Demand and Outlook

HY Note: 30 Apr 2018, 4:44 AM ET - Results in line with DAL and UAL: record 1Q revenues but high fuel expense.

Hawaiian Airlines: 1Q18 Results

Worth Watching: 29 Apr 2018, 10:00 PM ET - Hawaiian Airlines also reported record 1Q revenues, up 7% YoY on 6% capacity expansion combined with 4% PRASM growth.  The best performing sector was international to Asian destinations, about 25% of revenue, with PRASM up 12% on strong premium ..

United Continental 1Q18: Robust Broad-Based Demand

Earnings Note: 23 Apr 2018, 10:11 PM ET - Another datapoint for strong US airline traffic demand.

Muni Catch Up: Crossing State Lines for Yield

Municipals Analysis: 22 Apr 2018, 10:05 PM ET - As muni prices have softened, activity has picked up and this week has the potential to be the busiest of the year, with some very interesting “higher yield” deals expected.
Focused

Delta Airlines: $1.6 Bn New Issue

Worth Watching: 16 Apr 2018, 11:53 AM ET - Delta Airlines jumps quickly into the market with a $1.6 billion set of bonds split between 3-, 5- (fixed and floating), and 10-year notes—something for everyone.  US airlines are all in good financial shape with strong free cash flows; the pro ..
Focused

Delta Air Lines 1Q18: Strong Demand, High Costs

HY Note: 15 Apr 2018, 8:52 PM ET - Demand should continue through a record summer season.

Spirit Airlines 4Q17: Pricing Back Under Control

HY Note: 07 Feb 2018, 5:04 AM ET - Growth still on steroids, less competitive pricing, sees improved industry capacity management.

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

United Continental: 2018-1 EETC Fly By

Worth Watching: 31 Jan 2018, 9:38 PM ET - United Continental flies by with its $935 million 2018-1 EETC backed by a solid, diversified lineup of new aircraft, Aa3 at 3.5% for the first tranche in line with comps. While US airline equities suffer from self-imposed drama regarding UAL cap ..

Southwest Airlines: Record 4Q Top Line

HY Note: 26 Jan 2018, 5:16 AM ET - 45th consecutive profitable year.
Focused

US Airlines: Higher Fuel, Maybe Higher Yield

HY Note: 10 Jan 2018, 5:19 PM ET - CreditSights raises 2018 WTI forecast, lowering US airlines EBITDAR forecast.
Focused

US Airlines: 2018 Outlook

Sector Outlook: 03 Jan 2018, 5:58 AM ET - US airlines 2018 consolidated EBITDAR forecast is 6% YoY growth.  Core assumptions are flat unit revenues and $50 WTI.

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