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Focused

Spirit Airlines 3Q18: Spectacular Revenue Growth

HY Note: 26 Oct 2018, 2:11 PM ET - SAVE was the star 3Q18 financial performer in the US airline sector.

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.

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.

US Airlines: Fares vs. Fuel

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

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.
Focused

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.

Southwest Airlines: $15 million Tort Buyout

HY Note: 02 Jan 2018, 9:40 PM ET - LUV reported paid $15 million to settle potential antitrust lawsuits.

Aircraft Finance: Lessor Bonds vs ABS vs EETC

IG Note: 14 Dec 2017, 10:14 PM ET - Aircraft are excellent collateral.  Bondholders can invest through aircraft lessor senior notes, ABS structures, or EETCs.  Senior notes offer the most value.
Focused

Spirit Airlines: New EETC Issue

Worth Watching: 14 Nov 2017, 8:44 PM ET - Spirit Airlines issued three-tranche $421 million 2017-1 EETC, collateralized by twelve new A320s and A321s—excellent collateral.  SAVE's now two EETCs remain BUYs, as are the other $23 billion US airline EETC tranches (see Spirit Airlines 3Q17: ..
Focused

Spirit Airlines 3Q17: Capacity Up, Fares Down

HY Note: 26 Oct 2017, 9:23 PM ET - Dropping fares to fill up 15% growth, stressing the US airlines.

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