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United Continental

United Continental has the most extensive global network. Of the US carriers, UAL has the best presence in Asia, the best Atlantic gateway in Newark, an excellent LatAm hub at Houston, and the most extensive domestic network ex LUV. UAL is also the key airline in Star, the largest of the three global alliances. UAL has JV's over the Atlantic with Lufthansa, into Canada with Air Canada, and into Japan with ANA, and increases business integration with Air China. UAL gets deservedly bad press for several customer incidents, but it flew 152 million passengers LTM with 87,000 employees. New president Scott Kirby drills down through layers of range-bound legacy bureaucrats to upgrade the front line culture. (03 Oct 2018)

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Focused

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

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.
Focused

United Continental 2Q18: UAL vs. DAL

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

United Continental 1Q18: Robust Broad-Based Demand

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

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.
Focused

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

United Airlines 3Q17: Equity Disconnect

HY Note: 22 Oct 2017, 8:03 PM ET - Revenue fail roils the equity.

Delta Air Lines 3Q17: Bond Heaven

HY Note: 12 Oct 2017, 7:16 PM ET - Another strong cash flow result as demand growth offsets cost headwinds.
Focused

United Continental: Senior Note Fly By

Worth Watching: 27 Sep 2017, 6:08 PM ET - United Continental flies by with a $400 million 5-year senior note issue at 4.25%, right after American's 2017-2B EETC tranche.  Strong industry cash flows make US airline unsecured bonds scarce, now only $7 billion outstanding vs. $23 billion ..

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