🤝_老虎社区_美港股上老虎

TammyYap
2021-07-23

🤝

Airline Earnings Show Signs of Life. But New Challenges Are Emerging.<blockquote>航空公司盈利显示出复苏迹象。但新的挑战正在出现。</blockquote>

Profits are inching back across the airline industry as leisure travel surges, while business and lo

Airline Earnings Show Signs of Life. But New Challenges Are Emerging.<blockquote>航空公司盈利显示出复苏迹象。但新的挑战正在出现。</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

推荐
最新

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":175372131,"tweetId":"175372131","gmtCreate":1627010143123,"gmtModify":1633768799227,"author":{"id":3584603154935447,"idStr":"3584603154935447","authorId":3584603154935447,"authorIdStr":"3584603154935447","name":"TammyYap","avatar":"https://static.tigerbbs.com/60f1cf053649acc54659546866fc8a33","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>🤝</body></html>","htmlText":"<html><head></head><body>🤝</body></html>","text":"🤝","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/175372131","repostId":1127402643,"repostType":4,"repost":{"id":"1127402643","kind":"news","pubTimestamp":1627008952,"share":"https://www.laohu8.com/m/news/1127402643?lang=zh_CN&edition=full","pubTime":"2021-07-23 10:55","market":"us","language":"en","title":"Airline Earnings Show Signs of Life. But New Challenges Are Emerging.<blockquote>航空公司盈利显示出复苏迹象。但新的挑战正在出现。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127402643","media":"Barron's","summary":"Profits are inching back across the airline industry as leisure travel surges, while business and lo","content":"Profits are inching back across the airline industry as leisure travel surges, while business and long-haul international show signs of life.<blockquote>随着休闲旅行的激增，整个航空业的利润正在小幅回落，而商务和长途国际旅行则显示出复苏的迹象。</blockquote> But carriers face new challenges: Jet fuel prices have surged in the last few months, pressuring operating profits. And the fall travel season, typically weak for leisure, will likely have to see big gains in corporate for airlines to hit Wall Street’s targets.<blockquote>但航空公司面临着新的挑战：过去几个月航空燃油价格飙升，给营业利润带来压力。秋季旅游旺季通常休闲活动疲软，但航空公司可能必须看到企业大幅上涨才能实现华尔街的目标。</blockquote> The other major variable: the Delta variant of the coronavirus. Travel momentum that has built for months may slow or stall if the variant prompts delays in border reopenings and a lifting of travel restrictions.<blockquote>另一个主要变量：冠状病毒的德尔塔变异毒株。如果这种变体导致边境重新开放和旅行限制的取消推迟，几个月来建立的旅行势头可能会放缓或停滞。</blockquote> While Europe has been reopening to U.S. citizens, the Biden administration isgoing slowin lifting restrictions on visitors from Europe and other regions, including China, India, and Brazil. And the U.S. recently issued a do-not-travelwarningto the U.K., citing a surge in Covid-19 cases.<blockquote>虽然欧洲一直在向美国公民重新开放，但拜登政府在取消对来自欧洲和其他地区（包括中国、印度和巴西）游客的限制方面进展缓慢。美国最近以新冠肺炎病例激增为由，向英国发出了不要旅行的警告。</blockquote> For now, airlines are largely meeting or beating forecasts, albeit with some hiccups.<blockquote>目前，航空公司基本上达到或超过了预期，尽管存在一些问题。</blockquote> <a href=\"https://laohu8.com/S/AAL\">American Airlines</a> topped estimates for revenue and earnings in the quarter. The carrier reported $7.5 billion in sales, 2.2% ahead of consensus forecasts, and posted an adjusted loss of $1.69 a share, beating forecasts for a loss of $2.03.<blockquote><a href=\"https://laohu8.com/S/AAL\">美国航空公司</a>本季度收入和盈利超出预期。该航空公司公布的销售额为75亿美元，比市场普遍预测高出2.2%，调整后每股亏损1.69美元，超出预期的亏损2.03美元。</blockquote> Excluding a bevy of special items—including $1.4 billion of federal payroll support and tax credits—American said it earned a profit of $19 million or 3 cents a share.<blockquote>美国航空表示，不包括一系列特殊项目（包括14亿美元的联邦工资支持和税收抵免），其利润为1900万美元，即每股3美分。</blockquote> American is also getting back to prepandemic capacity, saying that it expects to fly more than 90% of its domestic seat capacity and 80% of international this summer. For the third quarter, typically weaker than the summer, the carrier expects capacity to be down 15% to 20%, largely matching Wall Street estimates.<blockquote>美国航空也在恢复大流行前的运力，并表示预计今年夏天其国内座位容量将超过90%，国际座位容量将达到80%。对于通常弱于夏季的第三季度，该航空公司预计运力将下降15%至20%，与华尔街的预期基本一致。</blockquote> But American is likely to take longer to return to pretax profits than its legacy rivals&nbsp;<a href=\"https://laohu8.com/S/UAL\">United Continental</a> and&nbsp;<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>, notes Raymond James analyst Savanthi Syth. American’s huge debt load is weighing on results. And while the carrier said that it planned to pay down debt quicker than it previously expected, it remains a burden on the balance sheet.<blockquote>但美国航空可能需要比其传统竞争对手更长的时间才能恢复税前利润<a href=\"https://laohu8.com/S/UAL\">United Continental</a>和<a href=\"https://laohu8.com/S/DAL\">达美航空</a>Raymond James分析师Savanthi Syth指出。美国航空的巨额债务负担正在拖累业绩。尽管该航空公司表示计划比之前预期更快地偿还债务，但这仍然是资产负债表上的一个负担。</blockquote> Syth maintained a Market Perform rating on the stock.<blockquote>Syth维持该股的市场表现评级。</blockquote> <a href=\"https://laohu8.com/S/C\">Citigroup</a> ’s Stephen Trent was also skeptical of Americans’ plans to pay down $15 billion in debt over the next four years. The carrier’s “call to reduce financial leverage by $15 billion in four years is welcome,” he wrote, “but is certainly not an easy task.” That figure is larger than American’s total equity value of $13.7 billion, he notes, and the carrier’s debt repayment will give it less flexibility to invest in other areas.<blockquote><a href=\"https://laohu8.com/S/C\">花旗集团</a>斯蒂芬·特伦特(Stephen Trent)也对美国人在未来四年内偿还150亿美元债务的计划表示怀疑。他写道，该航空公司“在四年内将财务杠杆减少150亿美元的看涨期权是受欢迎的，但这肯定不是一件容易的事情。”他指出，这一数字高于美国航空137亿美元的总股本价值，而且该航空公司的债务偿还将降低其在其他领域投资的灵活性。</blockquote> He also maintained a Neutral rating on the stock and $21.50 target.<blockquote>他还维持该股的中性评级和21.50美元的目标。</blockquote> <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>, on the other hand, has the strongest balance sheet of the major carriers, along with exposure to the strongest segment of air travel—domestic leisure—two factors that should help it post meaningful profits well ahead of other legacy carriers.<blockquote><a href=\"https://laohu8.com/S/LUV\">西南航空</a>另一方面，该公司拥有主要航空公司中最强劲的资产负债表，以及对航空旅行中最强劲的部分（国内休闲）的敞口，这两个因素应该有助于其远远领先于其他传统航空公司实现有意义的利润。</blockquote> Southwest’s second quarter was a mixed bag. The carrier reported slightly more revenue than forecast at $4 billion, beating consensus estimates by 1.8%. The airline posted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $228 million, ahead of forecasts for $192 million.<blockquote>西南航空的第二季度表现好坏参半。该航空公司公布的收入略高于预期，为40亿美元，比市场普遍预期高出1.8%。该航空公司公布的息税折旧摊销前利润(Ebitda)为2.28亿美元，高于预期的1.92亿美元。</blockquote> But Southwest missed forecasts for earnings per share, posting a loss of 35 cents, against estimates for a loss of 23 cents. Jet fuel prices weighed on the bottom line, increasing sharply from the first quarter, noted CEO Gary Kelly in a release. And the airline is predicting cost increases in the third quarter as it brings back most employees and fuel prices remain elevated.<blockquote>但西南航空的每股收益未达到预期，亏损35美分，而预期为亏损23美分。首席执行官加里·凯利在一份新闻稿中指出，航空燃油价格较第一季度大幅上涨，拖累了利润。该航空公司预计第三季度成本将增加，因为它将召回大多数员工，而燃油价格仍然很高。</blockquote> But Kelly also highlighted positive booking trends, noting that leisure traffic in&nbsp;June rebounded above&nbsp;2019&nbsp;levels at comparable fares. Leisure bookings and fares in July are trending higher than&nbsp;July 2019&nbsp;levels, he added, and while business continues to lag, he said the carrier is seeing “steady weekly improvements” in corporate bookings.<blockquote>但凯利也强调了积极的预订趋势，指出6月份的休闲客流量以可比票价反弹至2019年水平以上。他补充说，7月份的休闲预订和票价趋势高于2019年7月的水平，虽然业务继续滞后，但他表示，该航空公司的企业预订量“每周稳步改善”。</blockquote> The carrier’s third-quarter outlook was for capacity to be flat compared with 2019 levels. That came in ahead of some forecasts; Cowen’s Helane Becker had expected capacity to be down 11%, for instance.<blockquote>该航空公司第三季度的运力前景与2019年水平持平。这超出了一些预测；例如，Cowen的Helane Becker曾预计产能将下降11%。</blockquote> She maintained a Buy rating and $67 target on the stock while cautioning that monthly results “warrant monitoring.”<blockquote>她维持该股的买入评级和67美元的目标，同时警告称月度业绩“值得监控”。</blockquote> Syth also liked the outlook, noting that “the revenue outlook appears encouraging.” She also maintained an Overweight and $68 target.<blockquote>Syth也喜欢这一前景，并指出“收入前景似乎令人鼓舞”。她还维持跑赢大盘和68美元的目标。</blockquote> Airline stocks aren’t doing great this year, however. The&nbsp;sector&nbsp;is underperforming the&nbsp;S&amp;P 500,&nbsp;gaining 11.5% against a return of 16% for the broader market. And while strong second-quarter results have sparked a mini-rally, the sector is still down 8.5% over the last month versus a 2.6% gain for the S&amp;P 500.<blockquote>然而，航空股今年表现不佳。该行业的表现逊于标准普尔500指数，上涨11.5%，而大盘的回报率为16%。尽管强劲的第二季度业绩引发了小幅上涨，但该行业上个月仍下跌8.5%，而标普500则上涨2.6%。</blockquote> The only carrier beating the market this year also happens to be the one with the most fragile finances: American Airlines. It’s up 36.6% on the year, more than triple the sector’s gains.<blockquote>今年唯一跑赢市场的航空公司也恰好是财务最脆弱的航空公司：美国航空。同比上涨36.6%，是该行业涨幅的三倍多。</blockquote>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Airline Earnings Show Signs of Life. But New Challenges Are Emerging.<blockquote>航空公司盈利显示出复苏迹象。但新的挑战正在出现。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAirline Earnings Show Signs of Life. But New Challenges Are Emerging.<blockquote>航空公司盈利显示出复苏迹象。但新的挑战正在出现。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarron's2021-07-23 10:55\n\n</h4>\n</header>\n<article>\nProfits are inching back across the airline industry as leisure travel surges, while business and long-haul international show signs of life.<blockquote>随着休闲旅行的激增，整个航空业的利润正在小幅回落，而商务和长途国际旅行则显示出复苏的迹象。</blockquote> But carriers face new challenges: Jet fuel prices have surged in the last few months, pressuring operating profits. And the fall travel season, typically weak for leisure, will likely have to see big gains in corporate for airlines to hit Wall Street’s targets.<blockquote>但航空公司面临着新的挑战：过去几个月航空燃油价格飙升，给营业利润带来压力。秋季旅游旺季通常休闲活动疲软，但航空公司可能必须看到企业大幅上涨才能实现华尔街的目标。</blockquote> The other major variable: the Delta variant of the coronavirus. Travel momentum that has built for months may slow or stall if the variant prompts delays in border reopenings and a lifting of travel restrictions.<blockquote>另一个主要变量：冠状病毒的德尔塔变异毒株。如果这种变体导致边境重新开放和旅行限制的取消推迟，几个月来建立的旅行势头可能会放缓或停滞。</blockquote> While Europe has been reopening to U.S. citizens, the Biden administration isgoing slowin lifting restrictions on visitors from Europe and other regions, including China, India, and Brazil. And the U.S. recently issued a do-not-travelwarningto the U.K., citing a surge in Covid-19 cases.<blockquote>虽然欧洲一直在向美国公民重新开放，但拜登政府在取消对来自欧洲和其他地区（包括中国、印度和巴西）游客的限制方面进展缓慢。美国最近以新冠肺炎病例激增为由，向英国发出了不要旅行的警告。</blockquote> For now, airlines are largely meeting or beating forecasts, albeit with some hiccups.<blockquote>目前，航空公司基本上达到或超过了预期，尽管存在一些问题。</blockquote> <a href=\"https://laohu8.com/S/AAL\">American Airlines</a> topped estimates for revenue and earnings in the quarter. The carrier reported $7.5 billion in sales, 2.2% ahead of consensus forecasts, and posted an adjusted loss of $1.69 a share, beating forecasts for a loss of $2.03.<blockquote><a href=\"https://laohu8.com/S/AAL\">美国航空公司</a>本季度收入和盈利超出预期。该航空公司公布的销售额为75亿美元，比市场普遍预测高出2.2%，调整后每股亏损1.69美元，超出预期的亏损2.03美元。</blockquote> Excluding a bevy of special items—including $1.4 billion of federal payroll support and tax credits—American said it earned a profit of $19 million or 3 cents a share.<blockquote>美国航空表示，不包括一系列特殊项目（包括14亿美元的联邦工资支持和税收抵免），其利润为1900万美元，即每股3美分。</blockquote> American is also getting back to prepandemic capacity, saying that it expects to fly more than 90% of its domestic seat capacity and 80% of international this summer. For the third quarter, typically weaker than the summer, the carrier expects capacity to be down 15% to 20%, largely matching Wall Street estimates.<blockquote>美国航空也在恢复大流行前的运力，并表示预计今年夏天其国内座位容量将超过90%，国际座位容量将达到80%。对于通常弱于夏季的第三季度，该航空公司预计运力将下降15%至20%，与华尔街的预期基本一致。</blockquote> But American is likely to take longer to return to pretax profits than its legacy rivals&nbsp;<a href=\"https://laohu8.com/S/UAL\">United Continental</a> and&nbsp;<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>, notes Raymond James analyst Savanthi Syth. American’s huge debt load is weighing on results. And while the carrier said that it planned to pay down debt quicker than it previously expected, it remains a burden on the balance sheet.<blockquote>但美国航空可能需要比其传统竞争对手更长的时间才能恢复税前利润<a href=\"https://laohu8.com/S/UAL\">United Continental</a>和<a href=\"https://laohu8.com/S/DAL\">达美航空</a>Raymond James分析师Savanthi Syth指出。美国航空的巨额债务负担正在拖累业绩。尽管该航空公司表示计划比之前预期更快地偿还债务，但这仍然是资产负债表上的一个负担。</blockquote> Syth maintained a Market Perform rating on the stock.<blockquote>Syth维持该股的市场表现评级。</blockquote> <a href=\"https://laohu8.com/S/C\">Citigroup</a> ’s Stephen Trent was also skeptical of Americans’ plans to pay down $15 billion in debt over the next four years. The carrier’s “call to reduce financial leverage by $15 billion in four years is welcome,” he wrote, “but is certainly not an easy task.” That figure is larger than American’s total equity value of $13.7 billion, he notes, and the carrier’s debt repayment will give it less flexibility to invest in other areas.<blockquote><a href=\"https://laohu8.com/S/C\">花旗集团</a>斯蒂芬·特伦特(Stephen Trent)也对美国人在未来四年内偿还150亿美元债务的计划表示怀疑。他写道，该航空公司“在四年内将财务杠杆减少150亿美元的看涨期权是受欢迎的，但这肯定不是一件容易的事情。”他指出，这一数字高于美国航空137亿美元的总股本价值，而且该航空公司的债务偿还将降低其在其他领域投资的灵活性。</blockquote> He also maintained a Neutral rating on the stock and $21.50 target.<blockquote>他还维持该股的中性评级和21.50美元的目标。</blockquote> <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>, on the other hand, has the strongest balance sheet of the major carriers, along with exposure to the strongest segment of air travel—domestic leisure—two factors that should help it post meaningful profits well ahead of other legacy carriers.<blockquote><a href=\"https://laohu8.com/S/LUV\">西南航空</a>另一方面，该公司拥有主要航空公司中最强劲的资产负债表，以及对航空旅行中最强劲的部分（国内休闲）的敞口，这两个因素应该有助于其远远领先于其他传统航空公司实现有意义的利润。</blockquote> Southwest’s second quarter was a mixed bag. The carrier reported slightly more revenue than forecast at $4 billion, beating consensus estimates by 1.8%. The airline posted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $228 million, ahead of forecasts for $192 million.<blockquote>西南航空的第二季度表现好坏参半。该航空公司公布的收入略高于预期，为40亿美元，比市场普遍预期高出1.8%。该航空公司公布的息税折旧摊销前利润(Ebitda)为2.28亿美元，高于预期的1.92亿美元。</blockquote> But Southwest missed forecasts for earnings per share, posting a loss of 35 cents, against estimates for a loss of 23 cents. Jet fuel prices weighed on the bottom line, increasing sharply from the first quarter, noted CEO Gary Kelly in a release. And the airline is predicting cost increases in the third quarter as it brings back most employees and fuel prices remain elevated.<blockquote>但西南航空的每股收益未达到预期，亏损35美分，而预期为亏损23美分。首席执行官加里·凯利在一份新闻稿中指出，航空燃油价格较第一季度大幅上涨，拖累了利润。该航空公司预计第三季度成本将增加，因为它将召回大多数员工，而燃油价格仍然很高。</blockquote> But Kelly also highlighted positive booking trends, noting that leisure traffic in&nbsp;June rebounded above&nbsp;2019&nbsp;levels at comparable fares. Leisure bookings and fares in July are trending higher than&nbsp;July 2019&nbsp;levels, he added, and while business continues to lag, he said the carrier is seeing “steady weekly improvements” in corporate bookings.<blockquote>但凯利也强调了积极的预订趋势，指出6月份的休闲客流量以可比票价反弹至2019年水平以上。他补充说，7月份的休闲预订和票价趋势高于2019年7月的水平，虽然业务继续滞后，但他表示，该航空公司的企业预订量“每周稳步改善”。</blockquote> The carrier’s third-quarter outlook was for capacity to be flat compared with 2019 levels. That came in ahead of some forecasts; Cowen’s Helane Becker had expected capacity to be down 11%, for instance.<blockquote>该航空公司第三季度的运力前景与2019年水平持平。这超出了一些预测；例如，Cowen的Helane Becker曾预计产能将下降11%。</blockquote> She maintained a Buy rating and $67 target on the stock while cautioning that monthly results “warrant monitoring.”<blockquote>她维持该股的买入评级和67美元的目标，同时警告称月度业绩“值得监控”。</blockquote> Syth also liked the outlook, noting that “the revenue outlook appears encouraging.” She also maintained an Overweight and $68 target.<blockquote>Syth也喜欢这一前景，并指出“收入前景似乎令人鼓舞”。她还维持跑赢大盘和68美元的目标。</blockquote> Airline stocks aren’t doing great this year, however. The&nbsp;sector&nbsp;is underperforming the&nbsp;S&amp;P 500,&nbsp;gaining 11.5% against a return of 16% for the broader market. And while strong second-quarter results have sparked a mini-rally, the sector is still down 8.5% over the last month versus a 2.6% gain for the S&amp;P 500.<blockquote>然而，航空股今年表现不佳。该行业的表现逊于标准普尔500指数，上涨11.5%，而大盘的回报率为16%。尽管强劲的第二季度业绩引发了小幅上涨，但该行业上个月仍下跌8.5%，而标普500则上涨2.6%。</blockquote> The only carrier beating the market this year also happens to be the one with the most fragile finances: American Airlines. It’s up 36.6% on the year, more than triple the sector’s gains.<blockquote>今年唯一跑赢市场的航空公司也恰好是财务最脆弱的航空公司：美国航空。同比上涨36.6%，是该行业涨幅的三倍多。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/airline-earnings-stocks-51626967412?mod=hp_LATEST\">Barron's</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","AAL":"美国航空","C":"花旗","DAL":"达美航空","LUV":"西南航空"},"source_url":"https://www.barrons.com/articles/airline-earnings-stocks-51626967412?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127402643","content_text":"Profits are inching back across the airline industry as leisure travel surges, while business and long-haul international show signs of life.\nBut carriers face new challenges: Jet fuel prices have surged in the last few months, pressuring operating profits. And the fall travel season, typically weak for leisure, will likely have to see big gains in corporate for airlines to hit Wall Street’s targets.\nThe other major variable: the Delta variant of the coronavirus. Travel momentum that has built for months may slow or stall if the variant prompts delays in border reopenings and a lifting of travel restrictions.\nWhile Europe has been reopening to U.S. citizens, the Biden administration isgoing slowin lifting restrictions on visitors from Europe and other regions, including China, India, and Brazil. And the U.S. recently issued a do-not-travelwarningto the U.K., citing a surge in Covid-19 cases.\nFor now, airlines are largely meeting or beating forecasts, albeit with some hiccups.\nAmerican Airlines topped estimates for revenue and earnings in the quarter. The carrier reported $7.5 billion in sales, 2.2% ahead of consensus forecasts, and posted an adjusted loss of $1.69 a share, beating forecasts for a loss of $2.03.\nExcluding a bevy of special items—including $1.4 billion of federal payroll support and tax credits—American said it earned a profit of $19 million or 3 cents a share.\nAmerican is also getting back to prepandemic capacity, saying that it expects to fly more than 90% of its domestic seat capacity and 80% of international this summer. For the third quarter, typically weaker than the summer, the carrier expects capacity to be down 15% to 20%, largely matching Wall Street estimates.\nBut American is likely to take longer to return to pretax profits than its legacy rivals United Continental and Delta Air Lines, notes Raymond James analyst Savanthi Syth. American’s huge debt load is weighing on results. And while the carrier said that it planned to pay down debt quicker than it previously expected, it remains a burden on the balance sheet.\nSyth maintained a Market Perform rating on the stock.\nCitigroup ’s Stephen Trent was also skeptical of Americans’ plans to pay down $15 billion in debt over the next four years. The carrier’s “call to reduce financial leverage by $15 billion in four years is welcome,” he wrote, “but is certainly not an easy task.” That figure is larger than American’s total equity value of $13.7 billion, he notes, and the carrier’s debt repayment will give it less flexibility to invest in other areas.\nHe also maintained a Neutral rating on the stock and $21.50 target.\nSouthwest Airlines, on the other hand, has the strongest balance sheet of the major carriers, along with exposure to the strongest segment of air travel—domestic leisure—two factors that should help it post meaningful profits well ahead of other legacy carriers.\nSouthwest’s second quarter was a mixed bag. The carrier reported slightly more revenue than forecast at $4 billion, beating consensus estimates by 1.8%. The airline posted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $228 million, ahead of forecasts for $192 million.\nBut Southwest missed forecasts for earnings per share, posting a loss of 35 cents, against estimates for a loss of 23 cents. Jet fuel prices weighed on the bottom line, increasing sharply from the first quarter, noted CEO Gary Kelly in a release. And the airline is predicting cost increases in the third quarter as it brings back most employees and fuel prices remain elevated.\nBut Kelly also highlighted positive booking trends, noting that leisure traffic in June rebounded above 2019 levels at comparable fares. Leisure bookings and fares in July are trending higher than July 2019 levels, he added, and while business continues to lag, he said the carrier is seeing “steady weekly improvements” in corporate bookings.\nThe carrier’s third-quarter outlook was for capacity to be flat compared with 2019 levels. That came in ahead of some forecasts; Cowen’s Helane Becker had expected capacity to be down 11%, for instance.\nShe maintained a Buy rating and $67 target on the stock while cautioning that monthly results “warrant monitoring.”\nSyth also liked the outlook, noting that “the revenue outlook appears encouraging.” She also maintained an Overweight and $68 target.\nAirline stocks aren’t doing great this year, however. The sector is underperforming the S&P 500, gaining 11.5% against a return of 16% for the broader market. And while strong second-quarter results have sparked a mini-rally, the sector is still down 8.5% over the last month versus a 2.6% gain for the S&P 500.\nThe only carrier beating the market this year also happens to be the one with the most fragile finances: American Airlines. It’s up 36.6% on the year, more than triple the sector’s gains.","news_type":1,"symbols_score_info":{"UAL":0.9,"DAL":0.9,"LUV":0.9,"C":0.9,"AAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1497,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}