US3 earnings results for Q219

[East End Ave]

United achieves highest 2Q pre-tax income in company history
The company also achieved record second-quarter diluted earnings per share of $4.02 and adjusted diluted earnings per share* of $4.21.
We released our second-quarter 2019 financial results on July 16, 2019. The continued successful implementation of our strategy led to the company delivering two straight quarters of solid pre-tax margin growth – three quarters on an adjusted basis* - and the highest second-quarter pre-tax income in the airline’s history (post-2010 merger).
"Thanks again to your incredible work this quarter, we delivered on the promises we made to our customers, investors and ourselves, proving once again that here at United we consistently deliver on our commitments," said Oscar.
We reported second-quarter net income of $1.1 billion, diluted earnings per share of $4.02, pre-tax earnings of $1.4 billion and pre-tax margin of 11.9 percent, expanding pre-tax margin 4.0 points versus the second quarter of 2018.
We reported second-quarter adjusted net income of $1.1 billion, adjusted diluted earnings per share of $4.21, adjusted pre-tax earnings of $1.4 billion and adjusted pre-tax margin of 12.4 percent, expanding adjusted pre-tax margin 2.0 points versus the second quarter of 2018.*

For more information on our financial performance, please visit ir.united.com.

* Excludes special charges, the mark-to-market impact of financial instruments and imputed interest on certain finance leases. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the tables accompanying our earnings press release.

 

[East End Ave]

Delta Air Lines Announces June Quarter Profit
Jul 11, 2019

June quarter 2019 GAAP pre-tax income of $1.9 billion, net income of $1.4 billion and earnings per diluted share of $2.21 on record total revenue of $12.5 billion
Record June quarter 2019 adjusted pre-tax income of $2.0 billion, adjusted net income of $1.5 billion and adjusted earnings per diluted share of $2.35
Increases full year earnings guidance to $6.75 to $7.25 per share
Board of Directors approves 15% increase to company's quarterly dividend

ATLANTA, July 11, 2019 /PRNewswire/ -- Delta Air Lines (NYSEAL) today reported financial results for the June quarter 2019 and provided its outlook for the September quarter 2019. Highlights of the June quarter 2019 results, including both GAAP and adjusted metrics, are below and incorporated here.

June Quarter Financial Highlights

Adjusted earnings per share were $2.35, reflecting a 32 percent increase year over year with 8.7 percent top-line growth, 2.3 points of operating margin expansion and $1.8 billion of free cash flow.
Total adjusted revenue, which excludes refinery sales, grew nearly $1 billion to $12.5 billion, a new quarterly record, with 52 percent of adjusted revenue from premium products and non-ticket sources.
Total unit revenue, adjusted, increased 3.8 percent driven by healthy growth in leisure and corporate revenue and an approximate one point benefit from the amended American Express agreement announced earlier this year.
Non-fuel unit cost (CASM-Ex) increased 1.4 percent compared to the prior year period, driven by better operations, fleet transformation and efficiency initiatives.
Generated $5.2 billion of operating cash flow and $2.5 billion of free cash flow on a year-to-date basis, after investing $2.7 billion into the business, primarily for aircraft purchases and modifications.
Returned $497 million to shareholders, comprised of $268 million of share repurchases and $229 million in dividends.

 

[East End Ave]

Mancava AA, eccola:

July 25, 2019
FORT WORTH, Texas, July 25, 2019 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its second quarter 2019 results, including these highlights:

Reported second quarter 2019 pre-tax income of $882 million and net income of $662 million. Excluding net special items, pre-tax income and net income rose more than 5% to $1.1 billion and $810 million,1 respectively.
Second quarter earnings were $1.49 per diluted share. Excluding net special items, earnings per share grew 10% year over year to $1.82 per diluted share1.
Reported record second quarter revenue of $12 billion. Also reported record second quarter total revenue per available seat mile (TRASM) — the 11th consecutive quarter of TRASM growth.

 

[East End Ave]

Quindi, riassumendo:

DL - Net Income $1,4 billion
UA - Net Income $1,1 billion
AA - Net Income $662 million

Niente male per le US3 nel Q2, dove il gap tra UA e DL diminuisce sensibilmente; UA nel Q218 fece un Net Income della meta' (!), "appena" $684M, DL e' invece rimasta flat YOY , Q218 $1,4B.
AA incrementa del 20% circa.

Mercato azionario sulle montagne russe per UA, inizio anno a $84 e oggi a $85, con punte in alto fino a $95 e in basso fino a $77
DL un po' piu' regolare e in crescita, inizio anno a $50 e oggi a $57
AA irregolare ma ad oggi in decisa perdita, inizio anno a $32 e oggi a $28, con picchi nell'anno fino a $36.

 

[Fewwy]

Come si spiega il valore azionario di UA sensibilmente maggiore di DL quando i risultati sono pressoché simili?

 

[East End Ave]

Come si spiega il valore azionario di UA sensibilmente maggiore di DL quando i risultati sono pressoché simili?

e' il volume complessivo delle azioni a dare il valore di un'azienda e non la singola azione: se un'azienda ha 1000 azioni a $1 allora varra' 1000, se un'altra ha 100 azioni a $10 varra' sempre 1000.