Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
LCC: Strong PRASM… and we think the timing couldn’t be better
LCC said March PRASM grew 8% y/y compared to guidance of +6% to +7%, which the company just reiterated on 3/13. We think the month closed strong, implying good close-in bookings from business travelers, as was the case with DAL. LCC also reported a record load factor for the 11th straight month. Yes, this implies LCC might be leaving a bit of yield on the table (this is called “spill”), but we’re comfortable with that considering the demand environment is still somewhat unpredictable… strong, but unpredictable.
Under the Hood: March US Light Vehicle SAAR Remains Above Trend
The Mar U.S. SAAR of 14.4M was in line with high expectations and still above most full-year expectations, though it was a modest pullback from 15.1M in Feb. Since weather and Japanese OEMs’ fleet sales likely continued to support the SAAR, the April SAAR is likely to drop further, but these factors seem fairly modest and overall industry pricing remained disciplined.
Under the Hood: March Truck Orders Miss Low Expectations; Likely Bottoming
ACT Research reported March prelim Class 8 net orders of 20K, down from 22.4K and 25.3K in Feb and Jan. The March order pace implies annual demand of 230K-235K, and pulls the 3- and 6-month trailing annual order rates down to 262K and 281K.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy Library
- Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update