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.
Friday Flyer
We publish the “Friday Flyer” each week with highlights from the U.S. airline industry, and our opinion on how the events should impact airline stocks. Included are (1) a summary from the week with our sentiment gauge; (2) updates on noteworthy news events that might be interesting but maybe unworthy of a standalone note (3) key changes to airline schedules per OAG data; (4) recent stock performance and an update on the correlation of WTI and Heating Oil with airline stocks; (5) updated guidance/data points (6) our stat of the week (7) updated comp tables, and more.
Friday the 13th Freight
This weekly report presents the most recent views we are hearing from industry insiders and summarizes the research of Wolfe Trahan. Included are (1) key takeaways, selected shipper comments; (2) notices of upcoming industry events; (3) key takeaways from some of our notes from the past week; (4) recent stock performance for our transport universe; (5) updated comparison tables for the airfreight & logistics group, railroads, and trucking; and (6) fuel trends for West Texas Crude Oil, On-highway diesel, Rail diesel, and Jet fuel.
WAB: Another Strong Beat and Guidance Boost
WAB’s stock jumped 7% after guiding to 1Q EPS 18% above prior Cons. and raising full-year C12 guidance 10% above prior Cons. WAB expects 1Q EPS of $1.20 (up 41% y/y) vs. prior Cons. of $1.02 and our prior $1.04 estimate. WAB also raised its full-year 2012 EPS guidance to $4.80 (up 27% y/y) from $4.30 previously, compared with prior Cons. of $4.37 and our prior $4.35. WAB continues to execute extremely well, and our estimates and rating continue to prove too conservative. Looking ahead, strong Freight trends feel sustainable in the near term and WAB’s Transit segment remains stable. However, we expect Congress will eventually extend the deadline to install PTC, and this could pressure WAB’s valuation and strong EPS momentum. After strong stock outperformance the past 2 years, we remain on the sidelines awaiting a better entry point. Longer term, WAB remains uniquely positioned to benefit from secular growth in global freight and passenger rail demand.
JBHT 1Q Earnings: More of the Same – Strong Growth Continues – Raising Estimates and Target Price Yet Again
JBHT reported 1Q EPS $0.05 above Cons. and $0.06 above our estimate. Intermodal vols continued to grow strongly against difficult comps, while Dedicated showed solid margin improvement into higher gains on sale and easy comps. Rev., EBIT and EPS grew 17%, 30% and 40% y/y, mostly accelerated from last qtr. Intermodal and Dedicated both beat our model by $0.03 while Truck was $0.01 worse and Brokerage (ICS) was $0.01 better. We believe JBHT is the best way to play secular intermodal growth tailwinds. Into improving returns, strong free cash flow and continued solid double-digit top and bottom line growth, we expect gradual multiple expansion for JBHT and we are raising our target price to $67.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy & Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update