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.
SAVE: 1Q12 Earnings
EPS ex-items was $0.01 above our estimate and the consensus estimate of $0.32. SAVE has now beaten consensus all four times since its IPO last May – for those waiting for a slip-up, the wait continues. Revenue was in line with our estimate, but we were $11M too heavy on passenger revenue and $11M too light on non-ticket revenue (this is mostly fees), as SAVE generated a robust $52/passenger in 1Q12 in this area – and remember, this was for one-way fares.
DAL: Withholding full judgment on the refinery purchase, but it begs a few questions
DAL is buying an oil refinery for $250M, including $100M of incremental capex to modify the plant to maximize jet fuel production. This is DAL’s effort to hedge its exposure to the crack spread, which accounted for $2.2B of DAL’s $12B fuel cost last year, according to DAL. For context, we believe this investment is roughly equivalent to one year’s worth of hedge premium expenses for DAL.
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