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: Higher 2Q estimates, lower 2012/13; Reiterate Outperform
LCC’s June PRASM increased 6% y/y, 1-2 percentage points below what we expected due to an easier y/y comparison and a sequential improvement in PRASM by DAL. The month likely closed a bit softer than expected, in our view, due to good load factors across the board (that is, yields were likely pressured from slightly fewer business travelers late in the month). Offsetting this, however, are lower costs. The net result is an increase to our already-above-consensus 2Q12 EPS estimate from $1.48 to $1.57, though we trim 2012 and 2013 EPS estimates due to slightly higher fuel costs in 2H relative to our prior assumption.
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