U.S. Airlines To Take Flight In Q2: Analyst Predicts Strong Results, 10% Operating Margin
U.S. Airlines To Take Flight In Q2: Analyst Predicts Strong Results, 10% Operating Margin
Deutsche Bank analyst Michael Linenberg presented the June quarter preview for the airline industry. The analyst writes that U.S. domestic air travel hit a record high in the first half of 2024, with TSA screenings up 7.4% Y/Y.
德意志銀行分析師邁克爾·****爲航空行業提供了6月季度預測。分析師寫道，美國國內航空旅行在2024年上半年達到了創紀錄的高點，TSA篩查同比增長7.4%。
The analyst adds that airlines performed well operationally in the June quarter, showing significant improvement from a year ago.
分析師補充說，航空公司在6月季度的運營表現良好，與一年前相比有了顯著改善。
The sector is expected to post strong June quarter results with 4% top-line growth to $62 billion (on 7% more capacity), $6.2 billion operating profit, and an operating margin of ~10%, writes the analyst.
分析師寫道，該行業預計在6月季度實現4%的營收增長，總額達到620億美元（容量增長7%），62億美元的營業利潤和營業利潤率約爲10%。
However, the analyst projects most of the industry's top-line growth and operating profit to come from full-service carriers.
然而，分析師預計營收增長和營業利潤的大部分將來自全服務運營商。
Linenberg expects American Airlines Group Inc. (NASDAQ:AAL), Delta Air Lines, Inc. (NYSE:DAL), and United Airlines Holdings, Inc. (NASDAQ:UAL) to account for 92% of June quarter 2024 top-line growth and 91% of operating profit. The analyst reiterated the Buy rating on these stocks.
****預計美國航空集團股份有限公司（納斯達克股票代碼：AAL）、達美航空公司（紐約證券交易所股票代碼：DAL）和聯合大陸航空公司（納斯達克股票代碼：UAL）將佔2024年6月季度營收增長的92%，和91%的營業利潤。分析師重申對這些股票的買入評級。
In summary, the analyst supports United Airlines and Delta Airline's full-year EPS outlooks ($9 – $11 and $6 – $7, respectively) but expects American Airlines to lower its 2024 EPS guidance (currently $2.25 – $3.25) vs. estimate of $2.00.
總的來說，分析師支持聯合航空和達美航空的全年每股收益預期（分別爲9美元–11美元和6美元–7美元），但預計美國航空將低於其2024年每股收益指引（目前爲2.25美元–3.25美元），預計爲2.00美元。
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On the other hand, the analyst anticipates that many low-fare carriers will report losses despite the strong demand for air travel.
另一方面，分析師預計儘管航空旅行需求強勁，但許多低票價航空公司仍將報告虧損。
Meanwhile, the analyst downgraded Allegiant Travel Company (NASDAQ:ALGT) from Buy to Hold and lowered price target from $75 to $53.
與此同時，分析師將忠誠旅遊公司（納斯達克股票代碼：ALGT）的評級從買入降爲持有，並將價格目標下調從75美元至53美元。
Also, the analyst lowered the rating for Spirit Airlines, Inc. (NYSE:SAVE) from Hold to Sell and the price target from $3 to $2.
此外，分析師將烈酒航空股份有限公司（紐約證券交易所股票代碼：SAVE）的評級從持有降爲賣出，將價格目標從3美元降至2美元。
Linenberg writes that Allegiant and Spirit saw substantial earnings reductions for 2024 and beyond due to production challenges amid inflation and external factors like delayed aircraft deliveries and air traffic constraints.
****寫道，由於通貨膨脹和延遲的飛機交付以及航空交通限制等外部因素，忠誠旅遊公司和烈酒航空公司的未來收益量減少很多。
He further adds that Allegiant continues transitioning its Sunseeker resort, likely impacting earnings into 2025. Spirit's ongoing liability management exercise may lead to shareholder dilution, potentially affecting its share price.
他進一步補充說，忠誠旅遊公司繼續轉型其Sunseeker度假村，可能會影響到2025年的收益。其持續的責任管理演習可能會導致股東稀釋，可能會影響其股價。
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Overall, Linenberg says that airlines focused on the domestic market and price-sensitive customers will be the first to feel the impact of a slowing economy.
總體而言，****稱，專注於國內市場和價格敏感客戶的航空公司將首先感受到經濟放緩的影響。
Those rapidly expanding and entering new markets face even greater risks and have seen the largest estimate reductions for 2024 and, in some cases, for 2025 and 2026, writes the analyst.
分析師寫道，那些迅速擴張並進入新市場的公司面臨着更大的風險，對於2024年甚至2025年和2026年的估計，這些公司估計會受到最大的影響。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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