Tag Archives: DAL

Quick Blurbs [Delta Airlines, Greenbrier, MSC Industrial, Fastenal]

(2,130 words) [MSM – MSC Industrial; FAST – Fastenal] Recall that 70% of MSM’s sales come from manufacturing customers (esp. metalworking), who have seen their average daily sales decline by msd/hsd for each of the last 5 quarters prior to 4q16.  Last quarter, the company saw the beginnings of a recovery…. Management is reluctant to […]

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[DAL – Delta Airlines, UAL – United Continental] So You’re Saying There’s a Chance?

Call me a sucker, but I’m tentatively a believer.  With both stocks priced at under 10x trailing earnings (and 11x forward earnings assuming 1%-2% guided margin compression in 2017 at DAL), the market is skeptical about margin sustainability.  Given the industry’s ignominious legacy of undisciplined competition, where the dumbest competitor has historically set the price […]

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(2,072 words) 10/18/2016: UAL (Earnings Call) Unit revenue -5.8% y/y during the quarter, slightly better than expected on better close-in bookings and yield, w/ 4q PRASM forecast of -4% to -6%. 2nd-order pricing improvement in all regions except the Atlantic.  Domestically, positive close-in corporate booking + supply/demand balance leading to more rational pricing.  [DAL surmised […]

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