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Gol Linhas (GOL) Reports Q2 Loss, Lags Revenue Estimates
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Gol Linhas Aereas Inteligentes S.A. reported second-quarter 2023 loss of 41 cents per share, wider than the Zacks Consensus Estimate of a loss of 11 cents. In the year-ago quarter, GOL reported a loss of 43 cents.
Net operating revenues of $837.7 million lagged the Zacks Consensus Estimate of $842.7 million. However, with people again taking to the skies, the top line improved year over year.
Revenues from passenger transportation, accounting for 89.7% of total revenues, rose 24.2%, thanks to continued recovery in air-travel demand in Brazil. Cargo and other revenues surged 73.2%.
Gol Linhas Aereas Inteligentes S.A. Price, Consensus and EPS Surprise
Gol Linhas transported 7 million passengers in the second quarter, up 19.9% from the year-ago number.
Consolidated revenue passenger kilometers, the measure for revenues generated per kilometer per passenger, increased 13.4% from the second quarter of 2022. Consolidated available seat kilometers (ASK), which measures an airline's passenger-carrying capacity, also rose 14% year over year with expanded domestic capacity.
Gol Linhas’ total load factor (percentage of seats filled with passengers) was 76.9% in the reported quarter. The net yield climbed 9.5% year over year. Net passenger revenues per ASK ascended 8.9%, while net revenues per ASK jumped 12.2%.
Fuel price per liter decreased 22.2% to $4.69. Cost per ASK fell 7.9% year over year. Excluding fuel, the metric decreased 9.4%. Total operating expenses jumped 5.1% year over year in the second quarter.
Gol Linhas exited the second quarter with total liquidity (cash and cash equivalents, financial investments, deposits and accounts receivable) of R$4.1 billion compared with R$3.9 billion at the end of the prior-year quarter.
At the second-quarter end, Gol Linhas’ fleet comprised 143 Boeing 737 aircraft (101 NGs, 38 MAXs and four cargo NGs).
2023 Outlook
Gol Linhas still expects capacity to increase 15-20% year over year in 2023. GOL still estimates the load factor to be 81% in the current year. Fuel price per liter is now predicted to be R$5.1 (prior view: R$5.4) in the current year.
Net capital investments are still projected to be R$600 million. Total net revenues are now anticipated to be R$19.3 billion (prior view: R$19.5 billion) in the current year. The pre-tax margin is now estimated to be 4% (prior view: 3%) in the year.
EBITDA margin and EBIT margin are now anticipated to be 25% and 15%, respectively. Previously, the metrics were expected to register 24% and 14%, respectively.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) second-quarter 2023 earnings per share (EPS) of $1.81 missed the Zacks Consensus Estimate of $1.97 and declined 25.2% year over year.
JBHT’s total operating revenues of $3,132.6 million also lagged the Zacks Consensus Estimate of $3,347.5 million and fell 18.4% year over year. The downfall was due to a decline in revenue per load of 24% in Integrated Capacity Solutions, 13% in Intermodal, 21% in Truckload and a 4% decline in productivity in Dedicated Capacity Solutions on the back of changes in customer rate, freight mix and lower fuel surcharge revenue.
Total operating revenues, excluding fuel surcharges, decreased 14% year over year.
Delta Air Lines (DAL - Free Report) reported better-than-expected revenues and EPS, driven by strong air-travel demand. DAL’s second-quarter 2023 EPS (excluding 16 cents from non-recurring items) of $2.68 comfortably beat the Zacks Consensus Estimate of $2.42. DAL reported EPS of $1.44 a year ago, dull compared to the current scenario, as air-travel demand was not so buoyant then.
DAL’s total revenues of $15,578 million beat the Zacks Consensus Estimate of $14,991.6 million. Total revenues increased 12.69% on a year-over-year basis, driven by higher air-travel demand.
United Airlines Holdings, Inc. (UAL - Free Report) reported second-quarter 2023 EPS of $5.03, which outpaced the Zacks Consensus Estimate of $3.99 and improved more than 100% year over year.
Operating revenues of $14,178 million beat the Zacks Consensus Estimate of $13,927.1 million. UAL’s revenues increased 17.1% year over year due to upbeat air-travel demand. The year-over-year increase in the top line was driven by a 20.1% rise in passenger revenues (accounting for 91.7% of the top line) to $13,002 million. Nearly 42 million passengers traveled on UAL flights in the second quarter.
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Gol Linhas (GOL) Reports Q2 Loss, Lags Revenue Estimates
Gol Linhas Aereas Inteligentes S.A. reported second-quarter 2023 loss of 41 cents per share, wider than the Zacks Consensus Estimate of a loss of 11 cents. In the year-ago quarter, GOL reported a loss of 43 cents.
Net operating revenues of $837.7 million lagged the Zacks Consensus Estimate of $842.7 million. However, with people again taking to the skies, the top line improved year over year.
Revenues from passenger transportation, accounting for 89.7% of total revenues, rose 24.2%, thanks to continued recovery in air-travel demand in Brazil. Cargo and other revenues surged 73.2%.
Gol Linhas Aereas Inteligentes S.A. Price, Consensus and EPS Surprise
Gol Linhas Aereas Inteligentes S.A. price-consensus-eps-surprise-chart | Gol Linhas Aereas Inteligentes S.A. Quote
Gol Linhas transported 7 million passengers in the second quarter, up 19.9% from the year-ago number.
Consolidated revenue passenger kilometers, the measure for revenues generated per kilometer per passenger, increased 13.4% from the second quarter of 2022. Consolidated available seat kilometers (ASK), which measures an airline's passenger-carrying capacity, also rose 14% year over year with expanded domestic capacity.
Gol Linhas’ total load factor (percentage of seats filled with passengers) was 76.9% in the reported quarter. The net yield climbed 9.5% year over year. Net passenger revenues per ASK ascended 8.9%, while net revenues per ASK jumped 12.2%.
Fuel price per liter decreased 22.2% to $4.69. Cost per ASK fell 7.9% year over year. Excluding fuel, the metric decreased 9.4%. Total operating expenses jumped 5.1% year over year in the second quarter.
Gol Linhas exited the second quarter with total liquidity (cash and cash equivalents, financial investments, deposits and accounts receivable) of R$4.1 billion compared with R$3.9 billion at the end of the prior-year quarter.
At the second-quarter end, Gol Linhas’ fleet comprised 143 Boeing 737 aircraft (101 NGs, 38 MAXs and four cargo NGs).
2023 Outlook
Gol Linhas still expects capacity to increase 15-20% year over year in 2023. GOL still estimates the load factor to be 81% in the current year. Fuel price per liter is now predicted to be R$5.1 (prior view: R$5.4) in the current year.
Net capital investments are still projected to be R$600 million. Total net revenues are now anticipated to be R$19.3 billion (prior view: R$19.5 billion) in the current year. The pre-tax margin is now estimated to be 4% (prior view: 3%) in the year.
EBITDA margin and EBIT margin are now anticipated to be 25% and 15%, respectively. Previously, the metrics were expected to register 24% and 14%, respectively.
Currently, Gol Linhas carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) second-quarter 2023 earnings per share (EPS) of $1.81 missed the Zacks Consensus Estimate of $1.97 and declined 25.2% year over year.
JBHT’s total operating revenues of $3,132.6 million also lagged the Zacks Consensus Estimate of $3,347.5 million and fell 18.4% year over year. The downfall was due to a decline in revenue per load of 24% in Integrated Capacity Solutions, 13% in Intermodal, 21% in Truckload and a 4% decline in productivity in Dedicated Capacity Solutions on the back of changes in customer rate, freight mix and lower fuel surcharge revenue.
Total operating revenues, excluding fuel surcharges, decreased 14% year over year.
Delta Air Lines (DAL - Free Report) reported better-than-expected revenues and EPS, driven by strong air-travel demand. DAL’s second-quarter 2023 EPS (excluding 16 cents from non-recurring items) of $2.68 comfortably beat the Zacks Consensus Estimate of $2.42. DAL reported EPS of $1.44 a year ago, dull compared to the current scenario, as air-travel demand was not so buoyant then.
DAL’s total revenues of $15,578 million beat the Zacks Consensus Estimate of $14,991.6 million. Total revenues increased 12.69% on a year-over-year basis, driven by higher air-travel demand.
United Airlines Holdings, Inc. (UAL - Free Report) reported second-quarter 2023 EPS of $5.03, which outpaced the Zacks Consensus Estimate of $3.99 and improved more than 100% year over year.
Operating revenues of $14,178 million beat the Zacks Consensus Estimate of $13,927.1 million. UAL’s revenues increased 17.1% year over year due to upbeat air-travel demand. The year-over-year increase in the top line was driven by a 20.1% rise in passenger revenues (accounting for 91.7% of the top line) to $13,002 million. Nearly 42 million passengers traveled on UAL flights in the second quarter.