Gol Linhas Aereas Inteligentes S.A. reported mixed first-quarter 2023 results wherein earnings beat the Zacks Consensus Estimates, but revenues missed.
GOL posted first-quarter earnings (excluding 44 cents from non-recurring items) of 13 cents per share and beat the Zacks Consensus Estimate of 5 cents. In the year-ago quarter, GOL reported a loss of 63 cents.
Net operating revenues of $947.1 million lagged the Zacks Consensus Estimate of $957.1 million. However, with people again taking to the skies, the top line improved 53.7% year over year.
Revenues from passenger transportation, accounting for 92.2% of total revenues, rose 50.6%, thanks to continued recovery in air-travel demand in Brazil. Cargo and other revenues surged 83.8%.
Gol Linhas transported 7.9 million passengers in the first quarter, up 17.7% from the year-ago number.
Consolidated revenue passenger kilometers, the measure for revenues generated per kilometer per passenger, increased 14.1% from the first quarter of 2022. Consolidated available seat kilometers (ASK), which measures an airline's passenger-carrying capacity, also rose 11% year over year with expanded domestic capacity.
Gol Linhas’ total load factor (percentage of seats filled with passengers) was 83.3% in the reported quarter. The net yield climbed 32% year over year. Net passenger revenues per ASK ascended 35.7%, while net revenues per ASK jumped 37.7%.
Fuel price per liter increased 24.4% to $5.66. Cost per ASK climbed 18% year over year. Excluding fuel, the metric increased 9.4%. Total operating expenses jumped 31.2% year over year.
Gol Linhas exited the first quarter with total liquidity (cash and cash equivalents, cash investments, restricted cash, accounts receivable, and securities and receivables) of R$4.4 billion compared with R$3.3 billion at the end of the prior-year quarter. During the first quarter, operating activities generated cash of R$311.3 million compared with R$423.5 million at the year-ago quarter end.
At the reported-quarter end, Gol Linhas’ fleet comprised 144 Boeing 737 aircraft (103 NGs, 38 MAXs and 3 Cargo NGs).
GOL Reiterates 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 still predicted to be R$5.4 in the current year.
Net capital investments are still projected to be R$600 million. Total net revenues are still anticipated to be R$19.5 billion in the current year. The pre-tax margin is still estimated to be 3% in the year.
EBITDA margin and EBIT margin are still anticipated to be 24% and 14%, respectively.
Net Revenues are expected to be at R$19.5 billion.
EPS is estimated to be at R$0.3 per share.
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.
Q1 Performance of Some Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), respectively. A decline of 17% in revenue per load in Truckload (JBT) also added to the woes.
Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%. JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ (DAL - Free Report) first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago as air-travel demand was not so buoyant back then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. However, driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
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Gol Linhas Aereas Inteligentes S.A. reported mixed first-quarter 2023 results wherein earnings beat the Zacks Consensus Estimates, but revenues missed.
GOL posted first-quarter earnings (excluding 44 cents from non-recurring items) of 13 cents per share and beat the Zacks Consensus Estimate of 5 cents. In the year-ago quarter, GOL reported a loss of 63 cents.
Net operating revenues of $947.1 million lagged the Zacks Consensus Estimate of $957.1 million. However, with people again taking to the skies, the top line improved 53.7% year over year.
Revenues from passenger transportation, accounting for 92.2% of total revenues, rose 50.6%, thanks to continued recovery in air-travel demand in Brazil. Cargo and other revenues surged 83.8%.
Gol Linhas transported 7.9 million passengers in the first quarter, up 17.7% from the year-ago number.
Consolidated revenue passenger kilometers, the measure for revenues generated per kilometer per passenger, increased 14.1% from the first quarter of 2022. Consolidated available seat kilometers (ASK), which measures an airline's passenger-carrying capacity, also rose 11% year over year with expanded domestic capacity.
Gol Linhas’ total load factor (percentage of seats filled with passengers) was 83.3% in the reported quarter. The net yield climbed 32% year over year. Net passenger revenues per ASK ascended 35.7%, while net revenues per ASK jumped 37.7%.
Fuel price per liter increased 24.4% to $5.66. Cost per ASK climbed 18% year over year. Excluding fuel, the metric increased 9.4%. Total operating expenses jumped 31.2% year over year.
Gol Linhas exited the first quarter with total liquidity (cash and cash equivalents, cash investments, restricted cash, accounts receivable, and securities and receivables) of R$4.4 billion compared with R$3.3 billion at the end of the prior-year quarter. During the first quarter, operating activities generated cash of R$311.3 million compared with R$423.5 million at the year-ago quarter end.
At the reported-quarter end, Gol Linhas’ fleet comprised 144 Boeing 737 aircraft (103 NGs, 38 MAXs and 3 Cargo NGs).
GOL Reiterates 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 still predicted to be R$5.4 in the current year.
Net capital investments are still projected to be R$600 million. Total net revenues are still anticipated to be R$19.5 billion in the current year. The pre-tax margin is still estimated to be 3% in the year.
EBITDA margin and EBIT margin are still anticipated to be 24% and 14%, respectively.
Net Revenues are expected to be at R$19.5 billion.
EPS is estimated to be at R$0.3 per share.
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.
Q1 Performance of Some Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), respectively. A decline of 17% in revenue per load in Truckload (JBT) also added to the woes.
Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%. JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ (DAL - Free Report) first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago as air-travel demand was not so buoyant back then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. However, driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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