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Gol Linhas (GOL) Q1 Earnings Beat Estimates, Revenues Miss
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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.
Gol Linhas Aereas Inteligentes S.A. Price, Consensus and EPS Surprise
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.
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 (GOL) Q1 Earnings Beat Estimates, Revenues Miss
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.
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
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.