The U.S. carrier’s second-quarter adjusted profit came in at 58 cents per share, thereby beating market estimates of 51 cents per share according to LSEG data. The airline reported a total operating revenue of $7.35 billion for the quarter, beating Wall Street estimates of $7.32 billion.

Southwest’s positive earnings update comes amid a U.S. summer travel boom, with over three million air passengers passing through U.S. airport security checkpoints on July 7. This trend has largely driven local carriers to increase seating capacity for the domestic market, thereby pouncing on the opportunity for increased passengers during this peak period.

Demand for premium seating has also risen, with local competitor Delta Air Lines reporting a double-digit increase in premium seating purchases during the second quarter. As a result, Southwest’s decision to embrace its new business model appears to have come at an opportune time. The U.S. carrier added that costs for the quarter were better than expected, thereby contributing to a bright financial outlook.

The post Southwest Airlines Beats Earnings Estimates as Summer Travel Boom Gets Underway appeared first on theprimarymarket.com.

Since the outage, Delta canceled over 5,000 flights, including 1,250 flights on Sunday and a further 305 flights cancelled on Monday. The Atlanta-based airline appears to be the heaviest affected by the outage, canceling around 44% of its total flights, with second-placed United Airlines canceling 9% of its flights on Sunday.

“In particular one of our crew tracking-related tools was affected and unable to effectively process the unprecedented number of changes triggered by the system shutdown,” Delta Air Lines CEO Ed Bastian divulged in an email to customers. He added that Delta would continue to adjust its schedule in order to prioritize customer safety. He added that Delta would work to avoid having customers being stranded at an airport for hours.

CrowdStrike confirmed that a large portion of the 8.5 million Microsoft devices that were affected by the tech outage have since been back online. It was reported that US Transportation Secretary Pete Buttigieg spoke with Bastian to remind him of Delta’s duty to affected customers.

The post Delta Struggling With Flight Cancellations Following Tech Outage appeared first on theprimarymarket.com.

Delta had a revenue of $16.7 billion in Q2 but only a profit of $1.3 billion, which represents around a 30% decline compared to the same period last year. Its adjusted revenue of $15.4 billion came below the $15.45 billion expected by analysts. The airliner’s $2.36 in earnings per share was in line with analysts’ estimates.

Additionally, Delta has a weak forecast for the third quarter. It expects its sales to jump by 4%, while analysts expect a 5.8% increase.

CEO Ed Bastian says that the ticket discounts are to blame for underwhelming results and projections.

“The second quarter was a really strong performance,” Bastian said. “What you see happening is the impact in the domestic marketplace to the lower fare discounting that’s been going on this quarter.”

Delta’s struggles are taken as a sign of weakness in the industry, and there is a belief that other airliners will experience similar issues.

“The reality here though is that Delta’s financials remain among the best in the industry …, which speaks to just how bad the low end of the US domestic market is today,” said Melius Research airline analyst Conor Cunningham via CNBC.

The post Delta Reports Record Q2 Revenue, Disappoints on Profit and Summer Forecast appeared first on theprimarymarket.com.

While forecasting a narrower loss, JetBlue expects its annual revenue growth to rise, adjusting a 3% to 5% annual revenue growth forecast to a range of 4% to 5%. This comes as the U.S. carrier finds itself in the midst of a legal dispute with Spirit Airlines.

“Since late October, close-in bookings have outperformed expectations for both holiday peak and non-holiday travel periods,” JetBlue remarked in a regulatory filing on Thursday, justifying the narrower loss forecast.

U.S. airlines at large are expecting travel demand to remain resilient going into next year, dismissing concerns over potential demand vulnerability stemming from the impact of rising interest rates and rising prices on customers’ spending power.

The post JetBlue Stock Jumps Following Adjusted Forecast appeared first on theprimarymarket.com.

A summary of a Friday press conference on the website of CAAC News revealed the winter and spring season flight plan, with 96,651 domestic flights having been scheduled per week. Since the same period last year, 7,202 new weekly flights have been introduced following the opening of 516 new domestic routes.

While international flights to and from China are slower to rise, they are also on an upward trajectory. Weekly direct flights between China and the United States are expected to rise by 48 to 70.

The post Flights in China Expected to Surge Past Pre-Pandemic Levels appeared first on theprimarymarket.com.

Virgin Australia reported a statutory net profit after tax for the full year ended June 30, 2023, of A$129 million ($82.93 million). Last year, the airline suffered a loss of A$565.5 million.

Bain Capital, the owner of Virgin Australia, is looking to list Virgin on the Australian Securities Exchange next month, targeting an A$1 billion valuation. This comes after the company purchased Virgin Australia for A$3.5 billion including liabilities in 2020 after the airline was placed in voluntary administration.

The post Virgin Australia Gains First Profit in 11 Years on Travel Boom appeared first on theprimarymarket.com.

Last Wednesday, representatives from Wheels Up revealed that the company is doubtful of its ability to continue operations despite securing short-term funding from major U.S. carrier Delta Airlines. The Atlanta, Georgia-based airline revealed that its capital infusion in Wheels Up came in the form of a secured promissory note. Neither company disclosed the funding amount.

In addition to securing funding from Delta, Bain Capital, and MSD Capital, Wheels Up has implemented several cost-cutting measures in an effort to improve its financial situation. These include management changes, job cuts, and changes to private jet traffic, which soared during the pandemic and have since dropped in demand.

The post Wheels Up in Talks With Lenders Amid Cash Crunch appeared first on theprimarymarket.com.

With JetBlue in the process of acquiring Spirit Airlines, this low-cost airline and American Airlines began to wind down their Northeast Alliance on July 21 following a judge’s order that stemmed from competition concerns.

On Tuesday, JetBlue stated that its new full-year outlook reflects “a greater than expected shift of pent-up COVID demand to long-haul international markets which is pressuring demand for domestic travel during the peak summer travel period.”

Adjusted net income for the second quarter was $152 million, or 45 cents per share, far outpacing the loss of $153 million, or 47 cents per share posted a year earlier.

The post JetBlue Cuts Profit Forecast After American Airlines Deal Ends appeared first on theprimarymarket.com.

Chief Executive Tufan Erginbilgic stated that the company has made significant progress this year, referring to its rise in military spending and the recovery of its long-haul flying business. The company also underwent several operational improvements.

Now, the company expects to achieve a profit this year between 1.2 billion and 1.4 billion pounds ($1.6-1.8 billion). Its previous expectation was in the range of 800 million and 1 billion pounds.

“Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our divisions,” Erginbilgic commented on Wednesday.

The post Rolls-Royce Shares Jump as Company Raises Full-Year Forecast appeared first on theprimarymarket.com.

Airbus boosted its deliveries from 297 aircraft during the first six months of 2022. This year, the company is aiming to make a total of 720 deliveries

The performance of the aviation company is even more impressive considering that aerospace deliveries at large have been affected by supply chain issues while labor shortages stemming from the Covid pandemic persist.

Chief Commercial Officer Christian Scherer stated in June that while industry-wide issues continue to pose an obstacle, Airbus is beginning to experience a more “predictable” pattern in industrial economic conditions.

Airbus is set to report its first-half financial results on July 26.

The post Airbus First Half Deliveries Rise appeared first on theprimarymarket.com.

The U.S. carrier’s second-quarter adjusted profit came in at 58 cents per share, thereby beating market estimates of 51 cents per share according to LSEG data. The airline reported a total operating revenue of $7.35 billion for the quarter, beating Wall Street estimates of $7.32 billion.

Southwest’s positive earnings update comes amid a U.S. summer travel boom, with over three million air passengers passing through U.S. airport security checkpoints on July 7. This trend has largely driven local carriers to increase seating capacity for the domestic market, thereby pouncing on the opportunity for increased passengers during this peak period.

Demand for premium seating has also risen, with local competitor Delta Air Lines reporting a double-digit increase in premium seating purchases during the second quarter. As a result, Southwest’s decision to embrace its new business model appears to have come at an opportune time. The U.S. carrier added that costs for the quarter were better than expected, thereby contributing to a bright financial outlook.

The post Southwest Airlines Beats Earnings Estimates as Summer Travel Boom Gets Underway appeared first on theprimarymarket.com.

Since the outage, Delta canceled over 5,000 flights, including 1,250 flights on Sunday and a further 305 flights cancelled on Monday. The Atlanta-based airline appears to be the heaviest affected by the outage, canceling around 44% of its total flights, with second-placed United Airlines canceling 9% of its flights on Sunday.

“In particular one of our crew tracking-related tools was affected and unable to effectively process the unprecedented number of changes triggered by the system shutdown,” Delta Air Lines CEO Ed Bastian divulged in an email to customers. He added that Delta would continue to adjust its schedule in order to prioritize customer safety. He added that Delta would work to avoid having customers being stranded at an airport for hours.

CrowdStrike confirmed that a large portion of the 8.5 million Microsoft devices that were affected by the tech outage have since been back online. It was reported that US Transportation Secretary Pete Buttigieg spoke with Bastian to remind him of Delta’s duty to affected customers.

The post Delta Struggling With Flight Cancellations Following Tech Outage appeared first on theprimarymarket.com.

Delta had a revenue of $16.7 billion in Q2 but only a profit of $1.3 billion, which represents around a 30% decline compared to the same period last year. Its adjusted revenue of $15.4 billion came below the $15.45 billion expected by analysts. The airliner’s $2.36 in earnings per share was in line with analysts’ estimates.

Additionally, Delta has a weak forecast for the third quarter. It expects its sales to jump by 4%, while analysts expect a 5.8% increase.

CEO Ed Bastian says that the ticket discounts are to blame for underwhelming results and projections.

“The second quarter was a really strong performance,” Bastian said. “What you see happening is the impact in the domestic marketplace to the lower fare discounting that’s been going on this quarter.”

Delta’s struggles are taken as a sign of weakness in the industry, and there is a belief that other airliners will experience similar issues.

“The reality here though is that Delta’s financials remain among the best in the industry …, which speaks to just how bad the low end of the US domestic market is today,” said Melius Research airline analyst Conor Cunningham via CNBC.

The post Delta Reports Record Q2 Revenue, Disappoints on Profit and Summer Forecast appeared first on theprimarymarket.com.

While forecasting a narrower loss, JetBlue expects its annual revenue growth to rise, adjusting a 3% to 5% annual revenue growth forecast to a range of 4% to 5%. This comes as the U.S. carrier finds itself in the midst of a legal dispute with Spirit Airlines.

“Since late October, close-in bookings have outperformed expectations for both holiday peak and non-holiday travel periods,” JetBlue remarked in a regulatory filing on Thursday, justifying the narrower loss forecast.

U.S. airlines at large are expecting travel demand to remain resilient going into next year, dismissing concerns over potential demand vulnerability stemming from the impact of rising interest rates and rising prices on customers’ spending power.

The post JetBlue Stock Jumps Following Adjusted Forecast appeared first on theprimarymarket.com.

A summary of a Friday press conference on the website of CAAC News revealed the winter and spring season flight plan, with 96,651 domestic flights having been scheduled per week. Since the same period last year, 7,202 new weekly flights have been introduced following the opening of 516 new domestic routes.

While international flights to and from China are slower to rise, they are also on an upward trajectory. Weekly direct flights between China and the United States are expected to rise by 48 to 70.

The post Flights in China Expected to Surge Past Pre-Pandemic Levels appeared first on theprimarymarket.com.

Virgin Australia reported a statutory net profit after tax for the full year ended June 30, 2023, of A$129 million ($82.93 million). Last year, the airline suffered a loss of A$565.5 million.

Bain Capital, the owner of Virgin Australia, is looking to list Virgin on the Australian Securities Exchange next month, targeting an A$1 billion valuation. This comes after the company purchased Virgin Australia for A$3.5 billion including liabilities in 2020 after the airline was placed in voluntary administration.

The post Virgin Australia Gains First Profit in 11 Years on Travel Boom appeared first on theprimarymarket.com.

Last Wednesday, representatives from Wheels Up revealed that the company is doubtful of its ability to continue operations despite securing short-term funding from major U.S. carrier Delta Airlines. The Atlanta, Georgia-based airline revealed that its capital infusion in Wheels Up came in the form of a secured promissory note. Neither company disclosed the funding amount.

In addition to securing funding from Delta, Bain Capital, and MSD Capital, Wheels Up has implemented several cost-cutting measures in an effort to improve its financial situation. These include management changes, job cuts, and changes to private jet traffic, which soared during the pandemic and have since dropped in demand.

The post Wheels Up in Talks With Lenders Amid Cash Crunch appeared first on theprimarymarket.com.

With JetBlue in the process of acquiring Spirit Airlines, this low-cost airline and American Airlines began to wind down their Northeast Alliance on July 21 following a judge’s order that stemmed from competition concerns.

On Tuesday, JetBlue stated that its new full-year outlook reflects “a greater than expected shift of pent-up COVID demand to long-haul international markets which is pressuring demand for domestic travel during the peak summer travel period.”

Adjusted net income for the second quarter was $152 million, or 45 cents per share, far outpacing the loss of $153 million, or 47 cents per share posted a year earlier.

The post JetBlue Cuts Profit Forecast After American Airlines Deal Ends appeared first on theprimarymarket.com.

Chief Executive Tufan Erginbilgic stated that the company has made significant progress this year, referring to its rise in military spending and the recovery of its long-haul flying business. The company also underwent several operational improvements.

Now, the company expects to achieve a profit this year between 1.2 billion and 1.4 billion pounds ($1.6-1.8 billion). Its previous expectation was in the range of 800 million and 1 billion pounds.

“Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our divisions,” Erginbilgic commented on Wednesday.

The post Rolls-Royce Shares Jump as Company Raises Full-Year Forecast appeared first on theprimarymarket.com.

Airbus boosted its deliveries from 297 aircraft during the first six months of 2022. This year, the company is aiming to make a total of 720 deliveries

The performance of the aviation company is even more impressive considering that aerospace deliveries at large have been affected by supply chain issues while labor shortages stemming from the Covid pandemic persist.

Chief Commercial Officer Christian Scherer stated in June that while industry-wide issues continue to pose an obstacle, Airbus is beginning to experience a more “predictable” pattern in industrial economic conditions.

Airbus is set to report its first-half financial results on July 26.

The post Airbus First Half Deliveries Rise appeared first on theprimarymarket.com.