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Aviation Industry Updates: July 12, 2022

By July 12, 2022July 19th, 2022Industry News

Spirit Postpones Merger Vote For Third Time

  • Spirit’s shareholder vote on its Frontier merger is facing a rolling delay.

  • The third delay on the meeting came late Thursday, hours before the vote was supposed to take place. The meeting, which had been postponed last week, and earlier in June, is now scheduled for next Friday.
  • Spirit said it was delaying the vote “to continue discussions with Frontier and JetBlue Airways,” the two airlines that are trying to engineer a merger with Spirit. The delay could signal improving odds for JetBlue’s bid, which would offer shareholders a substantially bigger payout.
  • Last week, when the meeting was postponed for a second time, The Wall Street Journal reported — citing people familiar with the matter — that it was looking difficult for the Frontier deal to be approved by Spirit’s shareholders.
  • The merger with Frontier has had the unwavering support of Spirit’s board since it was announced in February. JetBlue came to the table with its offer in March. While that bid is still viewed as a hostile takeover that would spoil the Frontier deal, Spirit said Thursday that its board was in talks with JetBlue’s management, in addition to Frontier.

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American Pilot Says Quiet Part Out Loud

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Boeing Could Lose Billions in Sales To Airbus If CEO Gets His Way

KEY POINTS:

  • In a recent interview with trade publication Aviation Week, Calhoun hinted that the longest version of Boeing (ticker: BA) 737 MAX—the MAX 10—might have to be canceled and dropped from its production lineup. That could mean billions in lost sales that find their way to rival Airbus (AIR.France).

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Delta Air Lines Q2 Preview

KEY POINTS:

  • On deck to report quarterly results before the market opens on Wednesday is the classic airliner Delta Air Lines DAL. The company is one of the four carriers that control the majority of the United States aviation market, with its carriers accounting for more than 60% of the domestic market share.
  • Year-to-date, DAL shares have had a heightened level of volatility, declining more than 25% and underperforming the S&P 500 by a wide margin.
  • Although the share performance leaves something to be desired, DAL sports enticing valuation metrics. Its 0.4X forward price-to-sales ratio is well below its five-year median value of 0.9X and is nowhere near 2020 highs of 1.6X.
  • Additionally, shares trade at an enticing 38% discount relative to its Zacks Industry. DAL has a Style Score of an A for Value.

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