Aviation Industry Updates: April 18, 2023

New FedEx System Bid Shows Bases Closing & Crew Realignments

KEY POINTS:

• The most recent FedEx System Bid opened on Thursday, April 13th and will close on Monday, May 1st
• This bid assumes that FedEx will not hire any pilots through FY24.
• This Bid is being published to close the Anchorage and Los Angeles MD-11 bases, along with the
• European Boeing 757 base over the next 12-20 months.
• The Boeing 757 flying in Europe will now be covered by the Memphis Boeing 757 base.
• The Memphis MD-11 base will be reduced by 70 Captains and 95 First Officers due to the parking of 25 MD-11 aircraft in the next 20 months.
• FedEx will be adding 60 Captains and 75 First Officers to the Anchorage Boeing 777 base to make up for the MD-11 reductions.
• There is also a need to realign other crew positions, so that FedEx will have pilots in place to meet the delivery schedule of future Boeing 767 and Boeing 777 aircraft.

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Delta Releases Q1 Results | Paid Record Profit Sharing

KEY POINTS:

• March quarter revenue and earnings results in-line with guidance
• Record March quarter operating cash flow enabled accelerated debt reduction
• Expect record June quarter revenue, mid-teens operating margin, and EPS of $2.00 to $2.25
• Reiterating 2023 outlook for significant EPS growth to $5 to $6 and free cash flow of more than $2 billion

Delta

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United Expands International Flights By 25% For Summer

KEY POINTS:

• United Airlines has confirmed that it will fly to 114 different international cities this summer, expanding flights by 25% compared to last year to meet the sharp increase in demand for travel outside of the USA.
• According to United booking data, international bookings in March were 15% higher than the same month in 2022.
• Highlights of United's 2023 summer schedule include:
  
  • New service to Malaga, Dubai and Stockholm;
  • Additional flights to Rome, Paris, Barcelona, Berlin, Shannon, Edinburgh and Naples;
  • Almost two dozen daily flights to London Heathrow;
  • Service to Amman, the Azores, Palma de Mallorca and Tenerife;
  • Expanded service to Australia, serving Sydney, Melbourne and Brisbane;
  • 10 daily transpacific flights to Tokyo-Haneda, Tokyo-Narita and Osaka;
  • Twice-daily flights to Seoul, South Korea from San Francisco; and
  • Service to Hong Kong from San Francisco.
• "United will give travelers more options than ever before this summer – especially if they want to fly internationally," said Patrick Quayle, senior vice president of global network planning and alliances. "With unprecedented demand for travel overseas, we'll have more service to popular cities while also adding new and unique destinations for customers to explore."

Japan Today

Investors Now Worried About US Airline Stocks

KEY POINTS:

• Airline stocks across the US have generally been performing strongly so far this year. However, at the opening of the US stock market today, American Airlines shares had fallen by 8%. With revenues still high, what has caused the drop?
• Firstly, American Airlines advised in its provisional Q1 results that this quarter's share earnings will be in the region of $0.01 to $0.05 per share - significantly lower than the previously forecasted $0.07 per share. According to Andrew Didora, an analyst at Bank of America, the fall is also down to concern over the carrier's forward bookings for the weeks ahead. He said, “We have become a bit more cautious on Q2 revenue."
• However, not everybody agrees with the negative outlook. Helane Becker, Cowen Analyst, was more optimistic, particularly in light of a strong Q1 performance. She said, “Revenues were in line with our forecast, but CASM was down a little more than we estimated.”
• Both American Airlines and United Airlines are expected to release their full Q1 financial figures next week. American Airlines recently unveiled its $15 billion debt-cutting strategy, but if it is to meet its forecast of $1.86 earnings per share over the course of the full year, the carrier now has some catching up to do, and investors and analysts alike will be keeping a close eye on the results.

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2023 HIRING EVENTS

TPNx | APRIL 21-22 | MCO

PAPA | MAY 18-19 | LAS

OBAP | AUG 9-11 | MSY

LPA | SEP 14-16 | ISM

RTAG | OCT 7-8 | FTW