TOMORROWS TRANSPORTATION NEWS TODAY!
With very expansive top and bottom line growth expected over the next few years, investors may be wondering why Sun Country Airlines (Nasdaq: SNCY) stock is down -5% year to date.
The answer to this question lies in the trend of earnings estimate revisions which have largely declined landing Sun Country’s stock a Zacks Rank #5 (Strong Sell) and the Bear of the Day.
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Story from zacks.com
JetBlue Airways (Nasdaq: JBLU) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $1.75 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 36.84%. A quarter ago, it was expected that this airline would post a loss of $0.73 per share when it actually produced a loss of $0.64, delivering a surprise of 12.33%.
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https://finance.yahoo.com/news/jetblue-airways-jblu-reports-q3-122512708.html
Spirit (NYSE: SAVE) came out with a quarterly loss of $1.61 per share versus the Zacks Consensus Estimate of a loss of $1.44. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -11.81%. A quarter ago, it was expected that this airline would post a loss of $2.63 per share when it actually produced a loss of $2.32, delivering a surprise of 11.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
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https://finance.yahoo.com/news/spirit-save-reports-q4-loss-230511372.html
MILAN (Reuters) – Italian tax authorities believe that Fiat Chrysler Automobiles <FCAU> underestimated the value of its U.S. business by 5.1 billion euros following Fiat’s phased acquisition of Chrysler, according to a company filing and a source close to the matter.
The audit, which concerns transactions dating back to 2014, could result in FCA having to pay back taxes for $1.5 billion, the source added, confirming a report by Bloomberg.
FCA said in its third-quarter report that the tax authorities had issued to the company a final audit report in October this year “which, if confirmed in the final audit assessment, could result in a material proposed tax adjustment related to the October 12, 2014 merger of Fiat SpA into FCA NV.”
It said the issuance of a final audit report starts a 60-day negotiation period, which ends with the issuance of a final audit assessment expected to be received by the end of December 2019.
“The company believes that its tax position with respect to the merger is fully supported by both the facts and applicable tax law and will vigorously defend its position,” it said in the third-quarter report.
A spokesman for Italy’s tax agency declined to comment.
“At this time, we cannot predict whether any settlement may be reached or if no settlement is reached, the outcome of any litigation. As such, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss,” Fiat said.
News of the tax probe comes at a delicate time for Fiat Chrysler, which is finalizing talks with PSA, the maker of Peugeot and Citroen, over a planned $50 billion merger to create the world’s fourth-largest automaker.
(Reporting by Silvia Aloisi in Milan; Editing by Anil D’Silva)
Genesee & Wyoming Inc.’s GWR fourth-quarter earnings (excluding 6 cents from non-recurring items) of $1 per share surpassed the Zacks Consensus Estimate of 90 cents. The bottom line also improved 29.9% on a year-over-year basis. Results were aided by an impressive performance at the North American segment.
Operating revenues inched up 0.7% year over year to $575.6 million, which outpaced the Zacks Consensus Estimate of $569.9 million. Freight revenues accounting for bulk (69.7%) of the top line rose 2.3% to $401.22 million. Meanwhile, freight-related revenues contributing to 24.8% of the top line slid 2.2% to $142.55 million. The balance came from ‘other revenues’.
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https://finance.yahoo.com/news/genesee-wyoming-gwr-q4-earnings-123012876.html
SkyWest, Inc. (SKYW) delivered better-than-expected results in the third quarter of 2018. The company’s earnings of $1.57 per share, surpassed the Zacks Consensus Estimate of $1.41. Also, the bottom line improved 55.5% on a year-over-year basis. A lower effective tax rate boosted the same.
Quarterly revenues came in at $829.3 million, beating the Zacks Consensus Estimate of $826.4 million. Moreover, the top line benefited from the company’s improved fleet mix.
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Hyatt Hotels Corporation (H) posted mixed third-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues lagged the same. With this, the bottom line exceeded the consensus mark for 11 straight quarters, while the top line lagged the same for the third consecutive quarter.
Adjusted earnings of 33 cents per share outpaced the consensus estimate of 25 cents by 32%. The bottom line also grew 37.5% on a year-over-year basis. Total revenues of $1,074 million inched up 0.5% from the prior-year quarter figure but missed the consensus estimate of $1,092 million.
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Hyatt Hotel’s 3Q Earnings Report
Image from www.hyatt.com
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