航空公司的财报与市场预期

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发生了什么?

不论达美航空多么期盼航班恢复正常,该公司公布第一季度财报显示因疫情影响而出现亏损,也表明不会很快能恢复常态。

这意味着什么?

达美航空是在上周与联邦政府达成援助协议的美国航空公司之一,并且一直在通过额外的贷款来增加其资产负债表。不过该公司第一季度财报显示出疫情造成了多么巨大的破坏:即便欧美国家是3月份才开始限制航班的,该公司的营收同比去年下降了20%,并且达美航空的亏损超过预期。

亏损的部分原因可能源于达美航空在3月底每日消耗的1亿美元现金,达美航空希望在本季度末之前通过停飞航班和削减支出而减少一半。

为何值得关注?

更大的图景:油价降低

美国的航空公司们目前具有应对危机的有利条件,在获得更多的贷款与政府援助资金之外,美联航出售了10亿美元的股票筹集资金。

航空公司们在复飞后可能会享受到便宜的燃油价格所带来的福利。

只要石油生产商没有破产,他们可能以亏损的价格出售燃油,否则只能完全停产。因为一旦停产后再重新生产的代价会非常昂贵,同时需求可能会在今年晚些时候超过石油供给并推动油价再次上涨。

对于市场而言:持有股份

达美航空的财报没有超过市场预期,打破了近期财报公布的趋势:到目前为止,即使考虑到公司们对疫情的盈利预警,已公布财报的公司中有70%超过市场预期。

即便如此,达美航空的股价在周三几乎没有变化。考虑到公司们的未来在冠状病毒大流行中会飞快的发生变化,专业分析师们的给出的预估可能已经无法与公司股价中反映出的投资者预期吻合了。

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