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☆ Expedia profit misses as severe weather weighs on holiday quarter, shares fall
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, as severe weather conditions toward the end of the year hurt its business despite strong travel demand. "While our Q4 results were negatively impacted by severe weather, demand was otherwise strong and accelerating," Expedia Chief Executive Officer Peter Kern said in the company's earnings release. Expedia reported fourth-quarter adjusted profit of $1.26 per share for the quarter ended Dec. 31, short of estimates of $1.67 per share, according to Refinitiv data. Expedia's revenue of $2.62 billion missed Street estimates of $2.7 billion. Meanwhile, the Seattle-based company reported $20.5 billion in total gross bookings across its travel products including lodging and flights, up 17% a year prior.

☆ C.H. Robinson misses profit estimates as freight prices fall
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - Logistics company C.H. Robinson Worldwide Inc (CHRW.O) on Wednesday reported a lower-than-expected quarterly adjusted profit as a sagging economy hurt freight demand and prices. Shares of the company fell about 4% to $98.0 after the bell. Rising interest rates and fears of a recession have choked consumer spending in a blow to shipment volumes in the global logistics industry. "Prices for ground transportation and global freight forwarding are declining due to the changing balance of supply and demand," interim Chief Executive Scott Anderson said in the company's earnings release.

☆ UPS beats profit view on high-margin deliveries, boosts shareholder returns
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Parcel Service (UPS) vehicle reverses into a facility in Queens, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File PhotoJan 31 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday beat expectations for quarterly adjusted profit, as it prioritized shipments of high-margin parcels and kept a tight lid on costs amid a softening e-commerce environment. UPS reported an adjusted profit of $3.62 per share for the fourth quarter ended Dec. 31, above Wall Street's expectations of $3.59 per share. UPS forecast 2023 full-year revenue between $97.0 billion and $99.4 billion, compared with analysts' expectations of $99.98 billion, as per Refinitiv data. Reporting by Lisa Baertlein in Los Angeles And Shivansh Tiwary in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Jan 24 (Reuters) - Aerospace and defense major Raytheon Technologies Corp (RTX.N) on Tuesday beat analysts' estimates for fourth-quarter profit, as strong travel demand across the globe boosted demand for its jet engines, parts and services. Raytheon reported an adjusted net income of $1.27 per share in the quarter ended Dec. 31, above analysts' average estimate of $1.24 per share, according to Refinitiv data. The Arlington, Virginia based company's avionics unit, Collins Aerospace, reported a 14.6% increase in its quarterly sales and a 60.7% jump in operating profit in the reported quarter. Raytheon's missiles and defense unit's sales were up 6.2% to $4.1 billion in the fourth quarter. Raytheon's fourth-quarter net sales were up 6.2% at $18.09 billion, missing analysts' average estimate of $18.15 billion.

☆ S&P downgrades Southwest Airlines outlook, expects weaker FFO
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Global ratings agency S&P Global lowered Southwest Airlines Co's (LUV.N) outlook to stable from positive, saying it expects the airline to generate weaker funds from operations (FFO) through 2023 amid the recent operational meltdown. Lingering effects from the operational issues and a possible decline in travel demand due to inflation could limit Southwest's ability to raise its fares to cover higher costs, S&P said. Moody's believes the impact on Southwest's passenger volumes and finances will barely be noticeable by this spring and beyond. Last week, Southwest forecast a pre-tax hit of $725 million to $825 million to quarterly earnings due to the cancellations. Reporting by Shivansh Tiwary and Aishwarya Nair in Bengaluru; Editing by Krishna Chandra Eluri and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Carvana slides on wider-than-expected loss as used car demand shrinks
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Carvana Co (CVNA.N) on Thursday reported a higher-than-expected loss in the third quarter as inflated car prices and aggressive interest rate hikes dented demand for used cars, sending shares of the company tumbling over 10% in extended trading. The used-car retailer said retail units sold in the quarter declined 8% to 102,570 and it expects a further fall in the current quarter. The pandemic-led demand boom for personal transport is waning as rising inflation puts a strain on people's pockets, prompting them to rethink big-ticket purchases. Carvana, famous for its car vending machines, earlier this year laid off around 2,500 employees, or 12% of its workforce, in a bid to cut costs among its other measures. read moreIt reported a July-September quarter net loss of $2.67 per class A share, wider than analysts' estimates of a $1.94 loss per class A share, according to Refinitiv.

☆ American Airlines pilots' union rejects pay hike proposal
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - American Airlines pilots' union on Wednesday said its board of directors has rejected a draft agreement that offered a 19% pay hike over two years, as the proposal failed to garner enough votes. The Allied Pilots Association (APA) has been pushing for higher wages and improved schedules among other things, at a time when the air travel industry is facing a staff shortage, impacting the company's ability to meet robust air travel demand. The APA in a tweet on Wednesday said the proposed agreement received 15 votes, with just five in its favour. The company last month offered a 19% pay increase to its pilots over two years in a new contract, after proposing in June to hike the base pay by about 17% through 2024. read moreAmerican Airlines shares were down 1.6% in afternoon trade. Reporting by Shivansh Tiwary in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ UPS beats profit estimates on higher parcel delivery prices
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday reported a stronger-than-expected quarterly adjusted profit and reaffirmed its full-year forecast as higher delivery prices helped offset softening e-commerce demand. Delivery firms such as UPS and FedEx Corp (FDX.N) have banked on higher-paying small businesses and enterprise customers to drive volumes and earnings in the wake of falling e-commerce demand and receding domestic volumes. Atlanta based UPS' shares were up about 1% in premarket trade as the company reaffirmed its full-year revenue forecast of about $102 billion and adjusted operating margin of around 13.7%. The world's largest parcel delivery firm's quarterly revenue of $24.2 billion missed analysts' estimates of $24.3 billion, as consolidated average daily package volumes declined 2.1% to 22.9 million in the quarter. UPS adjusted third-quarter profit rose to $2.99 per share beating Wall Street estimates of $2.84 per share.

Oct 24 (Reuters) - United Parcel Service (UPS.N) investors want to see this week how the delivery giant is managing through the bursting e-commerce delivery bubble better than rival FedEx (FDX.N). Shares in UPS are down roughly 20% so far this year, versus the 40% decline in FedEx stock. At the same time, the UPS sales team has been working to drum up new business. Lego, the $7.3 billion Danish maker of colorful plastic bricks used to build everything from UPS delivery trucks to Hogwarts Castle of Harry Potter fame, switched from FedEx to UPS, according to the sources, who asked not to be identified. Global air and ocean import cargo volumes, a gauge of demand for logistics companies like UPS and FedEx, are slumping.

☆ U.S. airlines sound bullish as bookings roar back
▼ + stars: | 2022-04-22 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

That's the message major U.S. carriers are sending investors after grappling with coronavirus-induced uncertainty for two years. Last week, rival Delta Air Lines (DAL.N) also forecast a return to quarterly profit, citing "historic" high bookings. An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. Fuel is the industry's second-biggest expense after labor, but major U.S. airlines do not hedge against volatile oil prices like most European airlines. "You put all that together, and we feel very bullish," Kirby said on the company's earnings call.

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