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瑞銀稱，美聯航第二季獲利預期不如市場預期

-- 瑞銀證券週三在電子郵件報告中指出，由於燃油成本高於預期，聯合航空（UAL）第二季獲利預期低於華爾街的預期。 週二晚些時候，這家航空公司表示，假設平均航空燃油價格約為每加侖4.30美元，預計本季調整後每股收益為1至2美元。 瑞銀預測每股收益為2.30美元，而彭博調查的普遍預期為1.74美元，低於預期區間的中點。 該券商表示，買方預期每股收益為1.75至2.25美元，基於每加侖4.10美元的燃油價格。在美以與伊朗爆發戰爭後，原油價格飆升。 聯合航空將全年調整後每股收益預期從12至14美元下調至7至11美元。根據FactSet發布的財報電話會議記錄顯示，財務長邁克爾·萊斯基寧在周二晚間的財報電話會議上告訴分析師，更廣泛的業績指引考慮了多種情景。 瑞銀分析師阿圖爾·馬赫什瓦里等人寫道：「（第二季）業績指引略低於買方預期，但這主要是由於燃料價格預期高於預期。」（全年）業績指引大致處於市場普遍預期的中位數範圍內。 瑞銀預計全年每股收益為 9.50 美元，高於先前市場普遍預期的 9.08 美元。 儘管美聯航公佈的第一季業績強於預期，但其股價在周三下午晚些時候的交易中仍下跌了 7%。 「總而言之，我們認為這只是一個細節問題，」馬赫斯瓦里表示。 「主動削減（下半年）運力尤其令我們感到鼓舞，因為它表明公司正專注於在當前不確定的環境下保持利潤率和現金流。” 該券商維持對該股的買入評級，目標價為 135 美元。 「總體而言，這份財報發布後，市場預期不太可能出現大幅波動，」馬赫斯瓦里表示。 “在缺乏盈利催化劑的情況下，我們認為該股短期內可能會受到宏觀經濟新聞的影響。” 在電話會議上，執行長史考特·柯比表示，管理層目前的目標是「竭盡全力實現復甦」。 “盡快將航空燃油價格上漲的全部影響轉嫁給消費者，並力爭明年實現兩位數的稅前利潤率。” 「目前油價波動劇烈，但由於我們認為能夠實現100%的成本轉嫁，因此我們對近期和中期的盈利前景都充滿信心，並能夠繼續提供業績指引。」柯比在FactSet的文字記錄中表示。

Price: $90.46, Change: $-6.67, Percent Change: -6.87%

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