Delta Shares Fly High After Third-Quarter Earnings Beat; Slight Raise to Fair Value Estimate
No-moat Delta’s shares traded higher following its third-quarter earnings beat, and we raised our fair value estimate to $63 from $62 on higher yields. We’re encouraged by results from Delta’s premium products, which drove the majority of the carrier’s 8% year-over-year passenger revenue growth and mitigated surging oil prices. Delta shares now trade in 4-star territory after a pre-earnings update from American and Delta drove a sell-off for domestic carriers during the first week of October. At...Delta Air Lines provides scheduled air transportation for passengers and cargo. The company serves the Transatlantic, Transpacific and Latin America markets directly on the company and through joint ventures with airline partners. Internationally, the company has hubs and market presence in Amsterdam, London-Heathrow, Mexico City, Paris-Charles de Gaulle and Seoul-Incheon. These arrangements are commercial joint ventures that include joint sales and marketing coordination, co-location of airport facilities and other commercial cooperation arrangements. The company has other businesses arising from its airline operations, including providing maintenance and engineering support for its regional aircraft.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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