Gol Linhas (GOL) Misses On Q1 Earnings, Tweaks '19 & '20 View
Zacks Investment Research | May 03, 2019 06:40AM ET
Gol Linhas Aereas Inteligentes S.A.'s (NYSE:GOL) earnings (excluding 14 cents from non-recurring items) of 9 cents per share in the first quarter of 2019 missed the Zacks Consensus Estimate by 24 cents. Results were hurt by the 16.2% depreciation of the Brazilian real against the US dollar and high fuel costs.
Meanwhile, net revenues of R$3.2 billionimproved 8.3% year over year owing to solid demand for air travel and a strong pricing. Passenger revenues accounted for bulk (94.5%) of the top line and rose 8.4% on a year-over-year basis.
Operational Statistics
Consolidated revenue passenger kilometers (RPK) — measure for revenues generated per kilometer per passenger — increased 6.4% year over year. The metric improved 4.6% and 18.5% each on the domestic and international front.
Consolidated available seat kilometers (ASK), measuring an airline's passenger carrying capacity, rose 5% year over year. While domestic capacity inched up 2.2%, international capacity expanded 23%.
Furthermore, the company’s total load factor (percentage of seats filled with passengers) was 81.5% compared with 80.4% in the year-ago period. The metric improved as traffic growth outpaced capacity expansion.
Average fares increased 1.3% in the quarter under review. While net passenger revenue per ASK climbed 3.3%, total revenue per ASK grew 3.2% year over year. Fuel price per liter increased 9.3%. Cost per ASK rose 4.7% year over year. The metric increased 3.2%, excluding fuel.
Gol Linhas Aereas Inteligentes S.A. Price and Consensus
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