Ted Reed

Chrysler to Tesla: Not So Fast on Payback Claim

twocents@thestreet.com (Ted Reed) — Thu, 23 May 2013 12:51 GMT

DETROIT (TheStreet) -- Tesla is calling itself "the only American car company to have fully repaid the government," but Chrysler said that's a stretch.

"Short memory or short-circuit?" asked Chrysler spokesman Gualberto Ranieri late Wednesday, on a company blog.

"The information is unmistakably incorrect," Ranieri wrote. "It's pretty well-known that almost exactly two years ago -- May 24, 2011 -- Chrysler Group LLC repaid (in full and with interest) U.S. and Canadian government loans more than six years ahead of schedule." ...

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Delta's JFK Jewel Pressures United at Newark

twocents@thestreet.com (Ted Reed) — Thu, 23 May 2013 10:45 GMT

NEW YORK (TheStreet) -- Delta will open its new $1.4 billion John F. Kennedy terminal on Friday, strengthening its case to be considered New York's leading airline.

"We are and should be the preferred airline out of New York," said Gail Grimmett, Delta's senior vice president for New York. "We have a great hub out of LaGuardia, which is the preferred airport for local traffic, where we serve 48 of the top 50 business markets (all but Fayetteville and Oklahoma City) and now we have the international hub at JFK.

"But it's not just the breadth of network that's important," Grimmett added. "It's the customer service you get. It's the experience you get. It's the service on board that you get. One thing Delta has learned over the years is that you can never stop investing in the customer or the customer experience." ...

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United Dominates Newark, Thanks to People Express

twocents@thestreet.com (Ted Reed) — Wed, 22 May 2013 10:45 GMT

NEWARK, N.J. (TheStreet) -- Twenty-five years ago Wednesday, Continental's move to Terminal C at Newark Airport marked the start of a new life for an old airport, which went from being the New York region's No. 3 airport to being its biggest hub.

Today United , which merged with Continental in 2010, offers more than 400 daily Newark departures to more than 150 destinations. United is celebrating a departure to Denver at 6:15 a.m. on May 22, 1988, the first flight from Terminal C. Aviation consultant Bob Mann said United wants to remind people of its presence before Friday, when Delta celebrates the opening of its new $1.4 billion terminal at John F. Kennedy International Airport.

At one time, JFK was home to Pan Am and TWA and had the vast majority of New York's international flights. LaGuardia was dominated by Eastern and Newark was home to People Express. The balance between airports began to change with the 1988 move, which was overseen by Bruce Nobles, then senior vice president of customer service for Continental. ...

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Carnival Shares Slip on Lower Guidance

twocents@thestreet.com (Ted Reed) — Tue, 21 May 2013 13:31 GMT

MIAMI (TheStreet) -- Shares in Carnival were tumbling Tuesday after the company cut its guidance late Monday.

Minutes after the opening, shares were down $1.85 to $33.47. Carnival closed Monday at $35.32. Shares began the year at $37.25.

Analysts were reducing estimates. Robin Farley of UBS downgraded Carnival to neutral from buy, with a target price of $36, down from $38. The downgrade comes "after bad news has already happened, but our concern is that the worst is not behind Carnival just yet," Farley wrote. "Lower guidance (Monday) means bookings have gotten worse, not better, in the last few weeks. ...

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Virgin America: An Airline Sprouts in California

twocents@thestreet.com (Ted Reed) — Mon, 20 May 2013 10:45 GMT

SAN FRANCISCO (TheStreet) -- The story of how Ben Baldanza, David Cush, Tom Horton and Doug Parker all worked together at American in the 1980s is well-known. Today, Horton is credited with guiding a successful bankruptcy, US Airways' Parker is about to run the world's biggest airline and Baldanza heads a successful start-up that has captured Wall Street's affections.

Then there is Cush. His success has come a bit more slowly. He left American in 2007 to become CEO of Virgin America. For 18 months, other airlines had resisted the start-up effort, citing lack of clarity about Richard Branson's ownership and the potential violation of the limitation on foreign ownership of U.S. carriers. Once it began flying, Virgin America encountered rising fuel prices, a bad economy and the usual intense competition on the trans-continental routes it initially targeted.

"We knew it was going to be a long path," Cush said in a recent interview. "Growing an airline is difficult in the best of times, and we haven't been in the best of times. We've had a huge recession and high commodity prices. We fought our way through those." ...

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US Airways Flight Attendants, Finally United, Look to the Next Merger

twocents@thestreet.com (Ted Reed) — Thu, 16 May 2013 10:45 GMT

CHARLOTTE, N.C. (TheStreet) -- At a historic meeting on Wednesday, flight attendants from US Airways and America West formally merged their union chapters, nearly eight years after the two carriers merged, and prepared to step into another merger into a bigger airline where their union's future is at stake.

"It's a historic day," said Veda Shook, national president of the Association of Flight Attendants, who attended the meeting in Charlotte. "US Airways has been through this rodeo five times prior; it has had many successful mergers. And America West, (which) has been the little airline that could, is poised to take over and become the world's largest airline." The America West management team, headed by Doug Parker, is expected to run the merged carrier.

Roger Holmin, who was elected president of the merged US Airways AFA chapter, added: "We've been called 'east' and 'west' for eight years. Today is a milestone: We are one." The union will have local chapters in Charlotte, Philadelphia, Phoenix and Washington. The local presidents elected Holmin, who took office May 2, to fill out a term that runs through Dec. 31. Another election for a full term will take place this fall. ...

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US AIrways: 'We'll Hit the Ground Running' After Merger

twocents@thestreet.com (Ted Reed) — Wed, 15 May 2013 15:41 GMT

CHARLOTTE, N.C. (TheStreet) -- US Airways President Scott Kirby said the carrier can "hit the ground running" after its merger with American and reminded investors that is what happened following the 2005 merger of US Airways and America West.

Financially, "we came out screaming from day one" following the America West merger, Kirby recalled during an airline investor conference on Wednesday.

Asked whether the merger with American, which is expected to be in place in the third quarter, will face implementation problems, Kirby responded: "We know we won't be flawless but we think we'll do pretty well and we'll minimize the bumps in the road." ...

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IAM, TWU Agree to Join at Combined US Airways, American

twocents@thestreet.com (Ted Reed) — Tue, 14 May 2013 18:36 GMT

CHARLOTTE, N.C. (TheStreet) -- The International Association of Machinists and the Transport Workers Union said they have agreed to jointly represent about 30,000 workers after the planned merger of US Airways and American .

The two unions would represent mechanic and related workers, fleet service workers and stores workers in a partnership to be known as the TWU/IAM Employee Association. They have asked the National Mediation Board to conduct elections among the combined employees for each group following the close of the merger, which is expected this year.

"I am proud that our two great unions put the members first in a true demonstration of solidarity," said Tom Buffenbarger, IAM international president, in a prepared statement. "These agreements protect our members' representation, pensions and seniority. Working jointly with the TWU, we will ensure both unions' members are rewarded in this merger." ...

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As Airbus A350 Rolls Out, US Airways Awaits a 2017 Delivery

twocents@thestreet.com (Ted Reed) — Tue, 14 May 2013 13:49 GMT

CHARLOTTE, N.C. (TheStreet) -- Airbus rolled out the first A350 from the paint shop, perhaps positioning the European aircraft maker to take advantage of Boeing's long series of 787 problems.

The A350 is scheduled to fly for Qatar Airways by the end of 2014. US Airways , which operates the world's largest Airbus fleet, expects to take delivery of its first A350 in 2017, by which time it is expected to have merged with American .

US Airways is scheduled to receive four A350s in the fourth quarter of 2017 and four in 2018. The US Airways fleet includes 266 Airbus aircraft as well as 80 Boeing aircraft. Additionally, United has an existing order for 25 A350s, with deliveries to begin in 2016. ...

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United to Return Its Boeing 787s to Skies in Eight Days

twocents@thestreet.com (Ted Reed) — Mon, 13 May 2013 16:34 GMT

CHICAGO (TheStreet) -- United said it will restart its Boeing 787 service next week.

The world's largest airline said it has scheduled 787 flights from Houston to other domestic hubs starting Monday, May 20. International service will restart June 10 with a Denver-Tokyo flight.

Boeing has already converted two of United's six Dreamliners to the new Federal Aviation Administration standards and will soon convert the others, the carrier said. "Our customers responded extremely well when we introduced the 787, and we know they'll welcome it back," said Pete McDonald, United's chief operations officer, in a prepared statement. ...

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Virgin America Cuts Losses and Sees IPO

twocents@thestreet.com (Ted Reed) — Mon, 13 May 2013 15:02 GMT

SAN FRANCISCO (TheStreet) -- Virgin America said its losses are declining and it could stage an initial public offering as early as next year.

The San Francisco-based carrier, which is adding two new routes this month, has reduced losses after restructuring debt owed to the British company Virgin Group, and could stage an IPO in late 2014 or 2015, CEO David Cush said in an interview with The Associated Press.

In a filing with the U.S. Transportation Department, Virgin America said its 2012 net loss widened 45% to $145.4 million. However, its fourth-quarter loss narrowed to $25 million from $30.8 million in the same quarter a year earlier. In the first quarter of 2013, the loss narrowed to $46.4 million from $76 million. ...

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Assessing Doug Parker's Legacy

twocents@thestreet.com (Ted Reed) — Mon, 13 May 2013 10:45 GMT

CHARLOTTE, N.C. (TheStreet) -- Will US Airways CEO Doug Parker be remembered as a giant of commercial aviation?

Of course, it's too soon to tell. Over the next few years, as he oversees the merger of US Airways and American , which would create the world's biggest airline, Parker and his every move will be closely watched and continually assessed. Obviously, Parker is poised to establish himself as an aviation leader for the ages, but the events of the next few years will shape his legacy.

In an interview, Parker said that legacy should be largely about whether he can preserve jobs for the employees of US Airways and American. "What I care about is, by the time I'm done, I'd like the people at American and US Airways to know the company will be there for them," he said. "I'm highly confident we'll get there." ...

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Delta Woos Investors Back to Airlines

twocents@thestreet.com (Ted Reed) — Thu, 09 May 2013 14:12 GMT

ATLANTA (TheStreet) -- Analysts are applauding Delta's move to fashion a new model of an airline that can compete for investor dollars.

The carrier said Wednesday it will restore its dividend, repurchase shares, continue to reduce debt and carefully manage capital expenditures, prompting JP Morgan analyst Jamie Baker to write in a report Wednesday that "any deployment of cash that benefits stakeholders and leaves less for manufacturers and pilots to pursue must be viewed positively."

Delta shares gained 3% from Tuesday's close, closing Wednesday at $18.66. For the full year, Delta shares are up 54%, while the Arca Airline Index is up 28%. Analysts cheered Delta's commitment in a series of reports issued late Wednesday and early Thursday. ...

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Pension Issue Looms as Teamsters Target US Airways

twocents@thestreet.com (Ted Reed) — Wed, 08 May 2013 17:05 GMT

CHARLOTTE (TheStreet) -- The Teamsters Union sees an expansion opportunity in the merger between US Airways and American, where mechanics work under contracts that were signed during bankruptcies.

The Teamsters, who are not part of the AFL-CIO, which prohibits members from raiding other members, said they have filed enough signatures with the National Mediation Board to prompt a union election among the US Airways mechanics, who are represented by the International Association of Machinists.

At a press conference in Charlotte, the Teamsters also said they plan to file at American, where mechanics are represented by the Transport Workers Union. ...

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Warren Buffett Can Go to Hell: Delta Declares Dividend

twocents@thestreet.com (Ted Reed) — Wed, 08 May 2013 13:09 GMT

ATLANTA (TheStreet) -- Delta , which has led airline industry efforts to gain investor trust as consistent financial performers, said Wednesday it will restore its dividend and repurchase shares.

At an investor presentation, the carrier announced a plan intended to return $1 billion to shareholders over the next three years. The plan includes restoration of the quarterly dividend that ended in 2003 as bankruptcy loomed. The dividend of 6 cents a share will be paid Sept. 10, to shareholders of record on Aug. 9. Among airlines, only Southwest and Skywest currently pay a dividend.

Additionally, Delta's board authorized a $500 million share repurchase program, to be completed no later than June 30, 2016. ...

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US Airways Move to OneWorld Brings Qatar Airlines to Philly

twocents@thestreet.com (Ted Reed) — Tue, 07 May 2013 14:19 GMT

PHILADELPHIA (TheStreet) -- Qatar Airways said it will fly to Philadelphia, apparently the first move by an international airline to better position itself in an aviation world that would be reshaped by the proposed merger between US Airways and American.

Qatar will become the first foreign flag carrier to begin service to Philadelphia International Airport in more than a decade.

Qatar said in October that it will join the Oneworld Alliance. US Airways, currently a member of Star, has said it will join Oneworld as a result of the merger with American, already a member. Philadelphia is US Airways' principal trans-Atlantic hub. With a merger, "Philadelphia becomes a bigger player in a bigger airline," US Airways CEO Doug Parker told reporters in Charlotte in March. ...

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Take a Look at GM's New High-End Silverado Truck

twocents@thestreet.com (Ted Reed) — Mon, 06 May 2013 15:19 GMT

DETROIT (TheStreet) -- GM isn't just rolling out a new pickup truck, it is also rolling out a new high-end pickup truck, the Silverado High Country.

High Country was unveiled Monday at a media test-drive event in San Antonio, in the Texas hill country. "Where else do you introduce pickup trucks?" said James Bell, GM head of consumer affairs, in an interview.

Bell said 30% of pickup truck buyers spend $40,000 or more for their trucks, while the basic 2014 Silverado will start at around $24,000. "Ford has a Platinum line that sells like hot cakes," he said. "GMC has one in the Denali." ...

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Next for Ford and GM: More Jobs

twocents@thestreet.com (Ted Reed) — Mon, 06 May 2013 10:45 GMT

DETROIT (TheStreet) -- Against the backdrop of steady growth in U.S. auto sales, Ford announced last week it will hire more workers and GM indicated it could do the same.

Toyota and Chrysler, the third- and fourth-largest U.S. automakers, also have announced or implemented new investment and related hiring this year. For all of the automakers, increased hiring is a natural outgrowth of increasing U.S. sales. In general, automakers plan hiring growth months or years in advance, given the associated demands on infrastructure and on suppliers.

On Thursday, when Ford announced it would hire or recall 2,000 workers in Kansas City to build F-150s because of growing demand, as well as Transit Connect vans, Chuck Stevens, GM's chief financial officer for North America, said the automaker has the ability to increase capacity if conditions warrant. Later, on a conference call with reporters, GM Chief Financial Officer Dan Amman said: "Our approach is to match supply and demand and where demand warrants we have flexibility." ...

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GM Beats Estimates as Europe Loss Narrows

twocents@thestreet.com (Ted Reed) — Thu, 02 May 2013 12:07 GMT

DETROIT (TheStreet) -- GM beat earnings estimates despite weaker results in North America, Asia and South America.

Excluding items, the automaker earned 67 cents a share in the first quarter. Analysts surveyed by Thomson Reuters had estimated 54 cents. Revenue fell 2% to $36.9 billion; analysts had estimated $36.6 billion.

Including items, GM earned $865 million, down 14%, or 58 cents a share. ...

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Ford's Biggest U.S. Problem Is a Good One: Too Few Fusions

twocents@thestreet.com (Ted Reed) — Thu, 02 May 2013 10:45 GMT

DETROIT (TheStreet) -- Of course, investors are put off by Ford's exposure to Europe's staggering auto economy, its losses in South America and its continuing costs to expand capacity in China. But it is difficult to ignore the automaker's high level of domestic sales success.

In April, Ford's biggest problem, in terms of domestic sales, was that it could not make enough Fusions. Rather, its Fusion inventory was at a bit less than a 40-day supply, compared to its overall inventory supply level of 66 days. At the Hermosillo plant where Fusion is made, "we're doing everything we can to get out as many as we can," said Ford sales analyst Eric Merkle, in an interview. "We would like more inventory, particularly as we get into the summer months."

Ford's solution is to expand Fusion production to its Flat Rock, Mich., plant in the fall. "By the time that production capacity comes on line it will be too late to make much of a dent in 2013, although it will certainly help in 2014," said Kelley Blue Book analyst Alec Gutierrez. Fusion had its best April ever, selling 26,722 units on a 24% sales increase, but "they could have had an even stronger showing had they had additional production capacity," Gutierrez said. ...

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Ford and GM Sales Rise, Led by Pickup Trucks

twocents@thestreet.com (Ted Reed) — Wed, 01 May 2013 14:15 GMT

DETROIT (TheStreet) -- The Detroit Three reported continued strong sales in April, expected to be the best April for the auto industry since 2007.

Ford sales rose 18%, while GM and Chrysler sales both rose at an 11% rate. Ford estimated overall industry sales rose about 10%.

Pockets of strength included pickup trucks: Chrysler's Ram pickup, with unit sales up 49% from the same month a year earlier, while F-Series sales rose 24% to 59,030, the highest April total since 2006. GM said Silverado sales rose 28% to 39,395 and Sierra sales rose 13% to 14,208. Ford said pickup sales accounted for 11.5% of industry sales and are growing this year at a 20% rate, three times higher than the industry growth rate, reflecting the recovery of the housing industry. ...

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Next for GM: New Luxury Pickup, Lower Earnings, Flat Share Price

twocents@thestreet.com (Ted Reed) — Wed, 01 May 2013 10:45 GMT

DETROIT (TheStreet) -- Expectations are high for GM sales but not so high for GM's share price, as the automaker prepares to report April sales Wednesday and first-quarter earnings on Thursday, and to roll out a new luxury pickup truck on Monday.

Like Ford , which beat first-quarter estimates, GM is expected to report strong domestic sales for the first quarter -- and for April -- but also a continuing weak performance in Europe. With shares trading close to a two-year high, some analysts have a hold on the stock.

Shares closed Tuesday at $30.84, up 5 cents, after hitting $30.97, a 52-week-high, in intraday trading. In July 2011, shares hit their two-year high of $32.08. The magic number here, of course, is $33, GM's IPO price in November 2010. ...

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Delta, US Airways Report Rare Profit

twocents@thestreet.com (Ted Reed) — Tue, 23 Apr 2013 12:49 GMT

CHARLOTTE, N.C. (TheStreet) -- Delta and US Airways both reported rare first-quarter profit, a sign that the airline industry may have found the formula for consistent financial performance.

Historically, airlines lose money in the first quarter, a slow travel season. But this year, among the major carriers only United is expected to report a first quarter loss.

"A key benefit from a consolidated industry is that we now see a much stronger correlation between revenue and fuel," said Delta President Ed Bastian, in a prepared statement. "So while we are seeing some revenue softness, we are also benefiting from lower fuel costs, allowing us to continue our path of margin expansion even in a sluggish economic environment." ...

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If We Could Protect Airlines from Government, We Would Be Fine

twocents@thestreet.com (Ted Reed) — Tue, 23 Apr 2013 11:30 GMT

CHARLOTTE, N.C. (TheStreet) -- Three weeks ago, trying to be imaginative, I wrote about how avian flu was the next potential threat to the airline industry's apparent transformation into a reliably profitable industry.

Silly me. I did not realize then that the next potential threat to the U.S. airline industry was the U.S. government. Also see: Cramer Greets the 21st Century: Airbnb

On Monday, the flight delays mounted because the Federal Aviation Administration was cutting back on air traffic control, furloughing controllers one out of every 10 days. This caused delays at several major airports including Newark, La Guardia, Kennedy and LAX. ...

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Alaska Air Seeks San Diego Niche

twocents@thestreet.com (Ted Reed) — Tue, 23 Apr 2013 10:56 GMT

SAN DIEGO (TheStreet) -- Let's just say upfront that although Alaska Airlines has added six new destinations at San Diego International Airport over the past year, it is not trying to build a hub.

That would be illogical, given that the airport has one very severe limitation -- a single runway -- as well as major presences by all four big U.S. carriers headed by Southwest . Rather, in San Diego, said Andrew Harrison, Alaska vice president for planning and revenue management, "We are looking for underserved niche markets. Look at our history, that's really what we've done."

Alaska's approach has won favor from many airline analysts, giving it a sort of "golden boy" status in the industry, partially as a result of its route selection, partially as a result of its ability to leverage off its prime real estate in Seattle where it operates the only hub at one of the country's best gateways to Asia. Shares closed Monday at $59.58, up 35% this year. ...

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American CEO: US Airways Lucks Out When it Joins Oneworld

twocents@thestreet.com (Ted Reed) — Fri, 19 Apr 2013 10:45 GMT

CHARLOTTE, N.C. (TheStreet) -- As it leaves the Star Alliance for Oneworld and joins American in a merger, US Airways will find it's in a stronger alliance relationship, said American CEO Tom Horton.

In Oneworld, "American takes very much a leadership role," Horton said in an interview on Thursday. "Star is driven more out of the European side. We believe that (Oneworld) is a very special (alliance) where the best brands in the world operate."

Asked about Skyteam, Horton responded that he sees the competition in the alliance world as being primarily between Star and Oneworld. Spokesmen for Delta and United declined to comment. ...

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American Air CEO: Our Costs Are Lowest, Our Alliance Is Stronger

twocents@thestreet.com (Ted Reed) — Thu, 18 Apr 2013 16:07 GMT

DALLAS (TheStreet) -- As it prepares to emerge from bankruptcy and merge with US Airways , American Airlines is enjoying gains that include not only the lowest costs among its key competitors but also an enhanced presence in Latin America, where it was already the principal U.S. carrier.

The March decision by TAM, Brazil's biggest carrier, to join Oneworldalliance, which also includes American, was "the biggest alliance news of the decade," American CEO Tom Horton said in an interview on Thursday. He said American's position in Latin America is going to become even stronger.

"We will have more growth in Latin America," Horton said. "I feel very bullish about that. We have the pre-eminent position and a very big win in alliance strategy. LATAM (including TAM) coming over is a real boost for Oneworld." ...

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American Airlines Posts Adjusted First- Quarter Profit

twocents@thestreet.com (Ted Reed) — Thu, 18 Apr 2013 14:18 GMT

DALLAS (TheStreet) -- American Airlines reported a first-quarter profit, excluding items, for the first time in six years.

The carrier, which is operating under bankruptcy court protection, reported net profit of $8 million excluding $349 million in reorganization costs and special items. In the same period a year earlier, the carrier lost $248 million. Including items, American reported a net loss of $341 million, compared with a loss of $1.7 billion. Revenue rose 1% to $6.1 billion, on 1.3% less capacity.

During the quarter, consolidated passenger revenue per available seat mile grew 2.6%. Domestic PRASM rose 2.7%, with particular strength in Los Angeles and Chicago. International PRASM grew 2.6%, driven by strong performance in the Atlantic. In Latin America, PRASM was "robust" and the company said "targeted growth in the region will be accretive to earnings." ...

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Mexico Gains as Auto Export Power

twocents@thestreet.com (Ted Reed) — Thu, 18 Apr 2013 10:45 GMT

DETROIT (TheStreet) -- In the 22 years since the North American Free Trade Agreement took effect, Mexico has carved out a unique niche as the leading major auto exporting country that lacks a domestic auto industry.

Growth in Mexican auto exports is being led by Japanese and German automakers, who combined have four new plants under production, according to a recent article in the April edition of the Federal Reserve Bank of Chicago monthly letter, which publishes research.

Today, Mexico accounts for 19% of North American automobile production, more than Canada, and is the fourth-largest exporter of motor vehicles, behind only Germany, Japan and South Korea -- all home to major automakers, said the article, titled "The Growing Importance of Mexico in North America's Auto Production," and written by Thomas Klier, the bank's senior economist . ...

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How US Airways' Charlotte Hub Became Deregulation's Big Winner

twocents@thestreet.com (Ted Reed) — Wed, 17 Apr 2013 10:45 GMT

CHARLOTTE, N.C. (TheStreet) -- This should be the peak of Jerry Orr's career.

The longtime director of Charlotte Douglas International Airport this year saw American and US Airways propose a merger that would seem to guarantee the future of the airport he has built. Now he is building 4,000 new parking spaces and planning a fifth runway. This week, as a side note, Southwest, which Orr had long sought as a tenant, arrived at the airport, although it came because of its merger with AirTran, which already was here, rather than as a result of any particular recruitment brilliance.

Most important is the merger, not only because it would make Charlotte the second biggest hub in terms of daily departures for the world's biggest airline, but also because it would mean that a merger between Delta and US Airways, which US Airways once sought, is likely to never occur. Such a merger would have cemented Charlotte's role as an Atlanta subordinate. ...

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