Raymond James
 

Delta Air Lines will present at the Raymond James 38th Annual Institutional Investors Conference at 8:05 a.m. ET on Monday, March 6, 2017.

A live webcast of this event can be accessed via the internet at:

http://wsw.com/webcast/rj104/dal

The online replay will be available at the same site shortly after the webcast is complete until March 13, 2017.

Replay now available. Via the above link.

Slides.
https://www.sec.gov/Archives/edgar/d..._8k-ex9901.htm

Thanks for posting that. Great info.

Looks like mixed news. Debt down to 16 billion which is good. Domestic ops strong and will see a capacity increase. Pacific in the toilet and will see a 7% reduction. Latin America showing recovery and 3% growth. Europe under pressure but summer travel season should be strong and capacity will be neutral.
RASM still falling but trend is better. Will fix in 2nd quarter. (That makes about 10 straight quarters that it will be fixed next quarter)
Overall hoped for 17 to 19% margins but looking at 15% verses 16.5 last year.
I would say 15% if we achieve it is a solid performance given the world situation. PS will be lower however.

Paul said RASM neutral and second half recovery. Things must be good on the debt front because we just issued more of our own. Paul failed to mention that.

https://www.sec.gov/Archives/edgar/d...0876-index.htm

How can you say profit sharing will be lower? We only have 2 months data and the trend is improving. Not to mention gains in the "Other" revenue items. (JV, AMEX credit card, MRO, etc.)

PS will pay off when the core business isn't as "core" going forward. The "global capital efficiency plan" is alive and well. They change the descriptor every few months but they mean outsourcing.

SEC slide 4, bottom left. Looks like Pre-tax profit projected flat YOY.

Flat is not less. 2017 is a transition year. Did you listen to the audio? The following years are projected to return to the 17-19% margin. Add gain through ownership of partners and we will see increases.

Next target.
http://seekingalpha.com/symbol/GOL

They'll make it be slightly less.... saves them 10% of the yearly non-con salaries as profit sharing.

Prasm is neutral year over year. That's not good news coming off a bad year. The only projection I saw for next year was operating margin. Which they project to be down from 16.5 adjusted(17.5 actual) to 15%. That generally correlates directly to profit unless there is a business expansion.

...or acquisition. The 10-K had the MIP target at $7.619B so I'll go just slightly above that at 7.7.

2016 was a bad year??? PRASM down, big employee expense increases, and we still matched our best year ever. Our definitions differ a little.