13.52 +0.72 (5.63%)
After hours: 6:50PM EDT
|Bid||12.93 x 2900|
|Ask||13.40 x 800|
|Day's range||12.25 - 13.17|
|52-week range||5.30 - 44.55|
|Beta (5Y monthly)||0.51|
|PE ratio (TTM)||9.32|
|Earnings date||06 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||10.30|
Shares of Brazil-based budget carrier Azul (NYSE: AZUL) climbed steeply on Tuesday. This seems to be tied to developments in the reopening of the struggling Brazilian economy, plus perhaps some good news with a corporate sibling. On Tuesday, the massive city's "non-essential" businesses were allowed to reopen, which will have a dramatic effect on the national economy.
Shares of Brazilian discount airline Azul (NYSE: AZUL) bounced back from a 6.5% loss Tuesday and were racing ahead 22% today as of 10:40 a.m. EDT. As recently as February, Azul was still in growth mode, with consolidated passenger traffic up 25% year over year. By May, things were so bad that S&P Global Ratings downgraded the Brazilian airline's debt to CCC+ (a junk level) with a negative outlook promising more downgrades ahead.
What happened On Friday, Brazil's state development bank said that the massive South American country's top three air carriers accepted an aid package worth 4 billion reais ($683 million) in total.
Tripping air travel demand due to COVID-19 causes consolidated load factor to tank by 1560 basis points.Tripping air travel demand due to COVID-19 causes consolidated load factor to tank by 1560 basis points.
Coronavirus-led demand slump and depreciation of the Brazilian real weighed on Azul's (AZUL) Q1 performance. Despite adversities, passenger revenues rose in the quarter.
Brazilian state development bank BNDES proposed a rescue package worth 4 billion reais ($680 million) for the nation's airlines, less than half the amount initially anticipated, Azul SA's Chief Executive John Rodgerson said on Thursday. Rodgerson confirmed reports on the rescue size on an analysts' call, saying he was "disappointed" with the value but that he understood Brazil lacked resources for a larger bailout. The plan, which first centered around a 10 billion reais credit line, has shrunk in value over time as private lenders balked at extending bigger loans and because the airlines were reluctant to accept larger share dilution, said two sources who declined to be identified as the discussions were private.
SAO PAULO/BRASILIA (Reuters) - LATAM Airlines Group, South America's largest carrier, on Monday cancelled 90% of its international flights as demand collapsed and countries shut down borders due to the coronavirus outbreak, leaving the region increasingly isolated. LATAM is the region's main carrier to the United States, followed by American Airlines <AAL.O> which said last weekend it would cancel most flights to Latin America, including all those to Brazil. Brazil's largest domestic carrier Gol Linhas Aereas Inteligentes <GOLL4.SA>, said it would cancel international flights by up to 95%, while cutting domestic flights by up to 60% through June.
The airline stocks that suffered the most after U.S. President Donald Trump barred continental Europeans from travelling to the United States do not even operate flights between those two regions. Brazil's largest airline, Gol Linhas Aereas Inteligentes, <GOLL4.SA> and its smaller rival, Azul SA <AZUL.N>, saw their shares tumble over 30% on Thursday, a record for each. It may seem surprising at first glance, because both are focused on domestic flights within Brazil and only Azul operates direct routes to the United States or Europe.