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AFRAF - Takeaways From Earnings Calls Last Week: Be Cautiously Optimistic
Air France-KLM
Welcome to our weekly analysis of key themes from management teams in earnings calls last week. According to FactSet, Q1 reporting is almost behind us with ~90% of S&P 500 companies having reported their earnings for Q1 2020 as of Friday 15th May. We note that there is a tone of cautious optimism in management teams. Q2 seems to have been written off as a loss with the optimism being that H2 2020 is where the rebound will be at and with the added caution that the recovery will take longer than the market