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    Helane Becker

    Research Analyst at TD Cowen

    Helane Becker is Managing Director and Senior Research Analyst at TD Cowen, specializing in equity research across airlines, air freight, and aircraft leasing, with direct coverage of firms such as Delta Air Lines and United Airlines. Renowned for her analytical accuracy, Becker was ranked #1 by TipRanks in 2023 and has consistently placed among the top three analysts in Institutional Investor magazine and the top five in The Wall Street Journal, while maintaining an industry-leading success rate and strong portfolio returns. With over 35 years on Wall Street, her career includes previous roles at major firms like Citi, Lehman Brothers, Smith Barney, and Dahlman Rose before joining TD Cowen, and she is often featured as an industry expert on CNBC and Bloomberg-TV. Becker holds FINRA securities licenses, a bachelor's from Montclair State University, an MBA from NYU, and has served three terms on the U.S. Department of Commerce’s Travel and Tourism Advisory Board.

    Helane Becker's questions to ATSG leadership

    Helane Becker's questions to ATSG leadership • Q4 2023

    Question

    Asked about the accounting for future pilot contract settlements, the outlook for military flying hours in 2024, and whether the current year represents a peak for aircraft lease expirations.

    Answer

    No accruals are being made for pilot negotiations, and an agreement is not expected in 2024. Military flying hours are conservatively forecasted to be flat with 2023's low levels. The current period is a peak for lease expirations, with a return to more normalized, lower levels expected from 2025 onwards.

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    Helane Becker's questions to ATSG leadership • Q3 2023

    Question

    Questioned the reliability of aircraft conversions from IAI in Israel, the company's expertise in managing international risk, and challenged management on the sudden and significant guidance cut so soon after their Investor Day, asking how they could have missed the signs and why they didn't update the market sooner.

    Answer

    The company is confident in IAI's ability to deliver on schedule despite the conflict. They stated that MasAir has not returned aircraft and that they are building their international team to manage global risk. Management attributed the Q3 miss to late-quarter operational issues and delayed sales, and the guidance cut to events in October. The new CEO acknowledged the issue was unacceptable and that rebuilding credibility is a top priority.

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    Helane Becker's questions to MESA AIR GROUP (MESA) leadership

    Helane Becker's questions to MESA AIR GROUP (MESA) leadership • Q3 2023

    Question

    Helane Becker of TD Cowen asked for clarification on debt repayment timing, the nature of cost savings from asset sales, and whether the company is considering hiring retired captains to mitigate pilot shortages.

    Answer

    Executive Torque Zubeck clarified that the $26 million in scheduled debt repayments is for the remainder of fiscal 2023 and confirmed that the announced cost savings from asset sales are aggregate figures. Executive Jonathan Ornstein addressed pilot strategy, stating that while they are exploring all options, the primary focus is on their direct-entry captain program and the restructured United Aviate program, which will require pilots to upgrade to captain, helping to resolve the captain imbalance over time.

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    Helane Becker's questions to MESA AIR GROUP (MESA) leadership • Q3 2023

    Question

    Helane Becker asked for clarification on the timing of a $26 million debt repayment, plans for refinancing, and whether cost savings from aircraft sales were aggregate. She also asked about the strategy of hiring retired captains to mitigate the pilot shortage.

    Answer

    CFO Torque Zubeck confirmed the $26 million debt repayment is for the remainder of fiscal 2023 and that cost savings are in aggregate. Chairman and CEO Jonathan Ornstein addressed the pilot strategy, emphasizing the Mesa Pilot Development program and the restructured United Aviate program, which now requires pilots to gain captain experience. He believes this, along with direct-entry captain bonuses, is the primary path forward.

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    Helane Becker's questions to MESA AIR GROUP (MESA) leadership • Q1 2023

    Question

    Helane Becker from Cowen asked for clarification on the source of the mark-to-market investment loss and how to model revenue components during the wind-down of the American Airlines contract.

    Answer

    Chairman and CEO Jonathan Ornstein explained that the investment loss is almost entirely a mark-to-market adjustment on Mesa's investment in Archer Aviation stock. He also clarified that while block hours were down year-over-year, revenue remained flat due to increased pilot pay reimbursements from United and the recognition of deferred revenue, the latter of which will be a smaller factor in coming quarters.

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    Helane Becker's questions to Global Crossing Airlines Group (JETMF) leadership

    Helane Becker's questions to Global Crossing Airlines Group (JETMF) leadership • Q2 2023

    Question

    Helane Becker of Colin inquired about crew safety protocols for flights into high-risk markets like Haiti, the potential business impact from the Western Global bankruptcy, and the procedures ensuring humane treatment of passengers on government contract flights.

    Answer

    CEO Ed Wegel addressed the questions, explaining that for Haiti, GlobalX has conducted a full security assessment and coordinates with major airlines like Spirit and JetBlue on safety protocols. Regarding Western Global, he stated there is no impact as they operate wide-body freighters in different markets, whereas GlobalX focuses on narrow-body aircraft for intra-regional cargo. For government flights, he clarified that agency guards handle passenger monitoring and that crews are specially trained to handle potential threats, noting no instances of mistreatment have been observed.

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