Azul AZUL incurred a loss (excluded $2.44 from non-recurring items) of $1.78 per share in the first quarter of 2021, wider than the Zacks Consensus Estimate of a loss of $1.64. In the year-ago quarter, the company reported adjusted loss of $1.63 per share. As reflected in first-quarter results, Brazil is reeling under a second wave of the deadly coronavirus pandemic.However, total revenues of $334 million missed the Zacks Consensus Estimate of $341.3 million. The top line fell 47.2% on a year-over-year basis. Passenger revenues, contributing 87.5% to the top line, plunged 39.8% year over year owing to the second wave of coronavirus. Cargo and other revenues surged 52.9% year over year primarily due to strong e-commerce growth.Operational StatisticsConsolidated revenue passenger kilometers ("RPK”), measuring revenues generated per kilometer per passenger, fell 27.4%. The metric declined 7.3% domestically and 90.4% internationally.Consolidated available seat kilometers (“ASK”), measuring an airline's passenger-carrying capacity, declined 23% year over year. While domestic capacity dropped 2.3%, international capacity contracted 88.3%. With traffic declining more than the amount of capacity contraction, consolidated load factor (percentage of seats filled with passengers) deteriorated 460 basis points to 76.5%.AZUL SA Price, Consensus and EPS Surprise AZUL SA price-consensus-eps-surprise-chart | AZUL SA Quote While total revenues per ASK or RASK declined 15.4%, passenger revenues per ASK or PRASK fell 21.8%. Meanwhile, cost per ASK (“CASK”) inched up 0.8% to 28.5 cents due to control on fuel and foreign exchange rates. Jet fuel prices declined 21.8% year over year mostly due to 23% reduction in capacity and 9.8% reduction in fuel burn per block hour. CASK, excluding fuel, moved up 0.4% to 20.1 cents. Average fare plunged 24.6% from the year-ago quarter’s figure.Azul exited the first quarter with total passenger operating fleet of 159 aircraft. The average age of the fleet was 7.8 years. Contractual fleet size was 178.LiquidityAzul, carrying a Zacks Rank #4 (Sell), exited the first quarter with total liquidity of R$6.27 billion, down 7% year over year. Additionally, total debt increased 11% to R$19.4 billion from the December-end figure due to 9.6% end of period depreciation of the Brazilian real and the postponement of lease payments in the quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Sectorial SnapshotsLet’s glance through some of the other recently-released earnings reports from companies within the Zacks Transportation sector.Canadian National Railway Co. CNI reported first-quarter 2021 earnings (excluding 11 cents from non-recurring items) of 97 cents per share (C$1.23), missing the Zacks Consensus Estimate of 99 cents. Quarterly revenues of $2,791.6 million (C$3,535 million) lagged the Zacks Consensus Estimate of $2,813.1 million.Landstar System LSTR reported first-quarter 2021 earnings of $2.01 per share, surpassing the Zacks Consensus Estimate of $1.61. Revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million.Southwest Airlines LUV incurred a loss of $1.72 per share (excluding $1.91 from non-recurring items) in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.82. Moreover, operating revenues of $2,052 million surpassed the Zacks Consensus Estimate of $2,031.7 million.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Southwest Airlines Co. (LUV): Free Stock Analysis Report Canadian National Railway Company (CNI): Free Stock Analysis Report Landstar System, Inc. (LSTR): Free Stock Analysis Report AZUL SA (AZUL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research