Tag: financial (Page 12 of 23)

Delta and LATAM Receive Final Approval in Brazil for Joint Venture Agreement

February 25, 2021 / WIL BALDWIN

Delta Air Lines (NYSE: DAL) and LATAM (Santiago: LTM.SN) have received final approval, without conditions, of their commercial agreement (“trans-American Joint Venture agreement” or “JVA”) by the Brazilian competition authority – the Administrative Council for Economic Defense – after initial approval was granted in September 2020. The JVA seeks to enhance the route networks served by both airlines, delivering a seamless travel experience between North and South America. The Delta-LATAM agreement has also been approved in Uruguay while the application process continues in other countries, including Chile.

“This final approval in Brazil furthers our mission to provide customers in this important market with the world-class travel experience and options they deserve,” said Delta CEO Ed Bastian. “Moving forward, we will continue working with LATAM to unlock more benefits for our customers and create the premier airline alliance of the Americas.”

LATAM Airlines Group CEO Roberto Alvo added, “This ruling reinforces the benefits of this type of agreement for travelers and enables us to advance in our commitment to delivering greater and better connectivity between South America and the world.”

The ratification by the Brazilian authority supports the work of both airlines to deliver a broader and more competitive network of benefits for their customers that will include, among others:

Code-share agreements between Delta and certain subsidiaries of the LATAM group, which allow the purchase of tickets to a larger network of destinations.
Members of the Delta SkyMiles and LATAM Pass programs can redeem points / miles on both airlines, accessing more than 435 destinations around the world.
Shared terminals and faster connections at Terminal 4 of New York’s John F. Kennedy International Airport (JFK) and at Terminal 3 of São Paulo’s Guarulhos Airport.
Reciprocal lounge access: Customers can access 35 Delta Sky Club lounges in the United States and five LATAM VIP lounges in South America.

Southwest Airlines Service To Destin/Ft. Walton and Bozeman to Begin May 2021

February 25, 2021 / WIL BALDWIN

Southwest Airlines Company (NYSE: LUV) today announced the flexibility and value of Southwest Airlines^® now benefits both visitors and hometown travelers booking late spring and summer travel to Destin–Fort Walton Beach Airport (VPS) in Florida and Bozeman Yellowstone International Airport (BZN) in Montana. Southwest^® service to both destinations begins in May 2021.

“We’re adding another destination in the West, our first in Montana, and bringing additional access to the beaches of Northwest Florida just as winter-weary families begin to dream of warm summer escapes in wide-open places,” said Andrew Watterson, Southwest Airlines Executive Vice President & Chief Commercial Officer. “Our arrival in these communities with daily service also ushers a new flexibility and everyday affordability for local travelers flying Southwest for fun, family, or work.”

DESTIN/FT. WALTON BEACH, FLA., DAILY SERVICE BEGINS MAY 6, 2021

Beginning May 6, 2021, Southwest will commence service to an 11^th airport in the Sunshine State, bringing a third option for beachcombers to access the Florida panhandle. Southwest Customers will be able to fly nonstop between Destin/Ft. Walton Beach and four destinations: Baltimore/Washington (BWI), Dallas (Love Field), and Nashville, bringing additional connecting or same-plane service to more than 50 cities, with added nonstop service to Chicago (Midway) beginning June 6, 2021. This new service is available for purchase now at Southwest.com:

Fly nonstop betweenDestin/Ft. Walton Beach and:	Initial daily service:	One-way fares as low as:
Baltimore/Washington (BWI)	1 flight each way	$79
Chicago (Midway) (beginning June 6)	1 flight each way	$79
Dallas (Love Field)	1 flight each way	$69
Nashville	3 flights each way	$69

The number of seats, days, and markets for these fares are limited. See a full list of fares, fare rules, and terms and conditions below.

BOZEMAN, MONTANA, DAILY SERVICE BEGINS MAY 27, 2021

In its 50^th year of service, Southwest Airlines adds another of the 50 states to its network, bringing low fares to the state of Montana on May 27, 2021. The addition of Bozeman will connect Customers with Big Sky country, bringing faster access to Yellowstone National Park, Big Sky Ski Resort, Custer Gallatin National Forest, and Montana State University. Southwest Customers may now book travel to fly nonstop between Bozeman and both Denver and Las Vegas, and reach southern Montana from more than 50 other Southwest cities on same-plane or connecting service. This new service is available for purchase now:

Fly nonstop between Bozeman and:	Initial daily service:	One-way fares as low as:
Denver	2 flights each way(increases to 4 flights each way on June 6)	$39
Las Vegas	2 flights each way	$39

The number of seats, days, and markets for these fares are limited. See a full list of fares, fare rules, and terms and conditions below.

In 2020, Southwest added new service to Hilo, Hawaii; Cozumel, Mexico; Miami; Palm Springs, Calif.; Steamboat Springs; and Montrose(Telluride), Colo., to connect Customers with places and people they love. In 2021, Southwest began service to both Chicago (O’Hare) and Sarasota/Bradenton on Feb. 14. The carrier will begin service to both Savannah/Hilton Head and Colorado Springs on March 11; both Houston(Bush) and Santa Barbara, Calif. on April 12; Fresno, Calif. on April 25; Destin/Ft. Walton Beach on May 6; Bozeman, Mont. on May 27; and Jackson, Miss. on June 6.

DHL Express and SmartLynx Malta Partner to break new ground in cargo transportation

February 24, 2021 / WIL BALDWIN

Bonn, Birkirkara – DHL Express, the world’s leading express service provider, and SmartLynx Malta announce the signing of a new partnership agreement for the introduction of two newly converted Airbus A321-200 freighters joining DHL’s European air fleet. The new technically advanced narrow-body fleet type is adding capacity to meet the increasing demand for express cargo transportation worldwide combined with further improving DHL’s unit Co2 emissions by introducing the most fuel efficient narrow-body aircraft in its class.

SmartLynx is a family member of Avia Solutions Group, the largest aerospace business group from Central & Eastern Europe, and has extensive experience operating the A321 family of aircraft. This agreement sets a new hallmark as SmartLynx’s Malta subsidiary enters into the freighter market.

The partnership comes as both a confirmation and a recognition of SmartLynx Malta’s standing in the aviation industry, and its place in supporting the growing demand for air cargo capacity. Increasing demand for e-commerce shipments and also highly important protective and medical goods, require additional air cargo capacity. The fuel-efficient Airbus A321-200 achieves superior unit reductions in CO2 emissions compared to similar class freighter models. By investing in these aircraft, SmartLynx Malta illustrates its commitment towards embracing a future focused on cleaner, more sustainable air freight carriage.

Smartlynx Malta is planning to add two additional A321Fs during 2021 and up to four units during 2022, with a business target of becoming one of the largest narrow-body cargo freight carriers within the next three years.

British Airways Launches New Fare Brands Offering Enhanced Flexibility

February 24, 2021 / WIL BALDWIN

Wednesday 24 February, 2021 – British Airways has today launched two new fare brands for its trade customers, which offer refundable options and enhanced flexibility. Select and Select Pro are both refundable fares, which will give customers the flexibility to cancel a flight and claim a full or partial refund should their travel plans change. There will also be no change fee payable for Select and Select Pro bookings.

The Select and Select Pro fares are available to book from today, exclusively for agents, via both the GDS or NDC. They will sit alongside the current Basic, Standard/Plus and Fully Flexible fares, and will enhance the suite of fare options available to suit the different budgets and flexibility needs of customers. In the UK, Select fares will be available on short-haul routes and long-haul routes, and Select Pro available on long-haul routes.*

The table below shows the differences between each available fare brand:

These new fare products will also be available to book through British Airways’ Atlantic Joint Business partners American Airlines, Iberia and Finnair.

Fares will cost from £50 extra on a short-haul return ticket and from £100 extra on a long-haul return ticket, compared with Standard/Plus fares. The refund fee for Select products is similar.**

British Airways’ book with confidence commitment for free changes or the ability to take a voucher will continue to apply to all Basic, Standard/Plus, Fully Flexible, Select and Select Pro bookings. As always, if a flight is cancelled the customer is entitled to a full refund.

More information for trade partners is available through the BA Travel Trade website. Partners can also contact their Account Manager.

Qantas and Jetstar Plan to Resume International Flights in Late October

February 24, 2021 / WIL BALDWIN

Qantas (ASX: QAN.AX) and Jetstar are planning to restart regular international passenger flights to most destinations starting 31 October 2021 – a four month extension from the previous estimate of July, which had been in place since mid-2020.

The date change aligns with the expected timeframe for Australia’s COVID-19 vaccine rollout to be effectively complete.

Capacity will be lower than pre-COVID levels, with frequencies and aircraft type deployed on each route in line with the projected recovery of international flying. International capacity is not expected to fully recover until 2024.

The Group remains in close consultation with the Federal Government around the reopening of international borders and will keep customers updated if further adjustments are required.

Qantas is assessing the use of digital health pass apps to help support the resumption of COVID-safe international travel. The CommonPass and IATA Travel Pass smartphone apps are being trialled on the airline’s international repatriation flights.

Qantas network

Qantas is planning to resume flights to 22 of its 25 pre-COVID international destinations including Los Angeles, London, Singapore and Johannesburg from 31 October 2021.

Qantas won’t initially resume direct flights to New York, Santiago and Osaka, but remains committed to flying to these three destinations. In the meantime, customers will be able to fly to these destinations under codeshare or oneworld arrangements with partner airlines.

Jetstar network

Jetstar plans to resume flights to all of its 13 international destinations. Frequencies will be adjusted in line with the projected recovery of international flying.

Trans-Tasman

Qantas and Jetstar are planning for a significant increase in flights to and from New Zealand from 1 July 2021.

The Group has the ability to respond to travel bubbles that may open.

Additional flexibility and extension of credit vouchers

Qantas has today announced additional flexibility for international bookings to enable customers to book flights with confidence.

Qantas’ updated Fly Flexible policy (previously only available for domestic and Trans Tasman flights) now applies to international flights booked from today until at least the end of April 2021. The flight date can be changed to any available for sale at the time (up to 355 days in advance). Qantas will waive the change fee however a fare difference may apply.

Qantas has also extended credit vouchers to enable travel until 31 December 2023 on domestic or international flights, with Jetstar doing the same for vouchers issued due to COVID-19 disruptions.

Customers with international bookings impacted by cancellations will be contacted directly and offered alternatives.

Spirit Airlines Adds Milwaukee, Wisconsin to its Route Network

February 24, 2021 / WIL BALDWIN

MILWAUKEE, Wis., Feb. 24, 2021 /PRNewswire/ — Spirit Airlines (NYSE: SAVE) today announced that Milwaukee is getting More Go on June 24, when the airline’s yellow and black planes start taking off from Milwaukee Mitchell International Airport (MKE). Spirit will start up daily nonstop flights to Orlando (MCO), Las Vegas (LAS) and MKE’s only nonstop flight to Los Angeles (LAX), bringing Spirit Signature Service, brand new Airbus planes and industry-leading low fares to the market.

Spirit Airlines Service to/from MKE:
Destination:	Flights Available:	Launch Date:
Las Vegas (LAS)	Daily	June 24, 2021
Los Angeles (LAX)	Daily	June 24, 2021
Orlando (MCO)	Daily	June 24, 2021

Spirit will be the only airline serving Los Angeles nonstop from Milwaukee, removing intermediate stops on the way and making quick trips between the two cities easier than ever. The airline continues to seize that kind of growth opportunity as demand for air travel increases. Earlier this month, the carrier announced an accelerated delivery schedule for new Airbus aircraft joining Spirit’s Fit Fleet™, which is among the youngest in the industry.

Las Vegas and Orlando are two of Spirit’s biggest cities, which means nonstop flights from MKE come with easy connections to nine additional destinations. Orlando also serves as one of Spirit’s biggest international gateways to the Caribbean and Latin America, providing access to numerous countries.

This year is off to a great start at Spirit Airlines. In addition to the opportunity to serve the Milwaukee-area market, in January, the carrier launched its new Free Spirit® loyalty program, which is the fastest way to earn rewards and status.* Spirit is also one of only three U.S. airlines listed on FORTUNE’s 2021 list of World’s Most Admired® Companies, which measures companies with the strongest reputation within their industries. Spirit also earned “Platinum” status as the highest-rated low-fare carrier in the world by the Airline Passenger Experience Association (APEX) Health Safety initiative powered by SimpliFlying.

Embraer Phenom 300 is World’s Best Selling Light Jet for Ninth Consecutive Year

February 24, 2021 / WIL BALDWIN

Melbourne, Florida, February 24, 2021 – For the ninth consecutive year, the Embraer (NYSE: ERJ) Phenom 300 series has become the world’s best-selling light jet according to numbers released today by the General Aviation Manufacturers Association (GAMA). Embraer delivered 50 Phenom 300 series light jets in 2020, making it the most delivered light jet of the year. This is the ninth consecutive year that the Phenom 300 series has achieved this milestone, having accrued more than 590 deliveries since entering the market in December 2009. In 2020, the Phenom 300 series was also the most delivered jet model out of all twinjets in the market.

Originally launched in 2005, the Phenom 300 series is in operation in more than 30 countries and has accumulated more than one million flight hours. Embraer is continuously investing in the competitiveness of the Phenom 300E with enhancements to its comfort, technology, performance, and operational efficiency resulting in the highest residual value in the market.

In January of 2020, Embraer announced the new and enhanced Phenom 300E, followed by its ANAC, EASA and FAA approval in March, achieving triple-certification. The first delivery of the new and enhanced Phenom 300E occurred in June of 2020.

With its unparalleled technology, exceptional comfort, and stunning performance, the Phenom 300E sets the highest standard of excellence in the light jet category. In terms of performance, the new, enhanced Phenom 300E is even faster, capable of reaching Mach 0.80, becoming the fastest single-pilot jet in production, and able to deliver high-speed cruise of 464 knots, and a five-occupant range of 2,010 nautical miles (3,724 km) with NBAA IFR reserves.

Additional technology enhancements include an avionics upgrade, featuring a runway overrun awareness and alerting system (ROAAS) ― the first technology of its kind to be developed and certified in business aviation ― as well as predictive windshear, Emergency Descent Mode, PERF, TOLD, and FAA Datacom, among others. The Phenom 300E also features 4G connectivity via Gogo AVANCE L5.

The new, comfort-enhancing features on this jet include a quieter cabin, more legroom in the cockpit, and a new premium interior option — the Bossa Nova edition. Named for the Brazilian style of jazz music, and Portuguese for “new trend,” the optional Bossa Nova edition encompasses a package of Embraer’s latest interior developments, with features such as carbon fiber accents and Embraer’s exclusive Ipanema sew style. It is also the first of the Phenom 300 series to feature piano black surfaces.

Grupo Viva Aerobus Reports Financial Results for Fourth Quarter and 2020

February 23, 2021 / WIL BALDWIN

Mexico City, February 22, 2020. – Grupo Viva Aerobus today reported operating and financial results for 4Q20 and full year 2020, reflecting a recovery trend, amid the challenges of the pandemic, which began in the third quarter. This performance is the result of an adequate financial management, a strict expense control protecting the company’s liquidity and a responsible operational recovery which prioritizes health and safety for all passengers and staff.

During the 4Q, Viva Aerobus led the industry’s recovery, being the first airline in the Americas to resume 100% of its operational capacity, in November. Furthermore, Viva also consolidated as the first Mexican airline to grow its service at the end of the year by increasing its offer (available seats per kilometer) an 11% during December 2020 vs December 2019. In addition, the airline closed the year with 131 routes (103 domestic and 28 international), 12 more routes than the ones recorded at the end of 2019.

As a result of this recovery, added to an enhanced flexibility by permanently getting rid of charges for flight changes, Viva registered higher demand, closing 4Q20 with more than 2.9 million passengers, a 59% increase compared to 3Q2020. Moreover, the airline closed December with over one million of passengers registered, a similar figure reported in December 2019, before the pandemic.

This operational and passengers increase boosted the operating revenue to reach 3,237 million pesos in 4Q20, representing a 76.8% growth compared to 3Q20. Total operating revenue was composed 49% by fare revenue (1,589 million pesos) and 51% of ancillary revenue (1,647 million pesos). This revenue scheme represents the possibility that Viva Aerobus gives passengers to personalize their flights. Therefore, Viva takes care of their economy by offering low prices and giving the opportunity to pay only for what they need.

Due to this sequential increase in revenues, a positive EBITDAR was obtained for the second consecutive quarter, totaling 531 million pesos; this represented a sequential increase of 95% compared to 3Q20. Additionally, liquidity preservation stands out as attested in the cash and cash equivalents balance, recording 2,967 million pesos, a similar figure to the one reported in 3Q20. This reflects an assertive use of cash, taking advantage of an agile operational resumption, the support of the airline’s suppliers and the decisions to eliminate non-essential expenses.

These quarterly results softened the effects of the pandemic in the full year, considering that it was in the first half of 2020 when demand was most affected by the health emergency. Viva Aerobus registered more than 8.1 million annual passengers, a decrease of 32.4% compared to 2019. Consequently, total operating revenues reached 8,221 million pesos and EBITDAR totaled 946 million pesos, a 36.1% and 75.6% decrease, respectively.

To consult the full earnings report, please visit Viva Aerobus investor relations site: https://ri.vivaaerobus.com/en

Financial Indicators (MXN Million)	4Q20	4Q19	Ch. %	2020	2019	Ch. %
Total Revenue	3,237	3,728	(13.2%)	8,221	12,874	(36.1%)
EBITDAR*	531	1,122	(52.7%)	946	3,875	(75.6%)
EBITDAR Margin*	16.4%	30.1%	(13.7 p.p.)	11.5%	30.1%	(18.6 p.p.)
Operation (loss) income [EBIT]*	(427)	315	(>100.0%)	(2,619)	935	(>100.0%)
EBIT Margin*	(13.2%)	8.4%	(21.6 p.p.)	(31.9%)	7.3%	(39.1 p.p.)
Earnings Before Taxes (EBT)*	(791)	658	(>100.0%)	(3,881)	579	(>100.0%)
EBT Margin*	(24.4%)	17.7%	(42.1 p.p.)	(47.2%)	4.5%	(51.7 p.p.)
Net (loss) income*	(558)	420	(>100.0%)	(2,727)	469	(>100.0%)
Net Margin*	(17.2%)	11.3%	(28.5 p.p.)	(33.2%)	3.6%	(36.8 p.p.)

*Items not comparable with 2019 due to change in the functional currency conducted in 2020.

Operational Indicators	4Q20*	4Q19	Ch. %	2020*	2019	Ch. %
ASKs (million)	4,303	4,153	3.6%	11,670	15,080	(22.6%)
RPKs (million)	3,400	3,642	(6.6%)	9,393	13,374	(29.8%)
Total Passenger (thousands)	2,945	3,282	(10.3%)	8,123	12,019	(32.4%)
Load Factor (%)	79.0%	87.7%	(8.7 p.p.)	80.5%	88.7%	(8.2 p.p.)

KLM Takes Delivery of Their First Embraer E2

February 23, 2021 / WIL BALDWIN

São José dos Campos, Brazil, 23 February 2021 – KLM Cityhopper, the regional subsidiary of KLM Royal Dutch Airlines, received their first Embraer (NYSE: ERJ) E195-E2 in a ceremony today at Embraer’s facility in Brazil. This first E2 delivery to KLM, and lessor ICBC Aviation Leasing, brings the total number of Embraer jets in the KLM Cityhopper fleet to 50.

The total order for 35 jets, 25 firm orders with options for 10 more, will be leased to KLM from ICBC Aviation Leasing (10) and Aircastle (15). KLM recently exercised four options increasing the firm order from 21 to 25 jets, with the further four aircraft coming from Aircastle’s existing order-book.

KLM is a global leader in airline sustainability and taking action to make operations more sustainable. KLM’s fleet renewal is a key strategy to reduce the airline’s environmental footprint. The E195-E2, Embraer’s new generation aircraft, is specifically designed to cut emissions and noise pollution. The E2’s environmental credentials are impressive; the E195-E2 delivers a 31% reduction in carbon emissions per seat over KLM Cityhopper’s first-generation E190’s.

Noise pollution is also dramatically reduced; the noise footprint is over 60% smaller – a critical measure at Amsterdam Schiphol Airport which has strict noise abatement rules. The E2’s low external noise level is already well below planned future ICAO limits. Carbon emissions are almost 10% lower per trip and 31% lower per seat. In a typical year, each E195-E2 will emit 1,500 fewer tons of carbon pollutants.

The E195-E2 is the 50th E-Jet to join the KLM Cityhopper fleet of 17 first-generation E175s and 32 E190s. The new E195-E2 is configured with 132 seats – 20 in Business Class, eight in Economy Comfort, and 104 in Economy Class.

Boeing Begins T-7A Red Hawk Advanced Trainer Production

February 23, 2021 / WIL BALDWIN

ST. LOUIS, Feb. 23, 2021 — A new era in aircraft design and build has begun as the first U.S. portion of the T-7A Red Hawk advanced trainer has officially entered the Boeing [NYSE: BA] jet’s state-of-the-art production line.

The training jet, designated the eT-7A Red Hawk by the U.S. Air Force because of its digital heritage, was fully designed using 3D model-based definition and data management systems developed at Boeing during the last two decades. The T-7A Red Hawk employed the digital engineering and design of the Boeing T-X aircraft that went from firm concept to first flight in just 36 months.

The Advanced Pilot Training System also incorporates leading-edge ground-based live and virtual simulators to give students and instructors a “real as it gets” experience.

In September 2018, the U.S. Air Force awarded Boeing a $9.2 billion contract to supply 351 advanced trainer aircraft and 46 associated ground-based training simulators. Saab is teamed with Boeing on the trainer and provides the aft fuselage of the jet.

Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.

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