• Embraer delivered 26 commercial and 25 executive (19 light and 6 large) jets during 2Q19, compared to 28 commercial jets and 20 executive (15 light and 5 large) jets in 2Q18
• The Company’s firm order backlog at the end of 2Q19 was US$ 16.9 billion, up from the US$ 16.0 billion reported at the end of 1Q19. Embraer achieved book-to-bills of above 1x in each of its major business units during the quarter, led by sales performance in the Executive Jets segment
• EBIT and EBITDA in 2Q19 were US$ 26.6 million and US$ 67.0 million, respectively, yielding EBIT margin of 1.9% and EBITDA margin of 4.9%. In the first six months of 2019 the Company’s EBIT was US$ 11.4 million (EBIT margin of 0.5%) and EBITDA was US$ 97.9 million (EBITDA margin of 4.4%)
• 2Q19 Net income attributable to Embraer shareholders and Earnings per ADS were US$ 7.2 million and US$ 0.04, respectively. Adjusted net loss (excluding deferred income tax and social contribution) for 2Q19 was US$ (13.9) million, with Adjusted loss per ADS of US$ (0.08). Embraer reported adjusted net loss in 2Q18 of US$ (0.4) million, for an adjusted loss per ADS of US$ (0.002) in the quarter
• Embraer reported 2Q19 Free cash flow of US$ 1.5 million, versus free cash flow of US$ 43.3 million reported in 2Q18. The Company expects free cash flow generation to improve in the second half of the year given higher expected aircraft deliveries and cash inflows related to Defense & Security contracts
• The Company finished the quarter with total cash of US$ 2,478.8 million and total debt of US$ 3,569.1 million, yielding a net debt position of US$ 1,090.3 million at the end of 2Q19
• The Company reaffirms all aspects of its 2019 financial and deliveries guidance.
The EDRS-C satellite, the second node of the SpaceDataHighway network (also known as EDRS, European Data Relay System), has been successfully launched into geostationary orbit at 31° East by an Ariane 5 rocket from Kourou, French Guiana. After a test period, it will double transmission capacity of the system in order to serve two observation satellites simultaneously and provide redundant back-up for the SpaceDataHighway.
This second satellite is joining EDRS-A which transmits on a daily basis the images of Earth acquired by the Copernicus programme’s four Sentinel observation satellites. Since it entered service in late 2016, it has achieved more than 20,000 laser connections. The reliability rate has reached 99.5%, and these successful connections have downloaded more than 1 petabyte of data. Full operations including EDRS-C are expected by the end of 2019, when its inter-satellite link and end-to-end service will be tested and commissioned with the Sentinel satellites.
The SpaceDataHighway is the world’s first ‘optical fibre’ network in the sky based on cutting-edge laser technology. It is a unique network of geostationary satellites permanently fixed over a network of ground stations that can transmit data at a rate of 1.8 Gbit/s. It will be a key component of the Airbus Network for the Sky (NFTS) programme. NFTS combines various technologies – satellite and ground communications, air-to-ground, ground-to-air and air-to-air tactical links, 5G mobile communications and laser connections – in a resilient, unified, secure, highly interoperable, mesh network for aircraft, UAVs and helicopters.
SpaceDataHighway satellites can connect to low-orbiting observation satellites at a distance up to 45000 km, intelligence UAVs or mission aircraft via laser. From its position in geostationary orbit, the SpaceDataHighway system relays data collected by observation satellites to Earth in near-real-time, a process that would normally take around 90 minutes. It thus enables the quantity of image and video data transmitted by observation satellites to be tripled and their mission plan to be reprogrammed at any time and in just a few minutes.
“The SpaceDataHighway makes our data connections more secure, more stable, more reliable, with more bandwidth and in near real time. The launch of our second satellite is just the start, laser communication will be a revolution for many industries,” said Evert Dudok, Head of Communications, Intelligence & Security at Airbus Defence and Space.
A third communication node is to be positioned over the Asia-Pacific region by around 2024. Equipped with three laser terminals, EDRS-D will significantly increase the system’s communication capacity and considerably expand its coverage.
From 2021, the Pleiades Neo Earth observation satellites will begin to use the SpaceDataHighway. By the end of 2019, the system will also provide a fully European broadband communication service to the Columbus module of the International Space Station (ISS).
The SpaceDataHighway is a public–private partnership between the European Space Agency (ESA) and Airbus, with the laser terminals developed by Tesat-Spacecom and the DLR German Space Administration. Airbus owns, operates and provides commercial services for the SpaceDataHighway. The EDRS-C satellite platform supplied by OHB System AG is also carrying a payload for Avanti Communications.
Håkan Buskhe has informed Saab’s Board of Directors that he is leaving the position of President and CEO. The Board will now begin the recruitment of a successor.
Håkan Buskhe has according to his contract a six-month notice period and will continue in his current role for the time being, but will leave Saab by February 2020. The exact date will be determined by the recruitment process that Saab’s Board now is initiating.
“With his great commitment and several strategically important decisions, Håkan Buskhe has laid a strong foundation for the continued positive progress of Saab. The development of Gripen E, Saab’s part in the US T-X project and a sharp increase in capability within the important sensor technological area with i.a. GlobalEye, are some examples of this. Under Håkan Buskhe’s leadership, Saab has also expanded internationally and started collaborations with a number of other leading defence industries. All in all, this means that Saab stands on a solid foundation, which is necessary with the extremely rapid technological developments that affect all industries,” says Marcus Wallenberg, Chairman of the Board.
Håkan Buskhe assumed the role of President and CEO of Saab on September 1, 2010. Håkan Buskhe is 55 years old.
“Saab has grown to a new level and is today a strong international defence and security company. We have achieved this through strategic partnerships, global presence and a continuous focus on investments in the product portfolio. It has been fantastic to lead this work”, says Saab’s President and CEO Håkan Buskhe.
“The reason I choose to leave Saab is that I would like to face another operational challenge in my career. Until a new CEO is in place, I will continue to have full focus on Saab to ensure a smooth arrival for my successor, with the priorities being the implementation of the major projects together with our customers and the continued work to achieve Saab’s financial goals”, concludes Saab’s President and CEO Håkan Buskhe.
PROVIDENCE, R.I.–(BUSINESS WIRE)– Textron Inc. (NYSE: TXT) today announced that it is reviewing strategic alternatives for its Kautex business unit, which produces fuel systems and other functional components. Textron plans to consider a range of options, including a sale, tax-free spin-off or other transaction. Kautex operates over 30 plants in 14 countries and generated over $2.3 billion in revenue in 2018.
Kautex, headquartered in Bonn, Germany, is a leading developer and manufacturer of blow-molded plastic fuel systems and advanced fuel systems for cars and light trucks, including pressurized fuel tanks for hybrid applications. The unit also develops and manufactures camera/sensor cleaning solutions for automobiles, selective catalytic reduction systems used to reduce emissions from diesel engines as well as produces cast iron engine camshafts, crankshafts and other engine components.
“Kautex is a leading Tier One supplier to global OEMs. It has a long history of product innovation, world-class operations and strong financial performance,” said Scott C. Donnelly, Textron Chairman and Chief Executive Officer. “We are exploring strategic alternatives to see how we can position Kautex to best serve its customers for ongoing success while simultaneously unlocking potential value for our shareholders.”
No decision has been made and there can be no assurance that the process will result in any transaction being announced or completed in the future. The Company has not set a definitive timetable for completion of its review of strategic alternatives and does not intend to make any further announcements related to its review unless and until its Board of Directors has approved a specific transaction or the Company otherwise determines that further disclosure is appropriate.
Textron has retained Goldman Sachs & Co. LLC as financial advisor to assist in its review.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information visit: www.textron.com
KEY WEST, Fla., Aug. 3, 2019- The U.S. Navy commissioned USS Billings (LCS 15) – the nation’s eighth Freedom-variant Littoral Combat Ship (LCS) – in Key West, Florida. This milestone places the ship, built by the Lockheed Martin (NYSE: LMT) -led team into active service.
“Billings was designed to operate and adapt to a rapidly changing environment,” said Joe DePietro, vice president of Small Combatants and Ship Systems at Lockheed Martin. “She is equipped and ready for today’s threats and easily modifiable to meet the threats we may not even be aware of yet. Our team is confident Billings will be what the Navy needs when the fleet needs it.”
Unique among combat ships, LCS is designed to complete close-to-shore missions and is a growing and relevant part of the Navy’s fleet.
It is fast — capable of speeds in excess of 40 knots.
It is automated — with the most efficient staffing of any combat ship.
It is lethal — standard equipped with Rolling Airframe Missiles (RAM) and a Mark 110 gun, capable of firing 220 rounds per minute.
It is flexible — with 40 percent of the hull easily reconfigurable, integrating capabilities like the Longbow Hellfire Missiles, 30mm guns, and manned and unmanned vehicles targeted to meet today’s and tomorrow’s missions.
“Having now commanded two freedom class LCS variants, I would like to report that these ships are truly impressive and will fit well in the niche they have been designed for,” said LCS 15’s Commanding Officer, Commander Nathan Rowan. “They are fast, maneuverable, and their weapon systems are some of the most accurate I’ve witnessed on any platform of which I’ve previously served.”
There are seven ships in various stages of production and test at Fincantieri Marinette Marine in Wisconsin, where the Freedom-variant LCS is built. The next Freedom-variant in the class is LCS 17, the future USS Indianapolis, which was delivered in late July.
“On behalf of the proud 2,000 men and women who transform flat steel into a fast, agile surface combatant,” said Jan Allman, CEO of Fincantieri Marinette Marine, “we are honored to support the U.S. Navy, and we congratulate the outstanding crew of the USS Billings.”
WASHINGTON, July 19 (Reuters) – Lockheed Martin was awarded a $1.48 billion contract to build the THAAD missile defense system for Saudi Arabia, bringing the total value of the deal to $5.36 billion, the Pentagon said on Friday.
The new contract was a modification to a previously awarded agreement to produce the Terminal High Altitude Area Defense interceptor for Saudi Arabia, the Pentagon said.
In November 2018, Saudi and U.S. officials signed letters of offer and acceptance formalizing terms for Saudi Arabia’s purchase of 44 THAAD launchers, missiles and related equipment.
In April Lockheed was awarded a $2.4 billion contract for THAAD interceptor missiles, some of which are slated to be delivered to the Kingdom of Saudi Arabia.
The latest contract is for interceptor support items.
Lockheed Martin, the biggest U.S. arms maker, builds and integrates the THAAD system, which is designed to shoot down short-, medium- and intermediate-range ballistic missiles. Raytheon, another U.S. firm, builds its advanced radar.
(Reporting by David Alexander Editing by Tom Brown)
President Donald J. Trump visited Derco, which maintains one of the largest and most diversified aircraft spares inventories of over 75,000 unique parts, ensuring customers have the parts available to keep their aircraft flying. Photo by: Todd McQueen, Lockheed Martin
MILWAUKEE, July 12, 2019 /PRNewswire/ — During a visit to Derco, a Lockheed Martin company (NYSE: LMT), President Donald J. Trump announced more work is coming to Milwaukee. Derco will provide parts warehousing and distribution sustainment for the F-35 Lightning II, supporting the U.S. Air Force, Marine Corps, Navy and allies around the world.
“From here in Milwaukee, you are supporting magnificent aircraft, and soon you’ll support the unstoppable, stealth F-35 Lightning II,” said President Trump. “I am thrilled to be back in the great state of Wisconsin with the extraordinary men and women of Derco. We are here today to celebrate the triumphant return of American manufacturing, and everything we are doing to keep the assembly lines rolling.”
Derco is growing its workforce by 15 percent by the end of the year. Because of its culture and skilled workforce, Derco has been named one of the Top Workplaces in Milwaukee for the past four years. Approximately 20 percent of Derco employees are veterans.
Derco initially will support the management and delivery of 1,500 different F-35 parts to locations around the globe. This increased work will create more skilled jobs for repair technicians, operations personnel and supply chain management experts.
The F-35 is the most advanced, survivable and connected fighter jet. The United States’ program of record is for 2,456 aircraft, and Lockheed Martin is set to deliver 1,000 more to allied nations.
To support the growing business, Derco is investing in its facility and is breaking ground to expand the campus. Derco is also looking to add to its 1,200 suppliers to develop repair capabilities for the F-35 in Milwaukee. Currently, the F-35 provides $1.2 million in economic impact across the supply chain in Wisconsin.
U.S. Air Force F-35A Lightning II Joint Strike Fighters from the 58th Fighter Squadron, 33rd Fighter Wing, Eglin AFB, Fla. perform an aerial refueling mission with a KC-135 Stratotanker from the 336th Air Refueling Squadron from March ARB, Calif., May 14, 2013 off the coast of Northwest Florida. The 33rd Fighter Wing is a joint graduate flying and maintenance training wing that trains Air Force, Marine, Navy and international partner operators and maintainers of the F-35 Lightning II. (U.S. Air Force photo by Master Sgt. Donald R. Allen/Released)
EL SEGUNDO, Calif., July 11, 2019 /PRNewswire/ — Raytheon (RTN) was selected by the Boeing Company as radar supplier for the B-52 bomber radar modernization program. Under the contract, Raytheon will design, develop, produce and sustain active electronically scanned array radar systems for the entire U.S. Air Force B-52 fleet. The advanced radar upgrade will ensure the aircraft remains mission ready through 2050 and beyond. Low rate initial production is scheduled to begin in 2024.
With an AESA radar on board, the B-52 will gain improved navigation reliability to support nuclear and conventional missions. Raytheon’s B-52 radar is based on AESA technologies developed from the APG-79/APG-82 radar family.
“When it comes to years spent flying in support of our nation’s defense,” said Eric Ditmars, vice president of Raytheon Secure Sensor Solutions. “Our new AESA radars give aircrews the eyes they need to achieve their mission for the duration of the B-52’s service life.”
The B-52 will also benefit from improved mapping and detection range and an increase in the number of targets it can simultaneously engage. Along with improved capabilities that help crews see further and more accurately, Raytheon’s AESA radar offers greater reliability than the current system because it has no moving parts and uses modern operating software.
About Raytheon Raytheon Company, with 2018 sales of $27 billion and 67,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 97 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I™ products and services, sensing, effects and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts.
Authorized MDHI Sales Agent International Defense & Aerospace Group welcomes the first of up to 3 new, state-of-the-art MD 530F helicopters to be used for tactical and NVG flight training
MD Helicopters, Inc. (MDHI) is proud to announce the sale and delivery of a new MD 530F to International Defense & Aerospace Group, LLC (IDAG), a Pennsylvania-based authorized sales agent. The company’s first state-of-the-art MD 530F aircraft with a production all-glass cockpit, the custom-configured F-model will join an IDAG fleet of training aircraft operated by the Slovak Training Academy that also includes five (5) MD 500E-model helicopters. Its primary role will be to support the tactical and NVG flight training needs of military and paramilitary helicopter pilots from around the world.
“We are excited about the sale of this MD 530F, and the opportunity to have military and paramilitary pilots from around the world train in the MD 530F,” said Lynn Tilton, MD Helicopters, Inc. Chief Executive Officer. “MD Helicopters and International Defense & Aerospace Group are aligned in our commitment to delivering excellence in product quality, support and training, and in our belief that the MD 500E and MD 530F airframes offer the best performance in their class for training, law enforcement and military operations.”
An authorized MDHI Sales Agent for select Central and Eastern European opportunities since 2017, International Defense & Aerospace Group (IDAG) focuses on the sale and service of specialty rotorcraft solutions to military and paramilitary operators throughout Central and Eastern Europe. Global airborne law enforcement, military, and Special Forces operators worldwide also recognize IDAG for offering a comprehensive curriculum of transition and tactical flight training.
“We believe in the quality, proven performance and durability of MD Helicopters’ aircraft,” said Bob Caldwell, President and CEO of IDAG. “The MD 500-series helicopters are perfectly suited for training missions. They are incredibly robust, economical to operate, and have an unmatched safety record.”
IDAG also supports fleet operations and flight crew training for several regional national police agencies and operators.
Configuration
Powered by the Rolls-Royce 250-C30 650shp turbine engine, IDAG’s right-hand command MD 530F is the first type-certified 369FF aircraft to be produced with the company’s all-glass cockpit, and also features NVIS cockpit lighting, extended landed gear, and a 21-gallon Fargo auxiliary fuel tank.
“The MD 530F is one of our most versatile airframes,” Tilton concludes. “It is a proven performer with military and paramilitary operators worldwide, and delivers the overall performance, reliability and mission flexibility required by our growing global base of operators. We congratulate IDAG on this acquisition decision and look forward to the continued growth of their MD Helicopters fleet.”
VIDEO & IMAGE ASSETS: Click here to view a short video featuring this new, multi-mission, multi-role MD 530F. High-resolution images can be requested via MD Helicopters
(Bloomberg) — Qatar has made agreements with U.S. companies to spend billions on airplanes and jet engines and to develop a petrochemical complex, the White House said on Tuesday.
At least some of the deals were previously made but were publicly touted by the Trump administration Tuesday. Among them: Qatar Airways purchasing Boeing Co. 777 freighters and large-cabin aircraft from Gulfstream Aerospace, the private jet unit of General Dynamics Corp.
“They’re investing very heavily in our country,” Trump told reporters at the White House. “They’re creating a lot of jobs. They’re buying tremendous amounts of military equipment including planes.
Qatar’s defense ministry committed to acquire Raytheon Co.’s NASM and Patriot Systems, according to the White House. In addition, a unit of Chevron Corp. entered into an agreement with Qatar Petroleum for the development, construction and operation of a petrochemicals complex in Qatar.
The agreements, whose total cost wasn’t disclosed by the White House, were announced during a visit to the White House by the emir of Qatar, Sheikh Tamim Bin Hamad Al Thani.
The deals come amid a two-year economic blockade of Qatar led by U.S. ally Saudi Arabia and supported by nations including Egypt and the United Arab Emirates. Trump initially appeared to support the Saudi move — echoing its assertions that Qatar supported terrorists — even though it put the U.S. in an awkward position because it has a major military base in Qatar.
But Qatar has looked to improve relations in the U.S., with the emir saying the country was committed to doubling the economic partnership between the two countries. Mansoor bin Ebrahim Al Mahmoud, who leads the Qatar Investment Authority, said earlier this year that the country’s sovereign wealth fund will look to increase its U.S. investment portfolio from around $30 billion to about $45 billion over the next two years.
The country has also made significant gestures toward increasing its spending on U.S. defense contractors, with the U.S. approving a large weapons systems purchase ahead of Sheikh Tamim’s last visit to the country. In 2017, the country signed a deal to spend $12 billion for the purchase of 36 F-15QA fighter jets.
And the U.S. has announced plans to expand and renovate the al-Udeid Air Base near Doha, which houses the forward headquarters of the U.S. military’s Central Command and some 10,000 American troops. During a dinner with the leaders on Monday, Trump thanked Sheikh Tamim for Qatar’s $1.8 billion investment in the project which will be used to construct housing and entertainment facilities.
Several companies have released specifics of some of the agreements that were formalized on Tuesday.
Gulfstream said its deal is for $1 billion in corporate jets that General Dynamics announced in January without giving the customer’s name. Boeing said last month it made a deal to sell five 777 freighters at a list price of $1.8 billion.
Qatar Airways plans to use General Electric Co. jet engines for Boeing 787 and 777 aircraft, according to the White House.
A Chevron statement Tuesday said the company was signing a new agreement at the White House for a previously unannounced $8 billion U.S. Gulf Coast project. The White House statement mentions only a prior deal, announced last month, in which the company would join forces with Qatar Petroleum to build a facility in Qatar.
(Story by Justin Sink and Thomas Black, Edited by Alex Wayne, Justin Blum, and Larry Liebert)
