Tag: chief (Page 2 of 12)

Airbus Reports Third Quarter 2021 Results

October 28, 2021 / WIL BALDWIN

Amsterdam, 28 October 2021 – Airbus SE (Paris stock exchange symbol: AIR) reported consolidated financial results for the nine months ended 30 September 2021.

“The nine-month results reflect a strong performance across the company as well as our efforts on cost containment and competitiveness. As the global recovery continues, we are closely monitoring potential risks to our industry. We are focused on securing the A320 Family ramp up and striving to ensure the right industrial and supply chain capabilities are in place,” said Airbus Chief Executive Officer Guillaume Faury. “Based on our nine-month performance, we have updated our 2021 earnings and cash guidance. We are strengthening the balance sheet to secure investment for our long-term ambitions.

Gross commercial aircraft orders totalled 270 (9m 2020: 370 aircraft) with net orders of 133 aircraft after cancellations (9m 2020: 300 aircraft). The order backlog was 6,894 commercial aircraft on 30 September 2021. Airbus Helicopters booked 185 net orders (9m 2020: 143 units), including 10 helicopters of the Super Puma Family. Airbus Defence and Space’s order intake by value was € 10.1 billion (9m 2020: € 8.2 billion) with third quarter orders including 56 C295 aircraft for India, two A400Ms for Kazakhstan and support and spares contract renewals for the German and Spanish Eurofighter fleets.

Consolidated revenues increased 17 percent to € 35.2 billion (9m 2020: € 30.2 billion), mainly reflecting the higher number of commercial aircraft deliveries compared to 9m 2020. A total of 424 commercial aircraft were delivered (9m 2020: 341 aircraft), comprising 34 A220s, 341 A320 Family, 11 A330s(1), 36 A350s and 2 A380s. Revenues generated by Airbus’ commercial aircraft activities increased 21 percent, largely reflecting the delivery performance compared to 2020 which was strongly impacted by COVID-19. Airbus Helicopters delivered 194 units (9m 2020: 169 units) with revenues up 14 percent reflecting growth in services as well as the higher deliveries, notably more helicopters from the Super Puma family. Revenues at Airbus Defence and Space were broadly stable year-on-year with four A400M military airlifters delivered in 9m 2021.

Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – was € 3,369 million (9m 2020: € -125 million).

The EBIT Adjusted related to Airbus’ commercial aircraft activities totalled € 2,739 million (9m 2020: € -641 million), mainly driven by the operational performance linked to deliveries and efforts on cost containment and competitiveness.

The A220 production rate, which is currently at 5 aircraft a month, is expected to increase to around rate 6 per month in early 2022, with a monthly production rate of 14 envisaged by the middle of the decade. On the A320 Family programme, the Company is working to secure the ramp up and is on trajectory to achieve a monthly rate of 65 aircraft by summer 2023. The recent commercial successes of the A330 programme enable a monthly rate increase from around 2 to almost 3 aircraft at the end of 2022. The A350 programme is expected to increase from around 5 to around 6 aircraft a month in early 2023.

Airbus Helicopters’ EBIT Adjusted increased to € 314 million (9m 2020: € 238 million), driven by services, programme execution and lower spending on Research & Development (R&D).

EBIT Adjusted at Airbus Defence and Space increased to € 284 million (9m 2020: € 266 million), mainly reflecting the Division’s efforts on cost containment and competitiveness.

Consolidated self-financed R&D expenses totalled € 1,919 million (9m 2020: € 2,032 million).

Consolidated EBIT (reported) amounted to € 3,437 million (9m 2020: € -2,185 million), including net Adjustments of € +68 million.

These Adjustments comprised:

€ +190 million related to the A380 programme, of which € +45 million were booked in Q3;
€ -165 million related to the dollar pre-delivery payment mismatch and balance sheet revaluation, of which € +5 million were in Q3;
€ +43 million of other Adjustments, including compliance costs, of which € -6 million were in Q3.

The financial result was € -172 million (9m 2020: € -712 million). It mainly reflects the net interest result of € -233 million partly offset by € +63 million related to the revaluation of the Dassault Aviation equity stake. Consolidated net income(2) was € 2,635 million (9m 2020 net loss: € -2,686 million) with consolidated reported earnings per share of € 3.36 (9m 2020 loss per share: € -3.43).

Consolidated free cash flow before M&A and customer financing was € 2,260 million (9m 2020: € -11,798 million), reflecting efforts on cash containment and also included a positive phasing impact from working capital. Consolidated free cash flow was € 2,308 million (9m 2020: € -12,276 million).

On 30 September 2021, the gross cash position stood at € 21.7 billion (year-end 2020: € 21.4 billion) with a consolidated net cash position of € 6.7 billion (year-end 2020: € 4.3 billion). The Company’s liquidity position remains strong, standing at € 27.7 billion at the end of September 2021. Given the increase in the net cash position and the robust liquidity, a decision was taken not to renew the undrawn € 6.2 billion Supplemental Liquidity Line which matured in September. In the meantime, the maturity of the € 6 billion Revolving Syndicated Credit Facility has been extended by a year.

Outlook

As the basis for its 2021 guidance, the Company assumes no further disruptions to the world economy, air traffic, the Company’s internal operations, and its ability to deliver products and services.

The Company’s 2021 guidance is before M&A.

On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021 around:

600 commercial aircraft deliveries;
EBIT Adjusted of € 4.5 billion;
Free Cash Flow before M&A and Customer Financing of € 2.5 billion.

Boeing Reports Second Quarter Results

July 28, 2021 / WIL BALDWIN

The Boeing Company [NYSE: BA] reported second-quarter revenue of $17.0 billion, driven by higher commercial airplanes and services volume. GAAP earnings per share of $1.00 and core earnings per share (non-GAAP)* of $0.40 primarily reflects higher commercial volume and lower period costs (Table 1). Boeing recorded operating cash flow of ($0.5) billion.

“We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” said Boeing President and Chief Executive Officer David Calhoun. “While our commercial market environment is improving, we’re closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry’s stability. As we continue to position for a robust recovery, we remain committed to safety and quality, while investing in our people, products and technology. I am proud of our team’s resilience and commitment as we work to rebuild trust, improve our performance and deliver for our commercial, defense, space and services customers.”

As part of Boeing’s ongoing focus on global sustainability, the company published its first integrated Sustainability Report in July. “This was an important step in our continued efforts to reinforce our Environmental, Social, and Governance principles,” Calhoun said.

Click the link below to read the full press release!

https://boeing.mediaroom.com/2021-07-28-Boeing-Reports-Second-Quarter-Results

Singapore Airlines Raises S$2 Billion from Sale-and-Lease Back Transactions

May 10, 2021 / WIL BALDWIN

Singapore Airlines (SIA) has completed sale-and-leaseback transactions for 11 aircraft, comprising seven Airbus A350-900s and four Boeing 787-10s, raising approximately S$2.0 billion in total.

The transactions were arranged by four different parties, as follows:

Lease Arranger	Aircraft
Aergo Capital Limited	1 Airbus A350-900 1 Boeing 787-10
Altavair	4 Airbus A350-900s
EastMerchant / Crianza Aviation	1 Airbus A350-900 2 Boeing 787-10s
Muzinich and Co. Limited	1 Airbus A350-900 1 Boeing 787-10
Total	11

SIA has successfully raised approximately S$15.4 billion in fresh liquidity since 1 April 2020, including these sale-and-leaseback transactions. The amount also includes S$8.8 billion from SIA’s successful rights issue, S$2.1 billion from secured financing, S$2.0 billion via the issuance of convertible bonds and notes, as well as more than S$500 million through new committed lines of credit and a short-term unsecured loan.

SIA continues to have access to more than S$2.1 billion in committed credit lines, along with the option to raise up to S$6.2 billion in additional mandatory convertible bonds before the Annual General Meeting in July 2021.

During this period of high uncertainty, as the airline industry continues to navigate the unprecedented challenges caused by the Covid-19 pandemic, the SIA Group will continue to explore additional means to raise liquidity as necessary.

Mr Goh Choon Phong, Singapore Airlines Chief Executive Officer, said: “The additional liquidity from these sale-and-leaseback transactions reinforces our ability to navigate the impact of the Covid-19 pandemic from a position of strength. We will continue to respond nimbly to the evolving marketing conditions, and be ready to capture all possible growth opportunities as we recover from this crisis.”

Mesa Air Group Plans to Lease an Additional 737-400F Cargo Aircraft

February 27, 2021 / WIL BALDWIN

PHOENIX, February, 2021 (GLOBE NEWSWIRE) — Mesa Air Group, Inc. (NASDAQ: MESA) today announced it signed a letter of intent to lease an additional Boeing 737-400F cargo aircraft currently planned to be available in May 2021. The company currently operates two 737-400F aircraft for DHL.

“This 737-400F will be a great addition to the cargo fleet. The investment in a third 737 aircraft demonstrates our focus on cargo operations and our commitment to DHL,” said Brad Rich, Chief Operating Officer. “This aircraft will provide Mesa pilots with additional career advancement opportunities and provide flexibility to better meet the demands of the current cargo environment.”

Rolls-Royce Secures UK Funding for Innovative Naval Autonomy Technology

February 26, 2021 / WIL BALDWIN

Rolls-Royce (London: RR.L) has been awarded funding by the UK Ministry of Defence (MOD) to further develop and demonstrate the Artificial Chief Engineer^® technology – an autonomous machinery control system which allows Naval vessels to undertake long endurance missions with less human interaction.

Developed by Rolls-Royce, Artificial Chief Engineer^® is a critical enabler for autonomous missions by acting as the equivalent of the engineering department responsible for the health and the operation of an unmanned vessel’s machinery. Navies intend to increase their use of optionally-manned and unmanned vessels to project power further for less cost by reducing reliance on manpower, allowing higher-risk or longer-endurance missions, and by lowering the procurement and operating costs of future platforms.

The funding to continue the development, has been awarded under the UK MOD’s Defence and Security Accelerator Intelligent Ship Phase Two programme, which is used to de-risk and evaluate technologies and approaches to enhance the armed forces’ technical advantage.

Rapid growth in automation, autonomy, machine learning and artificial intelligence (AI) has prompted the need to investigate how human-machine teaming can effectively take place. This 16-month programme aims to investigate how effective human-AI collaboration can be best exploited to improve decision-making and planning within complex operating environments.

Artificial Chief Engineer is an on-board, secure, decision-making control system designed to intelligently operate the machinery of lean-manned and unmanned naval vessels. The technology makes condition-based decisions about how best to operate the machinery – including the engines, propulsion system, electrical network and fuel system – using algorithms to optimise the ship for maximum efficiency, lowest noise, top speed or to preserve damaged equipment as required by the ship’s mission. This reduces the workload of remote operators and allows increased mission and system complexity in future unmanned ship designs.

Intelligent Ship is a Defence Science and Technology Laboratory (Dstl) project to develop novel and innovative technologies and concepts to facilitate the use of intelligent systems within future platforms, with potential for utilisation across defence. The aim is to de-risk and evaluate technologies and approaches to enable revolutionary future platform, fleet, and cross-domain concepts to enhance UK military advantage.

Wrapping around the Artificial Chief Engineer project will be Rolls-Royce’s Aletheia Framework^TM. This is a ground-breaking standard it has developed to ensure that before artificial intelligence is used all ethical considerations have been fully assessed, and that once an AI is deployed, its decisions are trustworthy. The Aletheia Framework is as part of a campaign led by Rolls-Royce to improve public trust in artificial intelligence so that its full potential can be realized for good across the world.

Buy One Get One Free with the Amtrak Loves You Sale

February 11, 2021 / WIL BALDWIN

WASHINGTON – At Amtrak, we want to show customers how much we love them by offering a Valentine’s Day Buy One Get One Free Sale. Thursday, February 11, through Tuesday, February 16, customers can purchase one ticket and bring a companion along for free for nationwide travel between February 22 and August 27, Customers can receive discounted tickets by using the code C214 at checkout or at amtrak.com/vdaysale.

Customers can skip the flowers and chocolates this year and take advantage of the Amtrak Loves You, limited-time offer to buy one ticket and get another one free for a future getaway, through August. Travel is available on select trains nationwide including the Auto Train, Northeast Regional, Acela, Southwest Chief, Empire Builder, California Zephyr and many other popular routes throughout the country. Two customers can make it a date and travel together for as low as:

Route	Fare	Cities	Fare
Chicago – Milwaukee	$25	New York – Chicago	$112
Oklahoma City – Fort Worth	$31	Lorton – Sanford	$115*
Albany – New York	$45	Los Angeles – Seattle	$126
New York – Philadelphia	Coach: $46 Acela: $81	Charlotte – New York	$126
Philadelphia – Washington, DC	Coach: $46 Acela: $92	Washington, DC – Atlanta	$132
New York – Providence	Coach: $50 Acela: $94	Philadelphia – Savannah	$140
Boston – New York	Coach: $58 Acela: $98	Washington, DC – New York	Coach: $74 Acela: $128
Fares will vary by train
*Plus the cost of your vehicle

Before traveling on Amtrak, customers should review state-specific travel advisories and restrictions that may be in place for various destinations. Once onboard, Amtrak customers can enjoy the freedom to use their phones and electronic devices (no “airplane mode”), large spacious seats with ample leg room, no middle seat and one of the most generous baggage policies in the travel industry.

Amtrak is leading the way by setting a new standard of travel with enhanced safety and cleaning measures. In an effort to simplify and safeguard the travel experience, several cleaning, contact-free and convenience measures have been implemented into every part of the customer journey, including:

Face Coverings: Per federal law and Amtrak policy, all customers and employees must wear a face mask or covering that fully covers the entire mouth and nose, fits snugly against the side of the face, and secures under the chin at all times while onboard and in stations. Neck gaiters, open-chin triangle bandanas, face shields, and masks containing valves, mesh material or holes of any kind do not qualify as acceptable face coverings. Face masks can be removed briefly while actively eating, drinking or taking medication. Children under 2 years old are not required to wear a face covering. Refusing to wear a mask is a violation of federal law; passengers may be subject to penalties under federal law, denied boarding, removed from the train and banned from future travel in the event of noncompliance.
Enhanced cleaning: Amtrak has enhanced cleaning and disinfecting protocols at stations and onboard our trains.
Air Quality: All trains are equipped with onboard filtration systems with a fresh air exchange rate every 4-5 minutes.
Physical distancing: Signage has been displayed at our busiest stations to indicate safe distances in high traffic areas. In addition, protective plastic barriers have been installed at customer counters at our busiest stations.

This sale is valid for one free companion rail fare traveling on the same reservation as one full adult fare. Adults must travel together and be booked in the same reservation. Upgrades to Acela First Class, and non-Acela Business Class are valid upon payment of full accommodation charge. Upgrades to sleepers are not permitted. This offer is not combinable with any other discount offer. All prices will be automatically discounted from the standard fare when accessing this promotion at amtrak.com/vdaysale or by using the discount code (C214) when booking their trip. Other terms and conditions apply.

Universal Avionics ClearVision™ EFVS Selected for World’s First Supersonic Business Jet

January 24, 2021 / WIL BALDWIN

Universal Avionics (UA) announces the selection of its Clear Vision Enhanced Flight Vision System (EFVS) for the Aerion AS2. The company’s complete Head-Up Display (HUD) and EFVS solution featuring the SkyLens™ Head-Wearable Display (HWD) with its proven unlimited Field of Regard will be installed in the world’s first supersonic business jet.

“Universal Avionics is proud to be selected as the Enhanced Flight Vision System provider for the AS2 supersonic business jet,” said Dror Yahav, UA Chief Executive Officer. “By using the SkyLens as a wearable Head-Up Display, the ClearVision EFVS brings unprecedented capabilities to the airplane and demonstrates a compelling roadmap to the future, on top of the proven operational landing credit and all-weather operation.”

ClearVision provides an innovative Combined Vision System (CVS) displayed on the pilot and copilot SkyLens HWD, the only display of its kind certified today for commercial aviation. The intuitive avionics suite includes UA’s high-resolution EVS-5000 Enhanced Vision System (EVS) camera, composed of six sensors for a comprehensive and unprecedented multispectral coverage, and 3D Synthetic Vision System (SVS). ClearVision greatly improves crew resource management in the cockpit of the AS2, supporting Aerion’s ongoing mission of faster point-to-point travel. In addition, ClearVision offers pilots the ability to overcome degraded visibility situations day and night to move in and out of airports faster, saving time and increasing operational efficiency. With SkyLens, pilots continuously operate head-up and are able to monitor flight information while retaining 3D situational awareness of terrain, and eventually aircraft traffic, through the system’s unlimited 360-degree Field of Regard.

“We are truly excited to bring ClearVision to the highest levels of the business aviation market,” commented Marc Bouliane, UA Vice President of Business Development, Marketing and Services. “For the past year, we have worked diligently with Aerion’s engineering, flight operations and supply chain teams to refine a solution that fits the vision set forth by Aerion. We are honored to have been selected for this ground-breaking project and look forward to the production launch of the AS2 in 2023.”

ClearVision is a trusted and certified solution, flying today on a number of fixed wing and rotary wing aircraft. Nearly 3,000 ClearVision EVS cameras have been fielded to date. Pilots have a discernable Visual Advantage against incandescent and LED airport lighting systems, and the compact size of SkyLens is critical for profiled cockpits such as in the AS2.

“With a proven track record of innovation, Universal Avionics has become the market leader in Head-Wearable Display systems and EVS sensors. This industry-leading technology will offer pilots of the AS2 unparalleled vision and enhanced situational awareness capabilities,” said Steve Berroth, Aerion’s Chief Operating Officer and Executive Vice President of Aircraft Development. “We look forward to our continued collaboration as we seek to change the future of aviation together.”

Aerion’s pursuit of faster point-to-point travel begins with the launch of the AS2 supersonic business jet. Designed to be inherently environmentally responsible from first flight, the AS2 is the first supersonic aircraft designed to be powered by 100% engineered synthetic fuel and reach supersonic speeds without the need for an afterburner.

The manufacture of 300 AS2 aircraft is planned for the first decade of production. The AS2 will be the first aircraft to be assembled at the company’s new global headquarters in Melbourne, Florida – Aerion Park. The state-of-the-art development – powered by sustainable technology – will incorporate headquarters operations plus an integrated campus for research, design, build, and maintenance of the company’s supersonic aircraft.

Boeing 747-8 Lives On With Atlas Air Worldwide Purchases of Four Freighters

January 14, 2021 / WIL BALDWIN

Boeing [NYSE: BA] and Atlas Air Worldwide announced an agreement to purchase four 747-8 Freighters. The order enables Atlas Air to leverage the operational advantages of the 747-8 Freighter to meet growing cargo demand around the globe.

“The 747-8F is the best and most versatile widebody freighter in the market, and we are excited to bolster our fleet with the acquisition of these four aircraft,” said John W. Dietrich, Atlas Air Worldwide President and Chief Executive Officer. “This significant growth opportunity will enable us to capitalize on strong demand and deliver value for our existing and prospective customers. The efficiency and capability of the 747-8F further complements our longstanding focus on leading edge technology. Dedicated freighters – like those operated by our Atlas, Polar and Southern subsidiaries – will continue to be in demand as the global airfreight market, particularly the e-commerce and express sectors, continues to grow.”

With a maximum payload capacity of 137.7 metric tonnes (137,750 kg), the 747-8 Freighter allows customers to access 20% more payload capacity while using 16% less fuel compared to previous-generation 747s. The jet also features 30% quieter engines. The 747-8 airplanes in this agreement will be the final four aircraft to roll off the production line in Everett, Washington.

“The 747 will forever hold a special place in aviation history and we are honored by Atlas Air’s longstanding commitment to the airplane. Atlas Air began operations 28 years ago with a single 747 and it is fitting that they should receive the last 747 production airplanes, ensuring that the ‘Queen of the Skies’ plays a significant role in the global air cargo market for decades to come,” said Stan Deal, president and chief executive officer of Boeing Commercial Airplanes. “With the global air cargo fleet expected to grow by more than 60% over the next 20 years, we look forward to delivering these airplanes and supporting Atlas Air’s Boeing fleet well into the future.”

Atlas Air has 53 747s in its current fleet, making it the largest 747 operator in the world. Its world-class fleet also includes 737s, 767s and 777s. The 747 and 777 models, in particular, are capable of carrying tall and outsized cargo loads on 3-meter-high (10-foot-tall) pallets. This common main-deck pallet height supports interchangeable pallets, adding to the versatility of both models.

Boeing, the market leader in air cargo aircraft, provides more than 90% of the dedicated freighter capacity around the world, including new production and converted freighters. The 747 program has produced 1,560 aircraft since launching the jumbo jet more than 50 years ago. In July 2020, Boeing announced its decision to complete production of the 747-8 in 2022.

A crowd that included Air Force leadership, congressional representatives and senators, executives and plant personnel from the Lockheed Martin Aeronautics Corporation attended a ceremony dedicating the delivery of the final F-22 Raptor in Marietta, Ga., May 2. (U.S. Air Force photo/Don Peek)

Lockheed Martin Inks $4.4B Deal to Acquire Aerojet Rocketdyne

December 20, 2020 / WIL BALDWIN

From Reuters News – Reporting by Mike Stone in Washington, D.C., Editing by Greg Roumeliotis

Dec 20 (Reuters) – Lockheed Martin Corp (NYSE: LMT) said on Sunday that it has agreed acquire U.S. rocket engine manufacturer Aerojet Rocketdyne Holdings Inc (NYSE: AJRD) for $4.4 billion, including debt and net cash.

The deal is Lockheed’s biggest acquisition since Jim Taiclet took over as chief executive in June. He is seeking to beef up the company’s propulsion capabilities amid competition from new entrants such as SpaceX and Blue Origin, for space contracts with the U.S. government.

“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer,” Taiclet said in a statement.

Lockheed said it will pay $56 per share for Aerojet Rocketdyne, a 33 percent premium to Friday’s closing price. The purchase price will be reduced to $51 per share after the payment of a pre-closing special dividend, Lockheed added.

The Bethesda, Maryland-based company already uses Aerojet Rocketdyne’s propulsion systems in its aeronautics, missiles and fire control offerings.

Lockheed said the transaction, which is set to be scrutinized by regulators given the company’s leading position in the defense sector, is expected to close in the second half of 2021.

Auckland Metro Network Announces Christmas Shutdown

December 14, 2020 / WIL BALDWIN

Infrastructure work across the Auckland metro rail network is set to ramp up over the Christmas period during a network wide shut down.

As Aucklanders head out of the city on holiday, work on several projects is scheduled across the network to take advantage of the quieter period.

KiwiRail Chief Operating Officer Todd Moyle says work will focus on track repairs.

“We’ll have more than 100 people working over the Christmas and New Year period across the network. Additionally, preliminary work on Papakura to Pukekohe electrification, the Westfield and Wiri junction and the construction of a third main will be getting underway.”

All of the projects are part of the Auckland Metro Rail Programme and once complete will deliver Auckland a resilient train infrastructure network for improved reliability of passenger train services provided by Auckland Transport and freight trains.

Earlier in the year, testing uncovered damage to more than 100km of track which required urgent upgrading.

“Our teams have put in a lot of hours and have already completed over 50 percent of the required work.

“The upgrade has been a massive task and KiwiRail has worked with Auckland Transport throughout the project to try to minimise the impact on commuters.”

The network shutdown will take place from Saturday 26 December to Sunday 10 January. During that period only freight trains will operate on the tracks.

Commuters on the Western line between Fruitvale Road and Swanson will need to prepare for a longer period of disruption, with work starting earlier, on December 20, and continuing along the entire Western Line until the end of January 2021.

“We have planned the repairs on the Western line to minimise the impact when the school year begins in February.”

“KiwiRail appreciates the level of cooperation and understanding from the public as this necessary work continues. The progress that will be made during the shutdown is an investment which will make the network more resilient and reduce future outages.”

AT Executive General Manager Integrated Networks Mark Lambert says “Once again AT wishes to acknowledge the disruption that these works have had on our customers. We will continue to provide Rail Replacement Bus services across the network throughout the shutdown, including New Year’s Eve, when many Aucklanders will be wanting to spend time with their friends and loved-ones.”

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