SEATTLE, July 1, 2019 /PRNewswire/ — Alaska Air Group Inc., the parent company of Alaska Airlines Inc. and Horizon Air Industries, Inc., will announce its second quarter 2019 financial results on Thursday, July 25, 2019. A conference call is scheduled at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Interested parties may listen to the call via webcast at www.alaskaair.com/investors.
Alaska Airlines and its regional partners fly 46 million guests a year to more than 115 destinations with an average of 1,200 daily flights across the United States and to Mexico, Canada and Costa Rica. With Alaska and Alaska Global Partners, guests can earn and redeem miles on flights to more than 900 destinations worldwide. Alaska Airlines ranked “Highest in Customer Satisfaction Among Traditional Carriers in North America” in the J.D. Power North America Airline Satisfaction Study for 12 consecutive years from 2008 to 2019. Learn about Alaska’s award-winning service at newsroom.alaskaair.com and blog.alaskaair.com. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).
LOS ANGELES, July 1, 2019 – Air Lease Corporation (NYSE: AL) will host a conference call on August 8, 2019 at 4:30 PM Eastern Time to discuss the Company’s financial results for the second quarter of 2019.
Investors can participate in the conference call by dialing (855) 308-8321 domestic or (330) 863-3465 international. The passcode for the call is 4472126.
The conference call will also be broadcast live through a link on the Investors page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investors page of the Air Lease Corporation website.
For your convenience, the conference call can be replayed in its entirety beginning at 7:30 PM ET on August 8, 2019 until 7:30 PM ET on August 15, 2019. If you wish to listen to the replay of this conference call, please dial (855) 859-2056 domestic or (404) 537-3406 international and enter passcode 4472126.
About Air Lease Corporation
ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC’s website at www.airleasecorp.com.
July 1 (Reuters) – Canada’s Brookfield Asset Management Inc and Singaporean sovereign wealth fund GIC on Monday agreed to buy U.S. freight railroad owner Genesee & Wyoming Inc for about $6.4 billion in cash.
Brookfield and GIC’s offer of $112 per share represents a premium of 12 percent to Genesee’s closing price on Friday. Genesee shares were up about 8 percent in trading before the bell.
Including debt, the deal is valued at about 8.4 billion, the companies said in a statement.
Genesee & Wyoming’s revenue have increased at a compound annual growth rate of 16.8% since it floated in the stock market in 1996, rising to $2.3 billion in 2018 from $77.8 million, according to Genesee & Wyoming’s latest annual report.
The company owns a portfolio of 120 short-line railroads, predominantly in North America, with operations in Europe and Australia.
Reuters had reported on the deal on Sunday, citing sources.
The deal, which is expected to close by year end or early 2020, would be the latest big leveraged buyout by Brookfield, which agreed last year to buy Johnson Controls International Plc’s power solutions business for about $13 billion.
Citigroup Global Markets Inc served as the financial adviser to Brookfield and GIC, while BofA Merrill Lynch and Morgan Stanley & Co LLC advised Genesee.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)
FILE PHOTO: An Airbus A400M aircraft flies during a display on the first day of the 52nd Paris Air Show at Le Bourget airport near Paris
PARIS
(Reuters) – Airbus said on Friday it had signed an agreement with
European buyer countries for a revised contract for its delayed A400M
military transporter plane.
Reuters reported on Thursday that the parties had reached an agreement on a new contract.
Airbus said the agreement with OCCAR, which represents Germany, France, United Kingdom, Spain, Turkey, Belgium and Luxembourg, included key points such as new capabilities development plan, a new production delivery schedule and new financial terms.
Under the new financial terms, it said the partners agreed on the implementation of a revised financial retention mechanism which is the amount of cash that buyer countries can hold back while waiting for delayed deliveries.
“On the basis of this contract amendment signature, Airbus is fully committed to continue on this positive path and to providing its A400M current and future customers with the most powerful and technologically advanced military transport aircraft available on the market,” said Dirk Hoke, Chief Executive Officer of Airbus Defense and Space.
(Reporting by Tim Hepher; Writing by Bate Felix. Editing by Jane Merriman)
DUBAI (Reuters) – Oman Air CEO Abdulaziz Al Raisi plans to hold talks with Airbus if Boeing does not provide a support and recovery plan for its grounded 737 MAX planes before June 17, a statement by the Omani company said on Friday.
“The grounding of the 737 MAXs has had a major financial impact on Oman Air,” the statement cited Raisi as saying.
“The airline’s expansion plans for 2019 had been significantly curtailed” and Oman Air “also suffered revenue losses and market share declines,” he added.
The Oman Air CEO said Boeing ”promised a recovery and support plan for Oman Air that would be submitted to the airline before the upcoming Paris Airshow starting on 17th June 2019.”
“If I don’t hear back from Boeing before I arrive at Le Bourget Airport, then I will have to go ahead with my planned business lunch with Airbus at the airshow,” the Oman Air statement cited Raisi as saying.
(Reporting by Alex Cornwell; writing by Maher Chmaytelli. Editing by Jane Merriman)
(Reuters) – Canada’s WestJet Airlines Ltd said on Monday it will be acquired by private equity firm Onex Corp in an all-cash deal for C$3.53 billion ($2.63 billion).
Including debt, the deal is valued at about C$5 billion.
As part of the deal, WestJet shareholders will receive C$31 for each share held, representing an about 67% premium to its closing price on Friday.
The investment will be led by Onex Partners, Onex’s private equity platform focused on larger investment opportunities and WestJet’s board has recommended that its shareholders vote in favor of the deal.
The private equity fund has a history of investing in aerospace, having previously held a major stake in Boeing supplier Spirit Aerosystems.
The deal is expected to close in the latter part of this year or early next year, the company said.
CIBC Capital Markets and B of A Merrill Lynch were the financial advisers to WestJet, while Barclays, Morgan Stanley and RBC Capital Markets advised Onex.
(Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur)
The business year 2018 was an exceptionally successful one for Pilatus, but also a challenging one. At around 1.1 billion Swiss francs, sales revenue was brought back to the billion mark again. The 128 aircraft delivered in total included the first PC-24 – a milestone in the company history. All in all, 18 PC-24s were handed over to customers in the past year.
Financial 2018 was better than the previous year. At 1,092 million Swiss francs, sales revenue surpassed the one billion mark for the first time since 2015. The operating result totals 157 million Swiss francs. And the future looks good: following incoming orders worth 1 billion Swiss francs, the current order volume stands at 2.1 billion Swiss francs – the equivalent of just under two years of sales revenue. A total of 128 aircraft were delivered to customers – 18 PC-24s, 80 PC-12 NGs, 27 PC-21s and three PC-6s.
PC-24 in focus
Pilatus PC-24 Jet
The delivery of the first PC-24 to the first customer in February 2018 marked a milestone in the development phase spanning over eleven years. The brand-new Super Versatile Jet was the focus of much work throughout 2018: besides bringing PC-24 series production operations up to speed, the customer service unit and entire service network also switched to “live” mode. Pilatus continued to make improvements to the PC-24 in parallel, pushing ahead with various post-certification test programmes aimed at delivering all aircraft capabilities promised to customers at the outset. The next milestone is just around the corner: the reopening of the PC-24 order book.
Customer service business grows in both pillars
Whilst the military sector is hugely important to Pilatus, the lack of new trainer fleet contracts in 2018 is not unduly worrying: Pilatus is focused on the necessary upstream work and has reinforced its sales efforts in this area. Constant growth in after-sales business is encouraging.
Pilatus PC-12
The Business Unit General Aviation also saw continued expansion of its customer service operations. The volume of PC-24s in operation grows with every week that passes, generating similar growth in the number of customers requiring support. The network of Authorised Pilatus Centres was further strengthened to offer customers around the world the level of service they are entitled to expect in the business aircraft league.
Preparing for success in the future
At the end of 2018 the Pilatus Group employed 2,283 people, including 127 apprentices. Over 150 new jobs were created. 93 percent of all employees work in Switzerland. At the headquarters in Stans work progresses on the construction of the new structure assembly hall: this new centre of competence for airframe construction operations will be commissioned in spring 2019 – a clear sign of commitment to the location in Switzerland.
Pilatus PC-21
The new completion centre run by the US subsidiary Pilatus Business Aircraft Ltd in Broomfield, Colorado, opened in the autumn. In Adelaide, preparatory work continued for the construction of a new, company-owned building for the subsidiary, Pilatus Australia Pty Ltd.
Commenting on these results, Chairman Oscar J. Schwenk remarked: “I am pleased to note that financial 2018 was a very successful year for us. A year in which a great deal of energy went into performing much detailed work. Work which will take us forward throughout the coming year, creating added benefit for our customers. The good financial results of the past year will also benefit our employees under our profit-sharing programme. In addition to an extra month’s salary, they have also been paid a bonus of 1.5 salaries. Our next challenge is already in sight: the imminent re-opening of the PC-24 order book. This is the year in which the reputation of the PC-24 and all other related services will be established. We are consistent in our efforts towards that goal, thereby consolidating our success and our future.”
(Reuters) – Boeing Co’s largest supplier Spirit AeroSystems Holdings Inc reported strong first-quarter results on Wednesday, while following the planemaker in suspending its full-year outlook in the face of the global grounding of 737 MAX jets.
The crisis with Boeing’s most popular aircraft has thrown into doubt orders for a raft of parts makers who have been investing heavily to meet record-breaking demand from the world’s biggest planemaker over the past two years.
Spirit, which makes fuselage, structural engine components and wing parts for the MAX, did a deal with Boeing last month to stick to its current parts delivery schedules for now, and its profits in the first quarter were up 30 percent, according to Wednesday’s quarterly results.
Boeing however has announced cutbacks in its monthly production of MAX jets to 42 from 52 and while it says it is nearing certification for a software fix for the jet, airlines are assuming the planes will not be back in the air before August.
Spirit said with the uncertainty around MAX production it could not stand by its previous full-year outlook which had factored production for MAX jets rising to 57 units per month in June.
“As we now expect to remain at 52 aircraft per month for some period of time, (prior) guidance does not reflect our current outlook,” Spirit Chief Executive Officer Tom Gentile said, adding he was waiting for more clarity from Boeing on MAX’s return to service.
MAX’s other major supplier General Electric Co, which makes engines with Safran SA of France, on Tuesday stuck to its full-year forecasts, while highlighting risk due to MAX’s reduced production.
Another MAX supplier United Technologies Corp last month included an up to 10 cents per share impact in its full-year profit outlook from the groundings of the jet, assuming Boeing produced at 42 aircraft per month for the rest of the year.
Spirit, whose shares are down about 10 percent since the fatal crash of the Ethiopian Airlines’ jet on March 10, rose as much as 3.5 percent to $89.96 in morning trade.
“Given that (Spirit’s) shares have already notably sold off, we think much of this … has been discounted into the price,” Vertical Research Partners Krishna Sinha said.
The company said it has taken actions including deferring capital investments and pausing hiring and share repurchases to mitigate the financial impact of the MAX production change.
On an adjusted basis, Spirit earned $1.68 per share, beating analysts’ average estimate of $1.64 per share, according to IBES data from Refinitiv.
Total revenue rose 13.4 percent to $1.97 billion (£1.51 billion), beating estimates of $1.93 billion.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)
(Reuters)
– Alphabet Inc’s Google on Wednesday raised the monthly membership
price of its YouTube TV online service by 25 percent to $49.99, while
adding channels such as Discovery, Animal Planet and TLC.
The
second price rise in nearly 14 months comes as YouTube expands its
offering to better compete with a growing number of services, including
Dish Network Corp’s Sling TV, AT&T’s DirecTV Now and Hulu, which are
vying to attract viewers cancelling cable subscriptions, or cord
cutting.
Google had raised the price of YouTube TV from $35 to $40 in February last year.
The
cost for competing services such as Hulu’s offering with more than 60
channels is $44.99 per month, while its library of shows and movies
costs an additional $5.99.
YouTube
TV will be adding eight new channels, including the Travel Channel,
HGTV and Food Network, to take the total number of networks to more than
70.
The
new price takes effect from April 10 for new members, while the revised
fee for existing subscribers will come into force after May 13, it said
in a blog post.
The price for members billed through Apple will be $54.99 per month, it added.
(Reporting by Arjun Panchadar in Bengaluru; Editing by James Emmanuel)
FILE PHOTO – The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File Picture
(Reuters)
– Wynn Resorts Ltd, the world’s No. 2 casino operator, said on Tuesday
it scrapped preliminary talks to acquire Crown Resorts Ltd for A$10
billion ($7.1 billion), after the Australian Financial Review broke news
of the negotiations.
Wynn’s
backtracking illustrates how media leaks of deal talks can test the
resolve of potential acquirers. Crown shares jumped as much as 22
percent on the news to A$14.37, close to the $A14.75 per share level
that Crown said Wynn’s latest cash-and-stock offer valued the company.
This
can make deal negotiations more difficult by emboldening acquisition
targets to drive a hard bargain, analysts said. In this case, Wynn’s
inexperience with pursuing big deals also likely played a factor, some
analysts added.
“(Wynn)
management’s experience with acquisitions is limited, so when you
target synergies it’ll be nice to have more of a track record for such a
large transaction,” said Roth Capital Partners analyst David Bain,
calling the termination of the deal talks a positive development for
Wynn.
After
the Australian Financial Review revealed Wynn’s takeover approach,
Crown not only confirmed the confidential talks on Tuesday, but also
disclosed the price that Wynn was offering. It added that Crown’s board
had not yet considered Wynn’s latest offer.
Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended.
“Following
the premature disclosure of preliminary discussions, Wynn Resorts has
terminated all discussions with Crown Resorts concerning any
transaction,” the company said in a statement.
Wynn’s shares were down 3.2 percent at $140.21 in New York at mid-afternoon.
Examples
of companies confirming acquisition talks only to back out hours later
are few and far between, because they reflect a lack of conviction on
the part of the aspiring acquirers.
Last
year, drug maker Allergan Plc confirmed it was in the early stages of
making an offer for peer Shire Plc, after Reuters broke news of the
deliberations, only to issue a second statement a few hours later
stating it would not make an offer.
Insurer
Aon Plc said last month it would not pursue a merger with rival
insurance brokerage Willis Towers Watson Plc, a day after it confirmed
it was in early stages of considering an all-stock offer for the Irish
company following a Bloomberg News report revealing the deliberations.
HEDGE AGAINST MACAU
Wynn
was founded in 2002 by Steve Wynn, who started his casino business in
Las Vegas in the 1960s and created some of the city’s most iconic
landmarks – the Mirage, Bellagio and Treasure Island – before selling
them. Beset by sexual misconduct allegations, Wynn left the company and
sold his entire 11.8 percent stake in Wynn Resorts for $2.1 billion last
month.
Wynn
operates large resort-and-casino complexes in Las Vegas and Chinese
gambling hub Macau, with another under construction in Massachusetts.
The deal would have offered a hedge against Macau, where its licences
are up for renewal, by giving it two lavishly revamped Australian
casinos and a third being built on the prized Sydney harbour front.
Buying
Crown would also fit in with Wynn’s strategy to diversify
geographically to protect its growth prospects if its Macau licences are
not renewed.
The
company’s efforts so far have included ramping up promotion of a resort
in Japan, a market seen as the next potential goldmine to Macau and a
former expansion target for Crown.
“Wynn
has typically grown through building their own facilities, not through
acquisition,” said Bain, the Roth Capital Partners analyst.
For
Crown’s 47 percent owner James Packer, who re-badged his father’s media
empire as a gambling concern in 2007 only to withdraw from business
engagements last year due to mental illness, the deal would have ended
his career as a casino mogul with a A$4.7 billion payout.
He
would have ended up as Wynn’s biggest shareholder with 9.8 percent of
its shares, based on its current number of shares on issue.
“We
think Wynn’s strategy was mostly defensive, but if they have a strong
strategic rationale for wanting to acquire Crown, they would likely come
back to the table when things settle down,” said John DeCree, Union
Gaming Securities’ director of North America research.
(Reporting by Byron Kaye, Tom Westbrook and Paulina Duran in SYDNEY, Devika Syamnath and Nivedita Balu in BENGALURU, and Greg Roumeliotis in NEW YORK; Editing by Sriraj Kalluvila, Shounak Dasgupta and Richard Chang)
(Nattee Chalermtiragool/Shutterstock)
stock-Wynn-Macau-01-shutter
Macao, China – March 12, 2016: View of Macao city at night in Macao, China
