Tag: 2020 (Page 3 of 10)

United Airlines Announces 2020 Financial Results

January 20, 2021 / WIL BALDWIN

CHICAGO, Jan. 20, 2021 /PRNewswire/ — United Airlines (NASDAQ: UAL) today announced fourth-quarter and full-year 2020 financial results. The company continues its efforts to lead the industry as it manages the most disruptive crisis in aviation history.

Since the beginning of the COVID-19 crisis, United has raised over $26 billion in liquidity and made important progress in reducing core cash burn (see detailed chart below) to ensure the company’s survival. Over the last three quarters, the company has identified $1.4 billion of annual cost savings and has a path to achieve at least $2.0 billion in structural reductions moving forward. United ended 2020 with $19.7 billion in available liquidity¹, including an undrawn revolver capacity and funds available under the CARES Act loan program from the U.S. Treasury.

Having stabilized its financial foundation, the company expects 2021 to be a transition year that’s focused on preparing for a recovery. United has resumed heavy maintenance and engine overhauls, investments that are essential to recovery when demand returns. The combination of structural cost reduction and timely investments will help set up United to exceed its 2019 adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin in 2023. The company expressed high confidence that it would achieve this target by 2023 – and said its ongoing recovery planning would help ensure the company was equipped to reach this level even sooner, if demand returns more quickly.

“Aggressively managing the challenges of 2020 depended on our innovation and fast-paced decision making. But, the truth is that COVID-19 has changed United Airlines forever,” said United Airlines CEO Scott Kirby. “The passion, teamwork and perseverance that the United team showed in 2020 is exactly what will help us build a new United Airlines that’s better, stronger and more profitable than ever. I could not be prouder of – and more grateful to – this team, which is going to lead us there.”

Click the link below to see the full press release!

https://hub.united.com/2021-01-20-united-announces-2020-financial-results-2021-will-focus-on-transition-to-recovery-expects-to-exceed-2019-adjusted-ebitda-margin-by-2023-2650045521.html

KCS Announces Fourth Quarter 2020 Earnings Release and Conference Call Time

January 18, 2021 / WIL BALDWIN

Kansas City Southern (KCS) (NYSE: KSU) will release its fourth quarter 2020 financial results on Friday, January 22, 2021, before the opening of trading on the New York Stock Exchange.

KCS will also hold its fourth quarter 2020 earnings conference call on Friday, January 22, 2021 at 8:45 a.m. eastern time. Shareholders and other interested parties are invited to participate via live webcast or telephone. To participate in the live webcast and to view accompanying presentation materials, please log into investors.kcsouthern.com immediately prior to the presentation. To join the teleconference, please call (844) 308-6428 from the U.S., or (412) 317-5409 from all other countries.

A replay of the presentation will be available by calling (877) 344-7529 from the U.S., (855) 669-9658 from Canadaor (412) 317-0088 from all other countries and entering conference ID 10150484. The webcast replay and presentation materials will be archived on the company’s website.

Headquartered in Kansas City, Mo., Kansas City Southern is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Union Pacific Announces Fourth Quarter 2020 Earnings Release Date

January 18, 2021 / WIL BALDWIN

Union Pacific Corporation (NYSE: UNP) will release fourth quarter 2020 financial and operating results on Thursday, January 21, 2021, at 8:00 a.m. ET. The company’s management team will host a conference call and live webcast at 8:45 a.m. ET.

Parties interested in participating via teleconference may dial 877-407-8293. International callers may dial 201-689-8349. A live webcast of the presentation and materials will be available in the investor relations section of Union Pacific’s website at www.up.com/investor. A replay of the audio webcast will be available shortly thereafter.

Saab Receives Follow-on Contract for GlobalEye

January 4, 2021 / WIL BALDWIN

Saab has today received a follow on contract with the United Arab Emirates regarding the sale of two GlobalEye systems, Saab’s advanced airborne surveillance system. The order value is USD 1.018 billion and the contract period is 2020-2025.

The original contract with the United Arab Emirates for GlobalEye was signed in 2015. This contract is an amendment to that signed in 2015.

“We are proud that the United Arab Emirates continues to show great trust in Saab and our solutions. It shows that Saab remains on the cutting edge regarding advanced technology. The GlobalEye program is running according to plan and we have an efficient cooperation with the customer”, says Micael Johansson, President and CEO Saab.

The work will be carried out in Gothenburg, Linköping, Arboga, Järfälla and Luleå in Sweden and in Centurion, South Africa.

The contract was signed by the customer on the 30^th of December 2020, hence the order was booked during the fourth quarter 2020.

GlobalEye provides simultaneous air, maritime and ground surveillance. It combines sophisticated radar technology with the ultra-long range Global 6000 aircraft from Bombardier.

Taos Air Suspends Winter 2020/2021 Service Due to COVID-19

January 3, 2021 / WIL BALDWIN

Taos Air has announced that it will suspend all planned Winter flights during the 2020/2021 ski season due to the coronavirus pandemic.

Hopefully, we will see the return of this popular service connecting California and Texas with the Taos Valley ski area in New Mexico when the winter 2021/2022 season starts?

Mesa Air Group Reports Fourth Quarter, Full-Year 2020 Profit

December 9, 2020 / WIL BALDWIN

Mesa Air Group, Inc. (NASDAQ: MESA) today reported fourth quarter and full-year fiscal 2020 financial and operating results.

Mesa’s Q4 2020 results reflect net income of $11.4 million, or $0.32 per diluted share, compared to net income of $12.2 million, or $0.35 per diluted share for Q4 2019. Mesa Q4 2020 results include, per GAAP, the deferral of $7.8 million of revenue, all of which was billed and paid by American and United during the quarter and will be recognized over the remaining terms of the contracts. Mesa’s Adjusted EBITDA¹ for Q4 2020 was $44.6 million, compared to $50.8 million in Q4 2019, and Adjusted EBITDAR¹ was $54.2 million for Q4 2020, compared to $61.9 million in Q4 2019. For Q4 2020 revenue was $108.0 million, a reduction of $79.8 million (42%) from $187.8 for Q4 2019 primarily due to the reduced flying as a result of COVID-19. During the quarter Mesa recognized $40.8 million as an offset to wages and salaries related to the previously announced Payroll Support Program Agreement (“PSP”), which required Mesa to retain all of its employees.

Operationally, the Company ran a 99.8% controllable completion factor, compared to 99.0% in Q4 2019, and a total completion factor of 98.2%, which primarily includes weather, close-in capacity reductions driven by reduced demand, and other uncontrollable cancellations, compared to 96.9% in Q4 2019.

Full Year

Mesa reported net income of $27.5 million, or $0.78 per diluted share for the 2020 fiscal year, compared to net income of $47.6 million, or $1.36 per diluted share for the 2019 fiscal year. Excluding special items for both periods, adjusted net income¹ was $27.5 million or $0.78 per diluted share for the 2020 fiscal year, compared to $57.5 million or $1.64 per diluted share for the 2019 fiscal year. Mesa fiscal 2020 results include, per GAAP, the deferral of $23.8 million of revenue, all of which was billed and paid by American and United during the year and will be recognized over the remaining terms of the contracts. Mesa’s Adjusted EBITDA¹ was $163.3 million in fiscal year 2020, compared to $208.7 million in fiscal year 2019 and Adjusted EBITDAR was $212.1 million in fiscal year 2020, compared to $260.9 million in fiscal year 2019. For fiscal year 2020, revenue was $545.1 million, a reduction of $178.3 million (25%) from $723.4 million for fiscal year 2019, primarily due to the reduced flying as a result of COVID-19. During the year, Mesa recognized $83.8 million as an offset to wages and salaries related to the previously announced Payroll Support Program Agreement (“PSP”), which required Mesa to retain all of its employees as of April 20, 2020.

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¹ See Reconciliation of non-GAAP financial measures

Fiscal 2020 Q4 Highlights

– EPS of $0.32, Full Year $0.78

– Year-end cash increased by $34.5 million to $99.4 million

Recent Updates

– Amended capacity purchase agreement with American to operate 40 CRJ-900s for a five-year term

– Commenced cargo operations for DHL with two Boeing 737-400F

– Added 10 new E175 aircraft to our United fleet in November and December

– Entered into a $195 million loan under the CARES Act with the U.S. Treasury

COVID-19 Impacts KiwiRail’s Fiscal Year 2020 Result

November 29, 2020 / WIL BALDWIN

The COVID-19 pandemic had a significant impact on KiwiRail’s bottom line for the past financial year, but rigorous operational changes and cost savings measures have helped stabilise the business, KiwiRail chairman Brian Corban says.

KiwiRail Holdings Limited, New Zealand’s national rail provider, which also operates the Interislander ferry service across Cook Strait, today reported an operating surplus of $40 million¹in FY20 for the KiwiRail Group, down $15 million compared with FY19².

FY20 was also notable for the additional $1.2 billion of Crown funding allocated in Budget 2020, including $400 million to progress the iReX project to replace the three ageing Interislander ferries with two brand new ones. When they arrive, they will be the first new purpose-built ferries in Interislander’s fleet for 25 years. The Budget 2020 allocation also allows the purchase of new locomotives.

Mr Miller explains that COVID-19 interrupted progress on some significant projects including the rejuvenation of the North Auckland Line where $35.5 million of $164.5 million allocated by the Provincial Growth Fund was spent during the year. More than 400 staff, contractors and sub-contractors are at work building tracks, replacing bridges and making tunnels suitable for wagons carrying hi-cube containers in Northland.

Other highlights during the year included the full return to service of the Main North line through Kaikōura and, in Wellington, work advanced on upgrading the metro network including construction starting on a second 2.7km track between Trentham and Upper Hutt.

¹ Operating surplus represents earnings before depreciation & amortisation, interest, impairment, capital grants and fair value changes.

² FY19 Operating surplus of $55m excludes impact of non-recurring items ($29m Holidays Act remediation).

Mesa Air Group Announces Date for Fourth Quarter, FY 2020 Earnings Conference Call

November 12, 2020 / WIL BALDWIN

Mesa Air Group, Inc. (NASDAQ: MESA) will release its fourth quarter earnings for fiscal year 2020 after the market closes on Wednesday, December 9. The company will also host a conference call to discuss the results on December 9 at 4:30 pm Eastern Time.

The call can be accessed by dialing 888-469-2054 and entering the passcode: PHOENIX (7463649).

There will also be a listen-only webcast on Mesa’s website (http://investor.mesa-air.com/events-and-presentations/events). A recorded version will be available on Mesa’s website approximately two hours after the call (http://investor.mesa-air.com).

Southwest Airlines to Resume San Diego – Hawaii Service on November 4, 2020

November 6, 2020 / WIL BALDWIN

Southwest Airlines will begin flying to Hawaii from a fourth city in California next spring, the airline announced.

Flights between San Diego and Kahului start on April 14, 2020, and San Diego and Honolulu flights will begin April 20, 2020.

More than a year after starting its Hawaii service in March, Southwest Airlines (NYSE: LUV) will finally meet its original stated Hawaiian goal of flying from each of its four California gateways.

Southwest currently flies to Hawaii from both Oakland and San Jose. The Dallas-based airline will begin flying out of Sacramento November 10.

Southwest Chief Executive Gary Kelly has also stated that Las Vegas is a possible Hawaii gateway, but the airline’s expansion has been slowed down by the grounding of its 737 Max fleet.

Hawaii flights have been operating above company expectations. Southwest is keen on keeping its existing market share and capturing more, which is why Hawaii flights were excluded from a recent system fare increase.

Boeing Announces Third-Quarter Deliveries

October 13, 2020 / WIL BALDWIN

The Boeing Company [NYSE: BA] announced today major program deliveries across its commercial and defense operations for the third quarter of 2020.

“We continue to work closely with our customers around the globe, understanding their near-term and longer term fleet needs, aligning supply and demand while navigating the significant impact this global pandemic continues to have on our industry,” said Greg Smith, Boeing executive vice president of Enterprise Operations and chief financial officer. “We’re taking actions to resize, reshape and transform our business to preserve liquidity, adapt to the new market reality and ensure that we deliver the highest standards of safety and quality as we position our company to be more resilient for the long term. Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability as we adapt and rebuild stronger for the other side of the pandemic.”

Major program deliveries during the third quarter were as follows:

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