Textron Aviation today announced its flagship Cessna Citation Longitude super-midsize business jet achieved certification from the European Aviation Safety Agency (EASA), clearing the way for customer deliveries to begin in the region.
The Cessna Citation Longitude super-midsize business jet is designed, produced and delivered by Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company.
The largest jet in the Cessna Citation lineup, the Longitude was designed with business and return on investment at the forefront, with the lowest direct operating cost of any super-midsize jet. Capable of flying from Geneva to Dubai or Rome to New Delhi, the Longitude offers class-leading comfort, the quietest cabin in class, and advanced connectivity for those focused on staying productive in the air.
As a clean-sheet aircraft, the Longitude was designed with innovation front of mind, and a cabin experience shaped around customer input and a broad range of mission capabilities.
The Longitude is backed by Textron Aviation’s extensive global customer service network, providing customers with direct access to nearly 3,000 expert employees, including service representatives offering maintenance, inspections, parts, repairs, avionic upgrades, equipment installations, refurbishments and other specialized services.
A third Falcon 6X recently took flight and joined Dassault Aviation’s flight test campaign, moving the new long-range extra widebody twin a step closer to anticipated certification in 2022.
Falcon 6X s/n 003 is fitted with a full interior and will be used for cabin design validation. The aircraft completed a two-hour maiden flight from Dassault’s Bordeaux-Mérignac final assembly plant to its Istres flight test facility on June 24, climbing to Flight Level 400 and accelerating to a cruise speed of Mach 0.85. The first 6X flew on March 10 and the second on April 30.
Aircraft no. 3 is outfitted with the Falcon 6X’s award winning interior, including in-flight entertainment and communications systems. In addition to testing this equipment, the aircraft will be used to evaluate environmental features and temperature control and validate cabin acoustics systems, which alongside those on the ultra long-range Falcon 8X trijet are expected to be the industry reference.
A fourth aircraft will also be equipped with a full cabin interior, currently being installed in Mérignac. It will conduct a two-month global endurance flight campaign intended to ensure that all 6X systems are fully mature upon entry into service.
Production of additional units is in full swing, with aircraft no. 10 scheduled to be on the final assembly line by beginning of July. The Falcon 6X has received several prestigious design awards, including the Red Dot prize for premium cabin design. The aircraft was recognized this month as the “Best of the Best” in aviation by the Robb Report luxury-lifestyle magazine, which noted: “Dassault’s newest aircraft pairs size with technology to create an award-worthy new class of business jet.”
In an important milestone for the E2 programme, the first of Embraer’s E2 family, the E190-E2, has been certified for Steep Approach; a requirement to operate at London City Airport (LCY). EASA (European Aviation Safety Agency) certification was granted on 11th May.
London City Airport sits on the doorstep of the city’s global financial district and is known as a premier business airport, but also as a key short-haul hub for destinations in continental Europe because of its convenience and speedy passenger experience. However, its location means operating aircraft must be compatible with the airport’s steep approach and short runway; meeting strict noise regulations for the surrounding communities.
In certification testing, EASA figures confirmed the E190-E2 has the lowest noise levels among all new generation single aisle aircraft and will be the only jet operating at LCY certified to ICAO’s strict Chapter 14 regulation. The new aircraft’s wings, engines, and systems make the aircraft significantly quieter than the previous E190; for communities around LCY this means the E190-E2 noise footprint at takeoff is 63% smaller than current E190s operating from LCY.
The E190-E2’s environmental credentials go much further than its quieter operation. The aircraft is 17% more efficient than its predecessor in fuel burn and emissions, while at the same time dramatically improving performance – range from LCY has nearly doubled with the E190-E2 to over 4000KM, bringing destinations such as Istanbul, Casablanca, and Moscow into range.
Steep approach certification, which enables increased descent angles of up to 5.5 degrees, reduces noise pollution for the surrounding communities. The system is enabled using a special software upgrade and the installation of a corresponding ‘Steep Approach’ switch on the cockpit control panel. Due to the cockpit commonality between the E190 and the E190-E2, pilots already cleared for LCY operation need no simulator based steep approach training.
Seville, 25 May 2021 – Airbus has reached 100 deliveries of its A400M aircraft with MSN111, the tenth for the Spanish Air Force. The aircraft performed its ferry flight on 24th May from Seville to Zaragoza, where the Spanish A400M fleet is based. In the same week, the A400M global fleet also achieved the 100,000 flight-hours landmark performing missions worldwide for all eight customer nations.
All A400M operators have been able to operate the aircraft intensively for Covid-19 emergency response missions, as well as conduct joint, collaborative operations. These milestones clearly demonstrate the maturity of the A400M programme on all fronts.
New capabilities
Recently the A400M successfully conducted a major helicopter air-to-air refuelling certification flight test campaign in coordination with the DGA (French Directorate General of Armaments), completing the majority of its certification objectives, including the first simultaneous refueling of two helicopters.
The A400M is already able to drop up to 116 paratroopers, via simultaneous dispatch from the side doors with automatic parachute opening, or from the ramp with automatic parachute opening or in freefall, day and night. Recent tests were completed in Spain, in collaboration with the UK Royal Air Force parachute test team, to expand up to 25,000 feet (7,600 metres) for automatic parachute opening – and up to 38,000ft (11,582 metres) for free fall.
The A400M also completed additional tests to expand its air drop capability, including multiple platforms with parachute extraction (23 tonnes). France and Spain participated in these flights. Another way to deliver cargo on austere airstrips without handling equipment was also certified: Combat offload of up to 19 tonnes of pallets (one pass) or 25 tonnes (two passes) on paved or unpaved airstrips.
The A400M also achieved a new decisive milestone after the certification flights of its Automatic Low Level Flight capability for Instrumental Meteorological Conditions (IMC). Using navigation systems and terrain databases, without the need of a terrain-following radar, this is a first for a military transport aircraft. This makes the aircraft less detectable in hostile areas and less susceptible to threats while conducting operations in hostile environments.
In operation
In terms of collaborative missions, the Spanish Air Force supported the French Armée de l´Air in the transport of a Caracal helicopter from Cazaux (France) to Tucson (USA), using a Spanish A400M. The flight was used by CLAEX (Spanish Logistics Center for Armament and Experimentation) and CECTA (Air Transport Cargo Evaluation Cell) to validate the loading process on Spanish A400Ms.
Key military missions last year included the delivery of almost 40 tonnes of food, water, fuel and ammunition by a single French A400M to troops based in the Sahel region of Africa, the first A400M to airdrop supplies in a country outside of Europe.
In addition, Germany became the first A400M customer to use the A400M as a tanker in real missions providing support in the “Counter Daesh” operation in Jordan.
Life-saving medevac missions during COVID-19
2020 and 2021 also saw the use of the A400M in civil emergency response roles during the COVID-19 pandemic crisis, not least for civil medical evacuation (medevac) duties – with Airbus providing critical support for air force operators – as well as for transporting key medical relief supplies. The versatility of the aircraft also allowed a rapid conversion to medevac configuration, where installed critical care modules provided airborne intensive care units.
With the maturity, versatility and unique capabilities proven in operations all around the world, A400M is proving to be a game changer for military airlift and humanitarian missions in the 21st century.
Getafe19 April 2021 – The Airbus A400M new generation airlifter has successfully conducted a major helicopter air-to-air refueling certification campaign, completing the majority of its development and certification objectives. Airbus Defence and Space aims to achieve full helicopter air-to-air refuelling certification later this year with the conclusion of all mandatory night operation trials.
The flight tests, performed in coordination with the French Armament General Directorate (DGA), involved operations with two French Air Force H225M helicopters.
The campaign took place in day and night conditions over the west coast of France at between 1,000 ft and 10,000 ft and flight speeds as low as 105 knots. During those flights, a total of 81 wet contacts and transfers of 6.5 tonnes of fuel were achieved, which included simultaneous refuelling of two helicopters for the first time. The tests confirmed the positive results of the dry and wet contact operations conducted in 2019 and 2020.
Helicopter air-to-air refuelling is a unique military capability and key for Special Forces operations, involving aircraft with different flight profiles and sharing a very limited common flight envelope, requiring close formation flying patterns at low altitudes and night time conditions.
With this capability the A400M becomes one of the few tanker aircraft in the world capable of such operations. The multi-purpose H225M is one of the few helicopters in the world capable of in-flight refuelling, extending the standard 700 NM range by up to 10 hours flight time.
A400M as tanker
The A400M is certified as standard to be quickly configured as a tanker. Carrying up to 50.8 tonnes of fuel in its wings and centre wing box, without compromising any cargo hold area, two additional cargo hold tanks can also be installed, providing an additional 5.7 tonnes of fuel each. The separate cargo-hold tanks allows for the use of different types of fuel, enabling the A400M to cater for the needs of different types of receiver aircraft.
As a tanker, the A400M has already demonstrated its ability to refuel fighter receivers such as Eurofighter, Rafale, Tornado or F/A-18 at their preferred speeds and altitudes, and is also able to refuel other large aircraft such as another A400M for buddy refuelling, C295 or C-130.
EVERETT, Wash., Feb. 9, 2021 – The first Boeing [NYSE: BA] KC-46 tanker destined for the Japan Air Self-Defense Force (JASDF) took to the skies on its maiden flight yesterday. This successful flight highlights an important milestone as the aircraft now transitions into the certification phase of development.
“This is an exciting milestone for the JASDF and Boeing,” said Jamie Burgess, KC-46 program manager. “Japan is getting closer to receiving the most advanced air refueling tanker in the world.”
Japan is the KC-46 program’s first international customer and is scheduled to receive its first jet this year.
“Boeing’s KC-46 and its robust defensive systems will play an invaluable role in the security alliance between our two countries,” said Will Shaffer, president of Boeing Japan. “This tanker’s ability to carry cargo and passengers also makes it a critical tool to support humanitarian relief efforts across the Pacific region and beyond.”
The KC-46 refueling certification encompasses U.S. Air Force, U.S. Navy, U.S. Marine Corps and JASDF aircraft.
The U.S. Air Force awarded Boeing a $279 million contract for the JASDF’s first KC-46A tanker in December 2017. The agreement was completed through the Foreign Military Sale process between the U.S. government and Japan. Japan is now on contract for a total of four KC-46 tankers.
Boeing is assembling KC-46A aircraft for both the U.S. Air Force and Japan on its 767 production line in Everett, Washington. Boeing’s Japanese partners produce 16% of the KC-46 airframe structure.
The American Airlines Cargo team carried its first shipment of coronavirus (COVID-19) vaccine last night. In close collaboration with pharmaceutical and cargo partners, the airline received the shipment by truck at Chicago O’Hare International Airport (ORD) and loaded the shipment onto a Boeing 777-200 aircraft flying to Miami International Airport (MIA). The vaccine shipment will arrive at its final destination in a U.S. territory in the Caribbean later today.
“The American team is proud to be a part of the critical effort to get lifesaving vaccine safely and quickly to people around the world,” said American Airlines Cargo President Jessica Tyler. “We were able to mobilize within hours of getting the call to move thousands of doses. We know this is the first of many shipments to come, and we are ready to scale our operation as additional vaccine is produced and ready for distribution.”
American began conducting trial flights in November to simulate the conditions required to transport the COVID-19 vaccine, stress testing the thermal packaging and operational handling process to ensure it remains stable in transit.
American is an internationally recognized expert in cold chain logistics with an established network of facilities and team members who specialize in temperature-critical shipments to more than 150 cities in 46 countries around the world. In addition, American has the largest dedicated temperature-controlled pharmaceutical shipping facility operated by an airline in the United States. From the time a shipment arrives at one of American’s facilities, it is tracked throughout its journey on the ground and from the airline’s Cargo Control Center, located within its Integrated Operations Control in Fort Worth, Texas.
This level of expert care has earned American the International Air Transport Association’s prestigious Center of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV Pharma) certification. The CEIV certification is given to air carriers and players in the air cargo supply chain that have established the tools, procedures and staffing to ensure life sciences products are properly handled and arrive at their destination fully effective.
Since the beginning of the pandemic, American has been transporting hundreds of thousands of pounds of personal protective equipment (PPE), medical equipment, COVID-19 test kits and pharmaceuticals to help battle the coronavirus, as well as components for Phase III COVID-19 vaccine trials.
– Financial results continue to be significantly impacted by COVID-19 and the 737 MAX grounding
– Proactively managing liquidity and transforming for the future
– Revenue of $14.1 billion, GAAP loss per share of ($0.79) and core (non-GAAP)* loss per share of ($1.39)
– Operating cash flow of ($4.8) billion; cash and marketable securities of $27.1 billion
– Total backlog of $393 billion, including more than 4,300 commercial airplanes
Table 1. Summary Financial Results
Third Quarter
Nine Months
(Dollars in Millions, except per share data)
2020
2019
Change
2020
2019
Change
Revenues
$14,139
$19,980
(29)%
$42,854
$58,648
(27)%
GAAP
(Loss)/Earnings From Operations
($401)
$1,259
NM
($4,718)
$229
NM
Operating Margin
(2.8)%
6.3%
NM
(11.0)%
0.4%
NM
Net (Loss)/Earnings
($466)
$1,167
NM
($3,502)
$374
NM
(Loss)/Earnings Per Share
($0.79)
$2.05
NM
($6.10)
$0.66
NM
Operating Cash Flow
($4,819)
($2,424)
NM
($14,401)
($226)
NM
Non-GAAP*
Core Operating (Loss)/Earnings
($754)
$895
NM
($5,773)
($864)
NM
Core Operating Margin
(5.3)%
4.5%
NM
(13.5)%
(1.5)%
NM
Core (Loss)/Earnings Per Share
($1.39)
$1.45
NM
($7.88)
($1.13)
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
The Boeing Company [NYSE: BA] reported third-quarter revenue of $14.1 billion, GAAP loss per share of ($0.79) and core loss per share (non-GAAP)* of ($1.39), reflecting lower commercial deliveries and services volume primarily due to COVID-19 (Table 1). Boeing recorded operating cash flow of ($4.8) billion.
“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I’m proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust.”
Following the lead of global regulators, Boeing made steady progress toward the safe return to service of the 737 MAX, including rigorous certification and validation flights conducted by the U.S. Federal Aviation Administration, Transport Canada and the European Union Aviation Safety Agency. The Joint Operational Evaluation Board, featuring civil aviation authorities from the United States, Canada, Brazil, and the European Union, also conducted its evaluations of updated crew training. The 737 MAX has now completed around 1,400 test and check flights and more than 3,000 flight hours as it progresses through the robust and comprehensive certification process.
To adapt to the market impacts of COVID-19 and position the company for the future, Boeing continued its business transformation across five key areas including its infrastructure footprint, overhead and organizational structure, portfolio and investment mix, supply chain health and operational excellence. As the company resizes its operations to align with market realities, Boeing expects to continue lowering overall staffing levels through natural attrition as well as voluntary and involuntary workforce reductions, and recorded additional severance costs in the third quarter.
Table 2. Cash Flow
Third Quarter
Nine Months
(Millions)
2020
2019
2020
2019
Operating Cash Flow
($4,819)
($2,424)
($14,401)
($226)
Less Additions to Property, Plant & Equipment
($262)
($465)
($1,038)
($1,387)
Free Cash Flow*
($5,081)
($2,889)
($15,439)
($1,613)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
Operating cash flow was ($4.8) billion in the quarter, reflecting lower commercial deliveries and services volume primarily due to COVID-19, as well as timing of receipts and expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances
Quarter-End
(Billions)
Q3 20
Q2 20
Cash
$10.6
$20.0
Marketable Securities1
$16.5
$12.4
Total
$27.1
$32.4
Debt Balances:
The Boeing Company, net of intercompany loans to BCC
$59.1
$59.5
Boeing Capital, including intercompany loans
$1.9
$1.9
Total Consolidated Debt
$61.0
$61.4
1Marketable securities consists primarily of time deposits due within one year classified as “short-term investments.”
Cash and investments in marketable securities decreased to $27.1 billion, compared to $32.4 billion at the beginning of the quarter, primarily driven by operating cash outflows (Table 3). Debt was $61.0 billion, down from $61.4 billion at the beginning of the quarter due to the repayment of maturing debt.
Total company backlog at quarter-end was $393 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Commercial Airplanes Deliveries
28
62
(55)%
98
301
(67)%
Revenues
$3,596
$8,249
(56)%
$11,434
$24,793
(54)%
Loss from Operations
($1,369)
($40)
NM
($6,199)
($3,813)
NM
Operating Margin
(38.1)%
(0.5)%
NM
(54.2)%
(15.4)%
NM
Commercial Airplanes third-quarter revenue decreased to $3.6 billion, reflecting lower delivery volume primarily due to COVID-19 impacts as well as 787 quality issues and associated rework. Third-quarter operating margin decreased to (38.1) percent, primarily driven by lower delivery volume, as well as $590 million of abnormal production costs related to the 737 program.
Commercial Airplanes added the final 777X flight test airplane to the test program and the GE9X engine received FAA certification. In October, the company decided it will consolidate 787 production in South Carolina in mid-2021, which did not have a significant financial impact on the program in the third quarter. Commercial Airplanes delivered 28 airplanes during the quarter, and backlog included over 4,300 airplanes valued at $313 billion.
Defense, Space & Security
Table 5. Defense, Space & Security
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Revenues
$6,848
$7,002
(2)%
$19,478
$20,168
(3)%
Earnings from Operations
$628
$754
(17)%
$1,037
$2,581
(60)%
Operating Margin
9.2%
10.8%
(1.6) Pts
5.3%
12.8%
(7.5) Pts
Defense, Space & Security third-quarter revenue decreased to $6.8 billion, primarily due to derivative aircraft award timing, partially offset by higher fighter volume (Table 5). Third-quarter operating margin decreased to 9.2 percent reflecting less favorable performance, including a $67 million KC-46A Tanker charge.
During the quarter, Defense, Space & Security received an award for eight F-15EX advanced fighter aircraft for the U.S. Air Force and a contract extension for the International Space Station for NASA, as well as contracts for nine additional MH-47G Block II Chinook helicopters for the U.S. Army Special Operations and four additional 702X satellites. Also in the quarter, the U.S. Air Force and Boeing team was awarded the Collier Trophy for aerospace excellence for the X-37B autonomous spaceplane. Significant milestones included inducting the 20th U.S. Navy F/A-18 into the Service Life Modification program as well as delivering the firstBell Boeing V-22 Osprey to Japan and the first MH-47G Block II Chinook to the U.S. Army Special Operations.
Backlog at Defense, Space & Security was $62 billion, of which 30 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Revenues
$3,694
$4,658
(21)%
$11,810
$13,820
(15)%
Earnings from Operations
$271
$673
(60)%
$307
$2,013
(85%)
Operating Margin
7.3%
14.4%
(7.1) Pts
2.6%
14.6%
(12.0) Pts
Global Services third-quarter revenue decreased to $3.7 billion, driven by lower commercial services volume due to COVID-19, partially offset by higher government services volume (Table 6). Third-quarter operating margin decreased to 7.3 percent primarily due to lower commercial services volume and additional severance costs.
During the quarter, Global Services signed an agreement with GECAS for 11 737-800 Boeing Converted Freighters, secured a six-year P-8A support contract for the Royal Australian Air Force, and was awarded F-15EX training and services support contracts by the U.S. Air Force. Global Services also delivered the first P-8A Operational Flight Trainer for the United Kingdom Royal Air Force.
Additional Financial Information
Table 7. Additional Financial Information
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
2020
2019
Revenues
Boeing Capital
$71
$66
$205
$207
Unallocated items, eliminations and other
($70)
$5
($73)
($340)
Earnings from Operations
Boeing Capital
$30
$29
$47
$86
FAS/CAS service cost adjustment
$353
$364
$1,055
$1,093
Other unallocated items and eliminations
($314)
($521)
($965)
($1,731)
Other income, net
$119
$121
$325
$334
Interest and debt expense
($643)
($203)
($1,458)
($480)
Effective tax rate
49.6%
0.8%
40.1%
(350.6)%
At quarter-end, Boeing Capital’s net portfolio balance was $2.0 billion. The change in revenue and earnings from other unallocated items and eliminations was primarily due to the timing of cost allocations. Earnings from other unallocated items and eliminations was also impacted by lower enterprise research and development expense. Interest and debt expense increased due to higher debt balances. The third quarter effective tax rate reflects tax benefits related to the five year net operating loss carryback provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as the impact of pre-tax losses.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:
Core Operating Earnings, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs, comprising service and prior service costs computed in accordance with GAAP are allocated to Commercial Airplanes and BGS businesses supporting commercial customers. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on pages 12-13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation of free cash flow to GAAP operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) the COVID-19 pandemic and related government actions, including with respect to our operations, our liquidity, the health of our customers and suppliers, and future demand for our products and services; (2) the 737 MAX, including the timing and conditions of 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers, (3) general conditions in the economy and our industry, including those due to regulatory changes; (4) our reliance on our commercial airline customers; (5) the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (6) changing budget and appropriation levels and acquisition priorities of the U.S. government; (7) our dependence on U.S. government contracts; (8) our reliance on fixed-price contracts; (9) our reliance on cost-type contracts; (10) uncertainties concerning contracts that include in-orbit incentive payments; (11) our dependence on our subcontractors and suppliers, as well as the availability of raw materials; (12) changes in accounting estimates; (13) changes in the competitive landscape in our markets; (14) our non-U.S. operations, including sales to non-U.S. customers; (15) threats to the security of our or our customers’ information; (16) potential adverse developments in new or pending litigation and/or government investigations; (17) customer and aircraft concentration in our customer financing portfolio; (18) changes in our ability to obtain debt financing on commercially reasonable terms and at competitive rates; (19) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) the adequacy of our insurance coverage to cover significant risk exposures; (21) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (22) work stoppages or other labor disruptions; (23) substantial pension and other postretirement benefit obligations; and (24) potential environmental liabilities.
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Eve Urban Air Mobility Solutions, Inc. (Eve) has been launched as a new, independent company dedicated to accelerating the Urban Air Mobility (UAM) ecosystem. Eve is developing a full portfolio of solutions to enable the UAM market and ultimately benefit people’s lives, including the progression and certification of the company’s electric vertical takeoff and landing vehicle (eVTOL), the associated comprehensive services and support network, and the creation of urban air traffic management solutions. André Stein, former head of strategy for EmbraerX, has been appointed CEO of Eve.
Eve will benefit from greater focus, speed, and agility, allowing the company to innovate and execute at an accelerated pace in order to fully capitalize on the global UAM opportunity. Having been incubated for almost four years within EmbraerX, now is the right time to establish Eve as an independent company.
“We value the vast potential of the UAM market, as it represents a new business segment in which we foresee significant opportunities for Embraer. Innovation and diversification are key pillars of Embraer’s new strategic plan, which will increase revenue and improve profitability over the next few years,” said Francisco Gomes Neto, President and CEO of Embraer. “That is why I am eager to announce Eve, the first company to graduate from EmbraerX. Eve stands primed to create a new frontier in transportation with intelligent, environmentally friendly, autonomous-ready aircraft and the associated ubiquitous support and urban air traffic management solutions.”
As part of the company’s initiative to accelerate the UAM revolution, EmbraerX has been part of the Uber Elevate Network since its inception in 2017.
“Eve’s launch is an important next step in commercializing Embraer’s eVTOL designs while building on Embraer’s ability to design, certify, and deliver safe, globally-accepted aircraft. We look forward to our continued partnership to make aerial ridesharing a reality,” said Eric Allison, Head of Uber Elevate.
Benefitting from a startup mindset, backed by Embraer’s more than 50-year history of aerospace expertise, Eve today unveils a unique and valuable market proposition. Eve’s human-centered eVTOL design represents an actual, certifiable product development, as evidenced by the first flight of the engineering simulator in July 2020, and the company is harnessing the expertise of both Embraer and Atech, a subsidiary of the Embraer Group, in providing globally-recognized air traffic management software to create the solutions that will help safely scale the UAM industry going forward.
Textron Aviation today announced it has achieved Type Certification by the Federal Aviation Administration (FAA) for its newest flagship twin turboprop Beechcraft King Air 360/360ER aircraft, paving the way for customer deliveries to commence in the coming weeks. Announced in August 2020, the Beechcraft King Air 360 demonstrates the company’s commitment to ongoing product development, bringing the latest innovations to the legendary aircraft and providing added value for customers.
The Beechcraft King Air 360/360ER is designed and manufactured by Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company.
“The new era of the industry-leading Beechcraft King Air begins today,” said Chris Hearne, senior vice president, Engineering and Programs. “The King Air 360 is a perfect combination of customer input, innovative technology and next-generation capabilities. By incorporating superior features and engineering advancements into an aircraft that is renowned for its versatility and reliability, we have elevated the King Air to the next level. With certification now in hand, we are thrilled to soon get these aircraft into the hands of our eager customers.”
The King Air 360 ushers in the next generation of the legendary King Air turboprop family, building on its reputation of versatility and reliability. The newly upgraded aircraft offers the latest technological advancements in the cockpit, a redesigned cabin and enhancements to passenger comfort.
Cockpit upgrades
Among the key features of the King Air 360 cockpit is the addition of the Innovative Solutions & Support (IS&S)ThrustSense Autothrottle. The autothrottle supports pilots in their critical mission of delivering people or cargo safely by automatically managing engine power from the takeoff roll through the climb, cruise, descent, and go-around phases of flight. This enhancement reduces pilot workload and supports them in their continuous vigilance to prevent over-speed or under-speed, over-temp and over-torque conditions.
Another important update in the cockpit is the new digital pressurization controller, which automatically schedules cabin pressurization during both climb and descent, reducing pilot workload and increasing overall passenger comfort. The pressurization gauges have been integrated with the powerful Collins Aerospace Pro Line Fusion flight deck.
Cabin upgrades
With standard seating for nine passengers, the latest King Air offers an even greater passenger experience than its predecessor. The aircraft features a cabin altitude of 5,960 feet at a typical cruising altitude of 27,000 feet – more than 10 percent lower when compared to the King Air 350i. The improved cabin altitude level provides greater comfort for passengers, especially during longer flights.
A redesigned cabin features a stunning new look with custom-built cabinetry, partitions and side ledges, upgraded materials and finishes, along with all new interior schemes. Other amenities that come standard on the entire King Air lineup include pull-out work tables, standard power outlets, USB charging stations and a private aft lavatory.
King Air leadership
Nearly 7,600 Beechcraft King Air turboprops have been delivered to customers around the world since 1964, making it the best-selling business turboprop family in the world. The worldwide fleet has surpassed 62 million flight hours in its 56 years, serving roles in all branches of the U.S. military and flying both commercial and special mission roles around the world.
