Tag: revenue (Page 6 of 6)

Textron Profit Beats on Higher Aircraft Sales

April 17, 2019 / WIL BALDWIN

FILE PHOTO: Cessna employee works on an engine of a Cessna business jet at the assembly line in their manufacturing plant in Wichita, Kansas March 12, 2013. REUTERS/Jeff Tuttle

(Reuters) – Cessna business jet maker Textron Inc reported a higher-than-expected quarterly profit on Wednesday, benefiting from robust aircraft deliveries, sending its share up 1.6 percent in early trading.

Business jet demand has been growing steadily in the United States, the world’s biggest market, on the back of an expanding economy and rising corporate profits.

Textron said it delivered 44 jets in the first quarter ended March 30, up from 36 last year. Commercial turboprop deliveries rose to 44 aircraft from 29 last year.

“We think this quarter has pretty much ticked all the boxes for Textron. Aviation growth has continued, with a positive book to bill in the quarter,” Vertical Research Partners analyst Robert Stallard said.

Textron has faced delays in final certification of its newest super mid-size Longitude jet, which is expected to contribute a ‘big chunk’ to the company’s revenue growth in 2019.

Analysts have warned that the certification delays from the U.S. Federal Aviation Administration due to partial government shutdown followed by the regulator’s intense focus on re-certifying Boeing Co’s 737 MAX aircraft might impact sales growth at the company in the short.

Though the aviation business was among the drivers for a profit beat, Textron’s revenue missed Wall Street estimates, hurt by lower sales in its systems unit, which makes tactical armored patrol vehicles.

Textron re-affirmed its full-year profit outlook range of $3.55 to $3.75 per share.

Sales in the company’s aviation business, its biggest, rose 12.3 percent to $1.13 billion in the first quarter, while sales in the systems unit fell more than 20 percent to $307 million.

The company’s net income fell to $179 million in the quarter ended March 30 from $189 million a year earlier.

Textron earned 76 cents per share, above analysts’ average estimate of 68 cents, according to Refinitiv data.

Textron’s revenue fell 5.7 percent to $3.11 billion, below analysts’ estimates of $3.17 billion.

(Reporting by Divya R and Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

Studio ORD Selected to Design New O’Hare Terminal

April 2, 2019 / WIL BALDWIN

The expansion project at Chicago O’Hare is expected to cost $8.5 billion and is hoped to increase the ease with which passengers travel through the terminal, increasing the passenger experience.

The City of Chicago has announced the selection of an architect team to lead the design of the unprecedented $8.5 billion expansion programme for O’Hare International Airport. Studio ORD has been selected to design the new O’Hare Global Terminal and Global Concourse. Studio ORD will work with the City of Chicago and the airlines to design the new Global Terminal and Concourse.

Click the link below for the full story! https://www.internationalairportreview.com/news/83778/studio-ord-design-chicago-terminal/

Etihad Reports 3rd Consecutive Loss, Jobs & Aircraft Cuts

March 14, 2019 / WIL BALDWIN

ABU DHABI (Reuters) – Etihad Airways on Thursday reported its third consecutive annual loss despite finding cost savings of nearly half a billion dollars as it cut its workforce and fleet.

The Abu Dhabi state-owned airline blamed challenging market conditions including higher fuel prices for a $1.28 billion (965.2 million pounds) loss in 2018, narrower than the $1.52 billion it lost in 2017.

Etihad, which has trimmed its ambitions to be a major intercontinental airline to focus on point-to-point flights, has made losses of $4.75 billion since 2016.

Revenue fell nearly 4 percent to $5.86 billion last year, compared with the $6.1 billion it reported for 2017.

The airline launched a five-year turnaround strategy in 2017, the year current chief executive, Tony Douglas, was hired.

“In 2018, we continued to forge ahead with our transformation journey by streamlining our cost base, improving our cash flow and strengthening our balance sheet,” Douglas, said in a statement.

Etihad said it slashed costs by $416 million in 2018, or 5.5 percent, as it cut its workforce by 5 percent to 21,855.

The number of passengers carried fell by 4.3 percent to 17.8 million as it cut the number of aircraft in its fleet by nine and stopped flying to several routes it said were unprofitable.

Etihad has been rethinking its business since 2016 after piling billions of dollars into a failed strategy of buying minority stakes in other airlines.

Dozens of aircraft orders with Airbus and Boeing worth billions of dollars have since been canceled.

(Reporting By Stanley Carvalho; editing by Emelia Sithole-Matarise)

Genesee & Wyoming Q4 Earnings Top Estimates, Rise Y/Y

February 7, 2019 / WIL BALDWIN

Genesee & Wyoming Inc.’s GWR fourth-quarter earnings (excluding 6 cents from non-recurring items) of $1 per share surpassed the Zacks Consensus Estimate of 90 cents. The bottom line also improved 29.9% on a year-over-year basis. Results were aided by an impressive performance at the North American segment.

Operating revenues inched up 0.7% year over year to $575.6 million, which outpaced the Zacks Consensus Estimate of $569.9 million. Freight revenues accounting for bulk (69.7%) of the top line rose 2.3% to $401.22 million. Meanwhile, freight-related revenues contributing to 24.8% of the top line slid 2.2% to $142.55 million. The balance came from ‘other revenues’.

Click the link below for the full story!

https://finance.yahoo.com/news/genesee-wyoming-gwr-q4-earnings-123012876.html

Union Pacific Profit Beats Estimates

January 24, 2019 / WIL BALDWIN

(Reuters) – Union Pacific Corp (UNP.N), one of the biggest U.S. railroads, on Thursday reported higher-than-expected quarterly profit and said efficiency gains will bolster profits in 2019.

Shares in the company, which connects 23 states in the western two-thirds of the United States by rail, rose 3.3 percent to $159.37.

Its operating ratio – a measure of operating expenses as a percentage of revenue and a key metric for Wall Street – improved 1.1 points to 61.6 percent in the fourth quarter from the same period last year, the company said.

A lower ratio means more efficiency and higher profitability.

“We expect (2019) operating margins will increase as a result of solid core pricing gains and significant productivity benefits,” Chief Executive Lance Fritz said in a statement.

The Omaha, Nebraska-based company this month hired former Canadian National Railway Co (CNR.TO) executive and turnaround expert Jim Vena as its chief operating officer and said its operating ratio would fall below 60 percent by 2020.

Vena worked with Hunter Harrison, who led the revival of two Canadian railroads and died in 2017 after a short stint as CEO of CSX Corp (CSX.O), which recently set a 2019 target for a sub-60 percent operating ratio.

Union Pacific is cutting jobs, consolidating businesses and selling a corporate retreat to drive costs lower.

On a conference call on Thursday, Vena said “everything is on the table” as Union Pacific looks for further efficiency gains.

“I know the railroad has a vision in place to get to a 55 operating ratio already, and we’ll be working aggressively towards that goal,” Vena said.

Net income fell to $1.55 billion, or $2.12 per share in the fourth quarter, from $7.28 billion, or $9.25 per share, a year earlier when the company received a boost from changes in U.S. tax laws.

Freight revenue in the quarter rose 6 percent, lifting total operating revenue to $5.76 billion from $5.45 billion. Net core pricing was up 2.5 percent from the year-ago quarter.

Analysts, on average, expected a profit of $2.06 per share and revenue of $5.74 billion, according to IBES data from Refinitiv.

Terminal dwell, the amount of time rail cars sit idle in a terminal, was 26.7 hours for the quarter, an 18 percent improvement versus a year ago.

Union Pacific and Berkshire Hathaway-owned (BRKa.N) BNSF are the largest U.S. freight rail operators with annual revenue of more than $20 billion each.

(Reporting by Lisa Baertlein in Los Angeles and Rama Venkat in Bengaluru; Editing by Shailesh Kuber, Steve Orlofsky and Will Dunham)

Image from http://www.up.com

Aviation Segment To Fuel GE’s Growth

November 13, 2018 / WIL BALDWIN

The Aviation segment has been one of General Electric’s (GE) best-performing units in recent quarters. In the third quarter, the vertical’s revenue jumped 12% to $7.5 billion from $6.7 billion in the previous year’s quarter. However, the segment’s revenue fell slightly short of analysts’ estimate of $7.6 billion.

Aviation revenue accounted for 25% of GE’s total revenue in the third quarter compared to 24% in the previous year’s quarter. The segment’s orders in the third quarter totaled $9.1 billion, up 35% YoY.

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Aviation Segment To Fuel GE’s Growth

Image from www.ge.com

Atlas Air Reports Strong Third-Quarter Earnings Growth

November 1, 2018 / WIL BALDWIN

PURCHASE, N.Y., Nov. 01, 2018 (GLOBE NEWSWIRE) — Atlas Air Worldwide Holdings, Inc. (AAWW) today announced strong third-quarter earnings growth and raised its outlook for full-year 2018, driven by ongoing market strength, customer demand and business development.

“We continue to leverage the scale and scope of our enterprise and our leadership in global aviation outsourcing,” said President and Chief Executive Officer William J. Flynn.

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Atlas Air Reports Strong Third-Quarter

Image from http://www.polaraircargo.com/

Hyatt Hotel’s Q3 Earnings Surpass, Revenues Miss Estimates

October 31, 2018 / WIL BALDWIN

Hyatt Hotels Corporation (H) posted mixed third-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues lagged the same. With this, the bottom line exceeded the consensus mark for 11 straight quarters, while the top line lagged the same for the third consecutive quarter.

Adjusted earnings of 33 cents per share outpaced the consensus estimate of 25 cents by 32%. The bottom line also grew 37.5% on a year-over-year basis. Total revenues of $1,074 million inched up 0.5% from the prior-year quarter figure but missed the consensus estimate of $1,092 million.

Click the link below for the full story!

Hyatt Hotel’s 3Q Earnings Report

Image from www.hyatt.com

General Dynamics Tops Profit Estimates

October 24, 2018 / WIL BALDWIN

Oct 24 (Reuters) – U.S. aerospace and defense company General Dynamics Corp beat analysts’ estimates for quarterly profit on Wednesday, helped by higher demand for its IT services by U.S. government agencies.

The company closed its $9.7 billion purchase of IT services-heavy CSRA Inc in the middle of the year. This was the first full quarter for General Dynamics to report the results of that business as the U.S. government is in the midst of a broad modernization effort.

Revenue rose at all of the company’s businesses, with its information technology unit recording the biggest jump.

Revenue from the IT business more than doubled to $2.31 billion, as integration of the unit continued and the business won several contracts during the quarter. Major wins during the quarter for the unit included a $330 million contract from the U.S. Census Bureau and a $210 million contract from the Centers Medicare & Medicaid Services.

Profit margins at the IT services business slipped from 9.5 percent to 6.8 percent compared to the same period a year ago. Total operating margins for General Dynamics were 12.5 percent, down from 14 percent in the same period last year.

Revenue from the company’s aerospace division, which makes business jets, rose 1.8 percent. Total new Gulfstream deliveries, a key metric for investors, fell to 27 from 30 compared with the third quarter last year. But compared with the second quarter, deliveries rose by one jet and large-cabin Gulfstream deliveries rose to 21 from 18 in the second quarter.

Net earnings rose 11 percent to $851 million in the third quarter ended Sept. 30.

On an adjusted basis, the company earned $2.89 per share, beating Refinitiv estimates of $2.76.

Total revenue rose 20 percent to $9.09 billion, but fell short of estimates of $9.38 billion.

The company’s total backlog at the end of third-quarter 2018 was $69.5 billion, up 4.9 percent from second-quarter 2018. The biggest backlog contributor came from a $3.9 billion contract from the U.S. Navy for the construction of four (DDG-51) guided-missile destroyers.

(Reporting by Mike Stone in Washington and Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta and Susan Thomas)

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