Tag: Board (Page 7 of 7)

United Airlines First-Quarter Profit Rises

April 17, 2019 / WIL BALDWIN

FILE PHOTO: A United Express Embraer ERJ-175LR airplane is pictured at Vancouver’s international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms

(Reuters) – United Airlines on Tuesday reported a better-than-expected jump in first-quarter profit as it sold more tickets and cut costs, standing by its 2019 profit target even as its Boeing Co 737 MAX jets remain grounded.

Chicago-based United has removed its 14 MAX aircraft, which were suspended worldwide in March following two fatal crashes, from its flying schedule through early July, eating into U.S. airlines’ peak summer travel season.

Still, the airline’s parent United Continental Holdings Inc reiterated its estimate for adjusted earnings of $10 to $12 per share in 2019, and said its strategy for scheduling more flights out of its hubs was continuing to win customers.

Adjusted earnings per share rose to $1.15 in the first quarter, ending March 31, from 49 cents a year earlier, overcoming a U.S. government shutdown and severe winter weather earlier this year that curtailed flights.

Wall Street analysts on average had forecast 95 cents per share, according to IBES data from Refinitiv.

Its shares rose 2.8 percent in after-hours trading.

United has largely avoided cancelling MAX flights by servicing those routes with larger aircraft, but President Scott Kirby warned last week that the strategy could not last indefinitely.

The airline, which has been adding seats at a faster pace than rivals, trimmed its 2019 capacity growth target to between 4 percent and 5 percent from 4 percent to 6 percent previously, but did not say whether the decision reflected the effect of the grounded MAX.

Total operating revenue rose 7.1 percent to $8.73 billion in the quarter, while closely watched revenue per available seat mile rose 1.1 percent.

In the second quarter, United said it expects unit revenue to rise between 0.5 percent and 2.5 percent while unit costs, which fell 1.8 percent in the first quarter, were expected to be flat to 1 percent higher.

The No. 3 U.S. carrier is the first of three U.S. 737 MAX operators to report first-quarter results. Southwest Airlines Co and American Airlines Group Inc, which have removed their MAX jets from schedules into August, report on April 25 and April 26 respectively.

A Federal Aviation Administration review board said on Tuesday that it found a Boeing software update for the MAX to be “operationally suitable,” suggesting the lengthy regulatory process to get the planes back in the air was underway.

Rival Delta Air Lines Inc, which does not operate the 737 MAX, lifted its 2019 revenue forecast last week after reporting better-than-expected quarterly profit.

(Reporting by Tracy Rucinski in Chicago; Additional reporting by Sanjana Shivdas in Bengaluru; Editing by Bill Rigby)

Embraer Announces CEO Succession

March 20, 2019 / WIL BALDWIN

Paulo Cesar de Souza e Silva concludes his tenure at the end of April and will support the transition process of the company as Senior Advisor of the Board of Directors.

São Paulo, Brazil, March 18, 2019 – Embraer, following shareholder approval of the transaction with Boeing, announces that the current President and CEO of the company, Paulo Cesar de Souza e Silva, concludes a successful professional cycle with the company on April 22, 2019 which is the end of his current two year elected term.

“Paulo Cesar idealized the partnership with Boeing and led the negotiation process of the transaction that will bring Embraer and Brazil to a much more competitive and prominent level in the global aviation industry,” said Alexandre Silva, Chairman of the Board.

For 22 years at Embraer, Paulo Cesar came from the financial market to structure the company’s sales financing area. For six years he was President and CEO of Commercial Aviation and in 2013 launched the E2 Program, the medium-sized commercial jets considered today to be the most efficient in the market.

In 2016, Paulo Cesar became President and CEO of the Embraer Group, with a mission to make the company more efficient, competitive and better prepared to face structural changes in the global aviation market.

His administration established three key initiatives focused on value creation and the sustainability of the company. The first was the transaction with Boeing. The second was the creation of the Passion for Excellence program, a structural transformation project focused on reducing costs and increasing operational efficiency, generating significant annual recurring savings. The third was the creation of EmbraerX, responsible for disruptive innovation and the development of opportunities for the future, such as eVTOL (electric vertical take-off and landing vehicle), a project that will revolutionize urban transport in partnership with Uber.

“Without the support of the Board and Embraer’s 18,000 employees and colleagues, none of our achievements would have been possible”, noted Paulo Cesar. “We are challenged to remain at the forefront of engineering and operations. In Executive Aviation and Defense, and with the KC 390 joint venture with Boeing, we will expand our international competitiveness and everything indicates that we will have another 50 years of success ahead.” And he added: “I am sure that the new leadership of the company will find fertile ground ahead to expand and consolidate Embraer.”

Paulo Cesar was invited to be a Senior Advisor to the Board, with the task of facilitating the integration of the future President and CEO and advising the Board on the monitoring of assets and resources segregation, an integral part of the process of concluding the partnership with Boeing. As it was reported, 96.8% of Embraer’s shareholders approved an agreement with the North American company last February, which should be concluded after obtaining all approvals of the Regulatory and Competitive Agencies in Brazil and abroad.

Embraer also informs that the future President and CEO, to be elected for the next term, will be recruited externally and announced on or before the Ordinary General Assembly on April 22nd.

About Embraer

Embraer is a global company headquartered in Brazil with businesses in commercial and executive aviation, defense & security. The company designs, develops, manufactures and markets aircraft and systems, providing customer support and services. Since it was founded in 1969, Embraer has delivered more than 8,000 aircraft. About every 10 seconds an aircraft manufactured by Embraer takes off somewhere in the world, transporting over 145 million passengers a year.

Embraer is the leading manufacturer of commercial jets up to 150 seats. The company maintains industrial units, offices, service and parts distribution centers, among other activities, across the Americas, Africa, Asia and Europe.

Boeing CFO Greg Smith (left), Boeing CEO Dennis Muilenburg (center), and Embraer CEO Paulo Cesar Silva

Story and images from http://www.embraer.com

Letter from Dennis Muilenburg to Airlines, Passengers, and the Aviation Community

March 19, 2019 / WIL BALDWIN

We know lives depend on the work we do, and our teams embrace that responsibility with a deep sense of commitment every day. Our purpose at Boeing is to bring family, friends and loved ones together with our commercial airplanes—safely. The tragic losses of Ethiopian Airlines Flight 302 and Lion Air Flight 610 affect us all, uniting people and nations in shared grief for all those in mourning. Our hearts are heavy, and we continue to extend our deepest sympathies to the loved ones of the passengers and crew on board.

Safety is at the core of who we are at Boeing, and ensuring safe and reliable travel on our airplanes is an enduring value and our absolute commitment to everyone. This overarching focus on safety spans and binds together our entire global aerospace industry and communities. We’re united with our airline customers, international regulators and government authorities in our efforts to support the most recent investigation, understand the facts of what happened and help prevent future tragedies. Based on facts from the Lion Air Flight 610 accident and emerging data as it becomes available from the Ethiopian Airlines Flight 302 accident, we’re taking actions to fully ensure the safety of the 737 MAX. We also understand and regret the challenges for our customers and the flying public caused by the fleet’s grounding.

Work is progressing thoroughly and rapidly to learn more about the Ethiopian Airlines accident and understand the information from the airplane’s cockpit voice and flight data recorders. Our team is on-site with investigators to support the investigation and provide technical expertise. The Ethiopia Accident Investigation Bureau will determine when and how it’s appropriate to release additional details.

Boeing has been in the business of aviation safety for more than 100 years, and we’ll continue providing the best products, training and support to our global airline customers and pilots. This is an ongoing and relentless commitment to make safe airplanes even safer. Soon we’ll release a software update and related pilot training for the 737 MAX that will address concerns discovered in the aftermath of the Lion Air Flight 610 accident. We’ve been working in full cooperation with the U.S. Federal Aviation Administration, the Department of Transportation and the National Transportation Safety Board on all issues relating to both the Lion Air and the Ethiopian Airlines accidents since the Lion Air accident occurred in October last year.

Our entire team is devoted to the quality and safety of the aircraft we design, produce and support. I’ve dedicated my entire career to Boeing, working shoulder to shoulder with our amazing people and customers for more than three decades, and I personally share their deep sense of commitment. Recently, I spent time with our team members at our 737 production facility in Renton, Wash., and once again saw firsthand the pride our people feel in their work and the pain we’re all experiencing in light of these tragedies. The importance of our work demands the utmost integrity and excellence—that’s what I see in our team, and we’ll never rest in pursuit of it.

Our mission is to connect people and nations, protect freedom, explore our world and the vastness of space, and inspire the next generation of aerospace dreamers and doers—and we’ll fulfill that mission only by upholding and living our values. That’s what safety means to us. Together, we’ll keep working to earn and keep the trust people have placed in Boeing.

Dennis Muilenburg
Chairman, President and CEO
The Boeing Company

Boeing Nominates Former UN ambassador Nikki Haley to Board

February 26, 2019 / WIL BALDWIN

CHICAGO, Feb. 26, 2019 /PRNewswire/ — The Boeing Company [NYSE: BA] board of directors has nominated Nikki Randhawa Haley to be elected as a director at the company’s annual meeting of shareholders on April 29.

Haley is the former U.S. ambassador to the United Nations, the first female governor of South Carolina, and a three-term legislator in the South Carolina House of Representatives.

“Ambassador Haley brings to Boeing an outstanding record of achievement in government, industry partnership, and successfully driving economic prosperity for communities in America and around the world,” said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. “Boeing will benefit greatly from her broad perspectives and combined diplomatic, government and business experience to help achieve our aspiration to be the best in aerospace and a global industrial champion.”

Ambassador Haley, 47, graduated from Clemson University with a bachelor’s degree in accounting. She was first elected to the South Carolina House of Representatives in 2004, serving three terms before being elected Governor of the state between 2011 and 2017. Haley was appointed U.S. ambassador to the United Nations by President Trump in January 2017, serving until December 2018.

“It’s an honor to have the opportunity to contribute to Boeing’s continued success as a cutting edge industry leader and a great American company,” said Ambassador Haley. “Not only is Boeing the largest aerospace company in the world and America’s biggest exporter, it also understands the importance of teamwork and building community through its network of suppliers in all 50 states and around the world.”

This Press Release Does Not Constitute a Solicitation of Proxies
This press release is not a solicitation of proxies from holders of common stock of The Boeing Company (the “Company”). The Company will provide shareholders with a proxy statement and other relevant materials in connection with the 2019 Annual Meeting of Shareholders. Any solicitation of proxies by or on behalf of the Company in connection with the 2019 Annual Meeting of Shareholders will be conducted upon and following the dissemination of the proxy statement and other materials in accordance with applicable law. We urge shareholders to read the proxy statement and any other relevant documents to be filed with the SEC when available, as such documents will contain important information. Shareholders will be able to receive the proxy statement and other relevant documents free of charge at the SEC’s website at http://www.sec.gov or at http://www.boeing.com.

Story from http://www.boeing.com

Two Bodies Recovered After Amazon Cargo Plane Crash

February 25, 2019 / WIL BALDWIN

(Reuters) – Two bodies have been recovered from the wreckage of an Amazon Prime Air cargo plane that nosedived into a bay outside Houston on Saturday, and a search was ongoing for a third victim, authorities said.

All three people aboard the Boeing 767 cargo jetliner operated by Atlas Air Worldwide died in the crash as it approached Houston’s George Bush Intercontinental Airport, Atlas and Boeing Co said in statements on Sunday.

Chambers County Sheriff Brian Hawthorne told a news conference on Sunday that two bodies had been recovered and the search continued for the third person as well as the plane’s black boxes.

The sheriff’s office released a video showing fragments of the aircraft and cargo littering mudflats after the tide went out in the bay, exposing more of the crash site.

U.S. National Transportation Safety Board (NTSB) Chairman Robert Sumwalt said the agency obtained about five seconds of security video from a local jail that showed the crash.

“The aircraft is in the video as it’s descending in a steep descent, a steep nose down attitude,” Sumwault told the press briefing, adding that there was no distress call.

Asked by a reporter if the incident was “anything more than a plane crash,” Federal Bureau of Investigation Special Agent Perrye Turner said, “that’s what we have right now.”

The plane crashed at the north end of Trinity Bay near the small city of Anahuac, about 20 miles (32 km) southeast of the airport around 12.40 p.m. (1340 EST) after taking off from Miami.

“This is a sad time for all of us,” Bill Flynn, Atlas Air’s chief executive officer, said in a statement. “Our team continues to work closely with the NTSB, the FAA and local authorities on the ground in Houston.”

Atlas Air Worldwide has been operating Boeing 767 freighters on behalf of Amazon following a 2016 deal.

Boeing said in a statement that it had sent a team to provide technical assistance to the NTSB as it conducted its investigation.

(Reporting by Andrew Hay in Taos, New Mexico; Editing by Daniel Wallis & Simon Cameron-Moore)

Cargo Jet with 3 on board crashes near Houston airport

February 23, 2019 / WIL BALDWIN

NEW YORK, Feb 23 (Reuters) – A Boeing 767 cargo jetliner with three people on board crashed into a bay near Houston’s George Bush Intercontinental Airport on Saturday, police and officials said.

Atlas Air Flight 3591 was en route to Houston from Miami when radar and radio contact with the plane was lost about 30 miles (48 km) southeast of the airport, the Federal Aviation Administration said in a statement.

The National Transportation Safety Board (NTSB) will be in charge of the investigation, the statement said, and FAA investigators were on their way to the crash site.

The Chambers County Sheriff’s office said the plane had been located in Jack’s Pocket, at the north end of Trinity Bay near the small city of Anahuac, according to a Facebook post by the sheriff’s office.

Ed Gonzalez, the sheriff of neighboring Harris County, which includes Houston, said on Twitter his office was sending personnel to help with the rescue efforts.

Boeing said on Twitter it was aware of reports of an accident involving a 767 in Texas and was gathering more information.

Atlas Air said there were three people on board the aircraft. “Those people and their family members are our top priority at this time,” the airline said in a statement.

The company, a subsidiary of Atlas Air Worldwide has been operating Boeing 767 freighters on behalf of Amazon following a 2016 deal.

“Our thoughts and prayers are with the flight crew, their families and friends along with the entire team at Atlas Air during this terrible tragedy,” Dave Clark, senior vice president of worldwide operations at Amazon, said in a statement.

(Reporting by Maria Caspani in New York Editing by Paul Simao)

SkyWest Rewards Investors With Dividend Hike & New Buyback

February 7, 2019 / WIL BALDWIN

In a regulatory filing, SkyWest SKYW announced that its board of directors has approved a new share repurchase program worth $250 million. Also, the regional carrier raised its quarterly dividend by 20%. Notably, this St. George, UT-based carrier has been consistently rewarding its shareholders for quite some time.

Twin Shareholder-Friendly Moves

This Zacks Rank #1 (Strong Buy) company hiked its quarterly dividend to 12 cents per share (annualized 48 per share), representing a 20% improvement from the previous payout of 10 cents per share (annualized 40 cents per share). The new dividend, which has been approved by the company’s board of directors, will be paid on Apr 4, 2019 to its stockholders of record as of Mar 29. The dividend yield based on the new payout and the Feb 6 closing market price is approximately 0.9%.

Click the link below for the full story!

https://finance.yahoo.com/news/skywest-rewards-investors-dividend-hike-121412826.html

US Safety Board Hearing On Southwest Engine Explosion

November 14, 2018 / WIL BALDWIN

Nov 14 (Reuters) – The U.S. National Transportation Safety Board is set to hold an investigative hearing on Wednesday about a midair incident in April during which an engine on a Southwest Airlines Boeing 737 exploded over Pennsylvania, killing one passenger.

Dallas-based Southwest has been under intense scrutiny in the months since an engine on a flight headed from New York to Dallas blew apart, shattering a plane window, flinging shrapnel and killing passenger Jennifer Riordan, one of 149 people aboard.

The episode, which has raised concerns about the safety of similar engines, was the first fatality on a U.S. commercial passenger airline since 2009.

The all-day hearing in Washington will focus on the fan blade design and development history of the engine type that failed, a CFM56-7B made by CFM International, a transatlantic joint-venture between General Electric Co and France’s Safran SA, the NTSB said.

The hearing will also focus on engine fan blade inspection methods and engine fan blade containment design and certification criteria, the NTSB said.

Representatives from Chicago-based planemaker Boeing, CFM, and Southwest Airlines are due at the hearing.

The companies did not immediately respond to requests for comment.

The hearing comes as Indonesian authorities investigate last month’s deadly Lion Air crash involving a newer version of Boeing’s best-selling single-aisle aircraft, the 737 MAX.

(Reporting by Eric M. Johnson in Seattle)

Image from www.boeing.com

Fly Jamaica Boeing 757 Damaged In Georgetown, Guyana

November 12, 2018 / WIL BALDWIN

Six passengers suffered non-life-threatening injuries on November 9th, when a Fly Jamaica Boeing 757 made an emergency landing at the Georgetown, Guyana international airport. The aircraft reported technical problems with the plane’s hydraulic system as it climbed through 19,000 feet on its way from Cheddi Jagan International Airport in Georgetown, Guyana to Toronto, Ontario, Canada.

The airplane was carrying 120 passengers and eight crew, and requested permission to return to Guyana shortly after take-off, Guyana officials stated. The plane reportedly overshot the runway upon landing at approximately 2:53 a.m. local time. The runway had recently been extended, an airport official stated.

The Guyana Civil Aviation Authority has launched an investigation, with the assistance of the U.S. National Transportation Safety Board. Officials from Boeing are also looking into the incident. The aircrafts right under carriage collapsed after the aircraft ran off the runway, causing severe damage to the airframe.

You can view a summary of the incident at the Youtube video link below!

Fly Jamaica Guyana Emergency Landing

Image from my-island-jamaica.com

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