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Garmin Unveils the Fourth Generation GPS/NAV/COMM

  • GTN 650Xi & GTN 750Xi modernize cockpit navigation and are available immediately

OLATHE, Kan.–(BUSINESS WIRE)– Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), today announced the GTN™ 650Xi and GTN 750Xi, the next generation of in-flight navigation technology. Designed as a direct slide-in upgrade to the previous generation GTN 650/750, pilots can preserve their panel and modernize the cockpit with the new GTN 650Xi and GTN 750Xi. The all-in-one GPS/NAV/COMM boasts a feature-rich multifunction display and can integrate with new or existing remote-mount equipment such as a transponder or audio panel. Dual-core processors and modern hardware also prepare the GTN Xi series for advanced capabilities in the future. The GTN 650Xi and GTN 750Xi have received Federal Aviation Administration (FAA) approval and are available immediately for fixed-wing single-engine and multi-engine piston, turbine and experimental aircraft, with helicopter and business aircraft approvals soon to follow.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200108005138/en/

GTN 750Xi and GTN 650Xi in the panel of a Bonanza (Photo: Business Wire)

GTN 750Xi and GTN 650Xi in the panel of a Bonanza (Photo: Business Wire)

“After decades of innovation and pioneering the GPS/NAV/COMM, we’re excited to bring the fourth generation GTN 650Xi and GTN 750Xi to the market,” said Carl Wolf, vice president of aviation sales and marketing. “Garmin was the first to introduce the all-in-one navigator with the iconic GNS 430/530. Over time the GNS WAAS and the industry-first GTN 650/750 touchscreen navigators were added to the line-up along with state-of-the-art features such as voice control, wireless connectivity and more. As the leader in GPS cockpit navigation, we have brought the most widely adopted navigators to the industry and with the GTN 650Xi and GTN 750Xi, we’re excited to add one more to the family.”

Modern processing power and state-of-the-art hardware within the GTN 650Xi/750Xi supports faster map rendering and smoother panning throughout the touchscreen navigator. It boasts a large, ultra-high-resolution display and wide viewing angle that offers superior readability in the cockpit. The displays initialize within seconds of start-up, providing immediate access to frequencies and flight plan information, saving valuable time in the aircraft. Preserving the same form factor as the previous generation GTN 650/750, the 6-inch-tall GTN 750Xi and the 2.65-inch-tall GTN 650Xi offer an intuitive touchscreen design with a dedicated direct-to button and dual concentric knob that provide added convenience when interfacing with the display.

Retaining all the features of the GTN 650/750, the GTN Xi series adds a vibrant display and vivid colors that enhance the contemporary look of the new navigators. When installed alongside a G500 TXi or G600 TXi flight display, the GTN Xi series brings a new level of modernization to the cockpit. Highly complementary, the GTN Xi and the TXi flight displays share similarities in display, appearance and hardware qualities. For example, both products feature an angular bezel so the pilot has a near-seamless experience when transitioning between the touchscreen flight display and the navigator.

The GTN 650Xi/750Xi offer advanced navigation functions, including ILS and LPV instrument approach procedures, as well as visual approach guidance. Based on a published glide path angle or a three-degree glideslope from the threshold of the runway, visual approaches also take into account terrain and obstacle clearance to assist pilots in flying a stabilized approach to the runway in visual flight conditions. Approach types that incorporate radius-to-fix (RF) leg types are also supported by the GTN Xi series. Additional capabilities include the option to add a published or custom holding procedure, vertical navigation (VNAV), graphical flight plan editing on the moving map and more.

The colorful, multifunction display-like map allows pilots to better visualize their dynamic position relative to potential hazards, such as terrain, weather and traffic. Geo-referenced instrument approach procedures can be overlaid on the map page, offering superior situational awareness when transitioning from the enroute to approach phase of flight. Terrain alerting is included within the GTN Xi series and further enhances situational awareness by using its internal terrain and obstacle database to provide audible and visual terrain proximity alerts, including, “terrain ahead, pull up” and “obstacle ahead, pull up.” Helicopter Terrain Awareness and Warning System (HTAWS), TAWS-A and TAWS-B are available as options.

Superior integration with an array of avionics on the market make the GTN 650Xi/750Xi a simple and straightforward solution to incorporate into any cockpit. Options for remote audio panel or transponder display and control allow aircraft owners to simplify their panel. When paired with a Garmin autopilot, such as the GFC™ 500 or GFC 600, pilots can fly fully coupled VNAV profiles and instrument approach procedures. Pilot workload-reducing features such as Telligence™ voice control are also available within the GTN Xi when paired with the optional GMA™ 35c. When paired with a GSR 56 Iridium datalink, global text and voice calling can be completed through the touchscreen display on the navigator.

Wireless connectivity is available with the optional Flight Stream 510, allowing pilots to connect their mobile devices running the Garmin Pilot™ and FltPlan Go applications to the GTN 650Xi/750Xi. When connected to the navigator, pilots can save time in the cockpit by wirelessly transferring aviation databases and flight plans from their mobile device to the navigator. Flight Stream 510 also supports the sharing of traffic, weather, GPS position information and more. The GTN Xi series is also compatible with the cost-effective Garmin navigation database.

The GTN 650Xi and GTN 750Xi have received FAA Supplemental Type Certification (STC) and are available immediately through Garmin Authorized Dealers for a suggested retail price of $12,495 and $17,995 respectively. A free GTN Xi trainer app is also available for download on Apple mobile devices, which allows customers to experience the feature set of these navigators. A new GTN Essentials 2.0 eLearning Course provides instruction on best practices for operational use of the new GTN Xi series and can be accessed via this website: https://buy.garmin.com/en-US/US/p/712644. The GTN Xi series come with a two-year warranty and are supported by Garmin’s award-winning aviation support team, which provides 24/7 worldwide technical and warranty support. Garmin was awarded top honors last year in avionics product support for the 16th straight year by Aviation International News,and earned the top spot in the annual avionics product support survey conducted by Professional Pilot magazinethis year, also for the 16th consecutive year.

Air Lease Places Two New Airbus A321neo’s With Air Macau

LOS ANGELES–(BUSINESS WIRE)–

Today Air Lease Corporation (NYSE: AL; “ALC”) announced a long-term lease agreement for two new Airbus A321neo aircraft with Air Macau. Featuring Pratt & Whitney PW1133G engines, the aircraft will deliver from ALC’s order book with Airbus in November 2019 and the first quarter of 2020.

“ALC has worked closely with Air Macau’s management team since 2010 and we are pleased to strengthen our long-standing relationship with the airline with this announcement today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “We are committed to providing the most modern, fuel-efficient aircraft to ALC customers and these two new A321neo aircraft will significantly enhance Air Macau’s fleet operations.”

“We are honored to announce the placement of these two new A321neo aircraft with Air Macau today,” said Jie Chen, Executive Vice President and Managing Director, Asia of Air Lease Corporation. “ALC values our relationship with the airline and these two new placements contribute to our long-term association.”

“Air Macau is thrilled to announce the placement of these two new A321neo aircraft with ALC,” said Chen Hong, Chief Executive Officer of Air Macau. “We are focused on continually enhancing and modernizing our fleet with the very best aircraft available, and these two new A321neo from ALC are key to optimizing our fleet development.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (AL)

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181205005223/en/

JetBlue Announces Third Quarter 2018 Results

Released : 10/23/2018

NEW YORK–(BUSINESS WIRE)– JetBlue Airways Corporation (NASDAQ:JBLU) today reported its results for the third quarter 2018:

  • Reported diluted earnings per share of $0.16, inclusive of $112 million in one-time costs related to the E190 fleet transition and the recently-signed pilot contract. Excluding these costs, adjusted diluted earnings per share of $0.43(1). This compares to JetBlue’s third quarter 2017 diluted earnings per share of $0.55.
  • GAAP pre-tax income of $68 million. Excluding the one-time costs, adjusted pre-tax income of $180 million(1), a decrease of 39.5% from the third quarter of 2017.
  • Pre-tax margin of 3.4%, inclusive of the one-time costs. Excluding these one-time costs, adjusted pre-tax margin of 9.0%(1), a 7.4 point decrease year over year.

Highlights from the Third Quarter 2018

  • Third quarter 2018 revenue per available seat mile (RASM) increased 1.7%, year over year, including 0.4 points of negative impact from severe weather during September.
  • Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) growth of 3.2%, at the lower end of the updated guidance range of 3.0% to 5.0%. CASM ex-fuel for the third quarter includes a 2.0 point headwind related to recurrent costs of the pilot contract, effective as of August 1st.

Key Guidance for the Fourth Quarter and Full Year 2018:

  • Capacity is expected to increase between 7.5% and 9.5% year over year in the fourth quarter 2018. The fourth quarter guidance includes a previously-announced 2.0 point ASM reduction to mitigate the impact of higher fuel prices. For the full year 2018, JetBlue expects capacity to increase between 6.5% and 7.0%.
  • RASM growth is expected to range between 1.0% and 4.0% for the fourth quarter 2018 compared to the same period in 2017.
  • CASM ex-fuel is expected to decrease between (3.5)% and (1.5)% for the fourth quarter of 2018. CASM ex-fuel for the fourth quarter includes a 3.0 point headwind related to the pilot contract. For the full year 2018, JetBlue expects year over year CASM ex-fuel to be between 0.75% and 1.75%. The headwind from the pilot contract to CASM ex-fuel for the full year 2018 is expected to be equal to 1.3 points.

For further details see the latest Investor Update and the Third Quarter 2018 Earnings Presentation available via the internet at http://investor.jetblue.com.

JetBlue will conduct a conference call to discuss its quarterly earnings today, October 23, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will also be available via the internet at http://investor.jetblue.com.

(1) Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.

Executing our Plan to Reach our EPS Commitments

“I’d like to thank our 22,000 Crewmembers, for all their hard work delivering the JetBlue experience to our Customers. Our financial performance was impacted by fuel prices that increased approximately 37% year over year. We are on track to hit our 2018 CASM ex-fuel guidance, despite pulling capacity in both the third and fourth quarters to adjust to higher fuel prices.

In the short term, we are focused on improving our earnings, particularly in the areas we can control, and have a plan to improve margins in 2019, and again in 2020. We are taking actions to recapture higher fuel costs through price – both with fare increases over recent months and through higher ancillary revenue initiatives. At our Investor Day in early October, we showed how our five building blocks will help us improve our margins and achieve our earnings target between $2.50 and $3.00 per share by 2020,” said Robin Hayes, JetBlue’s Chief Executive Officer.

“Since 2014 we have a track record of executing our plans – and we have a path to continue improving our relative margins, starting in 2019. We have the culture, the brand and the geography we need to be successful,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer.

Revenue Performance and Outlook

Third quarter RASM increased 1.7%. Excluding the 0.4 point impact from severe weather during September, RASM was above the mid-point of our updated guidance of 1.0% to 3.0%. During the quarter we saw close-in demand trends improve across the network,” said Marty St. George, JetBlue’s EVP Commercial and Planning.

“We continued to grow our capacity on the lower end of our mid to high single digit range. For the fourth quarter, we expect capacity growth between 7.5 and 9.5 percent. Given the 2.9 points of lost capacity from hurricanes in the fourth quarter of 2017, our schedule-to-schedule capacity growth is approximately 6 percent for the fourth quarter of 2018. We expect to see some revenue benefits from the network changes and the ancillary revenue changes launched during the third quarter.”

Cost Performance, Outlook and Balance Sheet

Third quarter CASM ex-fuel was 3.2%, at the low end of the updated guidance of 3.0% to 5.0%, driven by improvements in unit maintenance costs. “We are on track to hit our 2018 plan despite the added pressure from reducing our capacity in the second half. We will continue to find opportunities to mitigate these pressures, in addition to the savings from the Structural Cost Program that build each quarter,” said Steve Priest, JetBlue’s EVP Chief Financial Officer.

“We continue to see sequential improvement in our underlying non fuel costs, and reached an inflection point during the second half this year, as we execute our Structural Cost Program. We are confident we can deliver on our 2019 commitments made at Investor Day, and are on track to achieve our 0-1 CASM CAGR through 2020.”

Capital Allocation and Liquidity

JetBlue ended the quarter with approximately $937 million in unrestricted cash and short term investments, or about 12.6% of trailing twelve month revenue. In addition, JetBlue maintains approximately $625 million in undrawn lines of credit.

In its commitment to maintaining a balanced approach to capital allocation, JetBlue executed an additional $125 million in share repurchases during the quarter.

During the third quarter, JetBlue repaid $54 million in regularly scheduled debt and capital lease obligations, and raised $261 million in net proceeds in secured aircraft debt. JetBlue anticipates paying approximately $45 million in regularly scheduled debt and capital lease obligations in the fourth quarter and approximately $223 million for the full year 2018. JetBlue anticipates maintaining a 30-40% adjusted debt to cap range and liquidity between 10% and 12%.

Fuel Expense and Hedging

The realized fuel price in the quarter was $2.32 per gallon, a 36.6% increase versus third quarter 2017 realized fuel price of $1.69.

JetBlue entered into forward fuel derivative contracts to hedge approximately 7.7% of its fuel consumption during the fourth quarter of 2018. Based on the fuel curve as of October 15th, JetBlue expects an average price per gallon of fuel of $2.48 in the fourth quarter of 2018.

About JetBlue

JetBlue is New York’s Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale – Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 40 million customers a year to 103 cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit www.jetblue.com.

Notes

(1) Consolidated operating cost per available seat mile, excluding fuel and related taxes, and operating expenses related to other non-airline businesses (CASM Ex-Fuel) is a non-GAAP financial measure that we use to measure our core performance. Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.

Image from http://blog.jetblue.com

Air Transport Services Acquires Omni Air International

Air Transport Services Group, Inc. (ATSG) today announced that it has agreed to acquire Omni Air International LLC (Omni Air), a passenger ACMI and charter services provider with significant experience serving U.S. and allied foreign governments and commercial customers, for $845 million, subject to customary adjustments. The company did not assume any debt in connection with the acquisition.

Omni Air is a leading provider of passenger airlift services to the U.S. Department of Defense (DoD) via the Civil Reserve Air Fleet (CRAF) program, and a worldwide provider of full-service passenger charter and ACMI services. Omni Air also carries passengers worldwide for a variety of private sector customers and government services firms. Omni Air, founded in 1993, is an FAR Part 121 certificated and IATA Operational Safety Audit registered airline.

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Air Transport Services Acquires Omni Air International