Doha, Qatar – Qatar Airways, the Global Partner and Official Airline of F1®, in partnership with Qatar Airways Holidays, announced today the launch of its fan packages for the upcoming FIA Formula One World Championship™. The packages allow fans travelling from more than 40 countries to be up-close to high-octane action and enjoy unique experiences.
From the beginning to end of their journey, the packages are designed for fans to enjoy a seamless motorsport extravaganza, with the inclusion of return flights, hotel accommodation, F1® Paddock Club or Grandstand race tickets, and return airport transfers for all global races (excluding Qatar). Packages are available for purchase at: qatarairways.com/f1.
This year, fans are also encouraged to experience guided track tours, pit lane walks and more with the F1® Paddock Club™ packages, featuring savings of up to 20 per cent on global race packages. One of the best spots to watch the action, offering world-class cuisine and free-flowing beverages, the Paddock Club™ is the pinnacle of F1® hospitality. In addition, Qatar Airways Privilege Club members can collect Avios and Qpoints on all fan packages, accumulating rewards to use towards future travel and experiences while helping them retain and quickly reach their next tier. Members can also purchase their package using Cash + Avios.
Saab AB (Stockholm: series B: SAABb)President and CEO Micael Johansson says “The geopolitical tensions are impacting our industry and driving the largest increase in defence investments in the last 30 years, particularly in Europe. In the third quarter, high demand for Saab’s broad defence portfolio continued to result in significant order intake, strong sales growth and improved profitability.”
Key highlights Q3 2023
Order intake amounted to SEK 14,977m (7,772) with strong growth in all order sizes in the quarter.
Sales increased to SEK 11,527m (8,751) with an organic growth of 31%, driven by growth in all business areas.
EBITDA increased 28% and amounted to SEK 1,424m (1,115), corresponding to an EBITDA margin of 12.4% (12.7).
Operating income (EBIT) increased 51% and amounted to SEK 859m (568). The EBIT margin was 7.5% (6.5) with improvements in several business areas in the quarter.
Net income for the period increased to SEK 656m (324) and earnings per share amounted to SEK 4.84 (2.28).
Operational cash flow in the quarter was SEK -2,058m (559) mainly due to timing of customer payments combined with higher investments.
Net liquidity position in the quarter was SEK 1.4 bn (0.4).
Upgraded outlook for organic sales growth 2023: organic sales growth to be between 19-23%, compared to previous outlook of 16-20%.
Dallas, Texas – Southwest Airlines Company (NYSE: LUV) today announced five enhancements to the award-winning Rapid Rewards®1 program. The enhancements reward the airline’s loyal Members by making it easier for Customers to earn tier status; awarding A-List Preferred Members with up to two complimentary premium drinks; and allowing Customers to pay for Southwest® flights using a combination of cash and Rapid Rewards® points.
Earn A-List Status Faster: Starting Jan. 1, 2024, Southwest Rapid Rewards™ Members only need to fly 20 one-way qualifying flights2 (previously 25) or earn 35,000 tier qualifying points3 to reach A-List status.
Earn A-List Preferred Status Faster: Starting Jan. 1, 2024, Rapid Rewards Members only need to fly 40 one-way qualifying flights2 (previously 50) or earn 70,000 tier qualifying points3 to earn A-List Preferred status.
Earn Tier Qualifying Points Faster with Southwest Rapid Rewards™ Credit Cards from Chase: Starting Jan. 1, 2024, Rapid Rewards Credit Cardmembers will receive 1,500 tier qualifying points for every $5,000 spent4 (previously $10,000) on purchases using their Rapid Rewards Premier, Premier Business, Priority, or Performance Business Credit Cards from Chase.
New Perk Alert—Complimentary Premium Drinks for A-List Preferred Status: Starting Nov. 6, 2023, A-List Preferred Members can receive up to two complimentary premium drinks per flight, added directly to their mobile boarding passes.5
Redeem with Cash + Points: Starting in spring of 2024, Rapid Rewards Members will have the option to pay for their flight with a combination of cash and points, starting with as few as 1,000 points.6
WILMINGTON, Ohio (BUSINESS WIRE) – Air Transport Services Group, Inc. (NASDAQ: ATSG) today announced the pricing of its offering of $350,000,000 aggregate principal amount of 3.875% convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the notes are scheduled to settle on August 14, 2023, subject to customary closing conditions. ATSG also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50,000,000 principal amount of notes.
The notes will be senior, unsecured obligations of ATSG and will accrue interest at a rate of 3.875% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024. The notes will mature on August 15, 2029, unless earlier repurchased, redeemed or converted. Before February 15, 2029, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after February 15, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. ATSG will settle conversions in cash and, if applicable, shares of its common stock. The initial conversion rate is 31.2864 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $31.96 per share of common stock. The initial conversion price represents a premium of approximately 42.5% over the last reported sale price of $22.43 per share of ATSG’s common stock on August 9, 2023. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at ATSG’s option at any time, and from time to time, on or after August 15, 2026 and on or before the 50th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of ATSG’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
BETHESDA, Maryland, July 18, 2023 /PRNewswire/ – Lockheed Martin Corporation [NYSE: LMT] today reported second quarter 2023 net sales of $16.7 billion, compared to $15.4 billion in the second quarter of 2022. Net earnings in the second quarter of 2023 were $1.7 billion, or $6.63 per share, compared to $309 million, or $1.16 per share, in the second quarter of 2022. Cash from operations was $1.1 billion in the second quarter of 2023, compared to $1.3 billion in the second quarter of 2022. Free cash flow was $771 million in the second quarter of 2023, compared to $1.0 billion in the second quarter of 2022.
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Union Pacific Corporation (NYSE: UNP) announced that its Board of Directors today voted to increase the quarterly dividend on the Company’s common shares by 10% to $1.18 per share. The dividend is payable December 30, 2021, to shareholders of record December 20, 2021. Union Pacific has paid dividends on its common stock for 122 consecutive years.
“Union Pacific continues to deliver strong cash returns to our shareholders,” said Jennifer Hamann, Union Pacific executive vice president and chief financial officer. “Today’s action, coupled with the 10% increase earlier this year, is consistent with our targeted dividend payout ratio of 45 percent.”
About Union Pacific
Union Pacific delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
São Paulo, Brazil, November 5, 2021 – Embraer (NYSE: ERJ) announced the company’s operating and financial information on a consolidated basis in United States dollars (US$) in accordance with IFRS. The financial data presented in this document as of and for the quarters ended September 30, 2021 (3Q21), June 30, 2021 (2Q21) and September 30, 2020 (3Q20), are derived from the unaudited financial statements, except annual financial data and where otherwise stated.
HIGHLIGHTS
• Embraer delivered 9 commercial jets and 21 executive jets (14 light / 7 large) in 3Q21, bringing the year-to-date deliveries to 32 commercial jets and 54 executive jets (36 light /18 large). Following solid sales activity in the period across businesses, total company firm order backlog at the end of 3Q21 was US$ 16.8 billion;
• Revenues in 3Q21 reached US$ 958.1 million, representing year-over-year growth of 26.3% compared to 3Q20, with double digit growth in all segments;
• Excluding special items, adjusted EBIT and EBITDA were US$ 35.7 million and US$ 79.2 million, respectively, yielding adjusted EBIT margin of 3.7% and adjusted EBITDA margin of 8.3%. In the first nine months of 2021, adjusted EBIT margin was 3.8% and adjusted EBITDA margin was 8.9%;
• Adjusted net loss (excluding special items and deferred income tax and social contribution) in 3Q21 was US$ (33.9) million, with adjusted loss per ADS of US$ (0.18);
• Embraer generated free cash flow in 3Q21 of US$ 21.3 million, and in the first nine months of 2021 free cash usage was US$ (160.2) million. The positive free cash flow in 3Q21 represented the first time in more than 10 years the Company generated cash in the usually seasonally weak third quarter. The free cash flow in both periods represented a significant improvement compared to the prior year periods on better profitability and working capital efficiencies, particularly with respect to inventory management;
• The Company finished the quarter with total cash of US$ 2.5 billion and net debt of US$ 1.8 billion;
• Given better-than-expected free cash flow performance over the first nine months of 2021, Embraer is updating its guidance for free cash flow without M&A or divestitures to a range of US$ 100 million or better, from the prior range of US$ (150) million to breakeven. The Company reiterates its other financial and deliveries guidance for 2021 of commercial jet deliveries of 45-50 aircraft, executive jet deliveries of 90-95 aircraft, consolidated revenues in a range of US$ 4.0 to $4.5 billion, adjusted EBIT margin of 3.0% to 4.0%, and adjusted EBITDA margin of 8.5% to 9.5%.
Spirit AeroSystems Reports Third Quarter 2021 Results
Delivered 250 shipsets, compared to 206 in Q3 2020; delivered 47 737 shipsets in Q3 2021 compared to 15 in Q3 2020
Revenue of $980 million in Q3 2021, compared to $806 million in Q3 2020
Cash guidance unchanged: full-year 2021 cash used in operations is expected to be between $(50) to $(150) million; full-year 2021 free cash flow* is expected to be between $(200) and $(300) million
EPS of $(1.09) in Q3 2021 compared to $(1.50) in Q3 2020
Established business divisions to focus on key growth markets: Commercial, Defense & Space, and Aftermarket; Segment reporting change beginning Q4 2021
CALGARY, Alberta & KANSAS CITY, Mo.–(BUSINESS WIRE)– Canadian Pacific Railway Limited (NYSE: CP) and Kansas City Southern (NYSE: KSU) have announced they have jointly filed a railroad control application with the Surface Transportation Board (“STB”) regarding the proposed transaction to create Canadian Pacific Kansas City (“CPKC”), the only single-line railroad linking the United States, Mexico and Canada.
The comprehensive control application provides an overview of the proposed operational integration of the CP and KCS rail networks, the impact of that consolidation on the companies’ finances and labour needs, and the anticipated competitive and other benefits that will flow from providing shippers with new and better transportation alternatives. Information in the filing outlines the public and customer benefits a CP-KCS combination would bring, including more efficient north-south trade arteries to support the interconnected supply chains of the United States, Mexico and Canada.
In addition to the central foundation of the transaction to invigorate transportation competition and support economic growth across North America, the CP-KCS combination will generate many other public benefits, including:
The creation of more than 1,000 direct new jobs system-wide, including approximately 760 in the United States, over the next three years brought about by expanded rail operations across the combined network.
Capital investments in new infrastructure of more than USD$275 million1 over the next three years to improve rail safety and capacity of the core north-south CPKC main line between Louisiana and the Upper Midwest.
Avoidance of more than 1.5 million tons of greenhouse gas (GHG) emissions within five years due to the improved efficiency of CPKC versus current operations.
Diverting 64,000 long-haul truck shipments to rail annually with new CPKC intermodal services, eliminating another 1.3 million tons of GHG emissions over the next two decades, saving $750 million in highway maintenance costs.
Rail customers will not experience a reduction in independent railroad choices as a result of the CP-KCS combination. The joint control application reiterates the applicants’ commitment to keep all existing freight rail gateways open on commercially reasonable terms, including the Laredo gateway between the United States and Mexico, and shows how customers will not lose competitive routings because no new regulatory “bottlenecks” are being created. It also describes how the combined company will compete aggressively to attract traffic to its network via new single-line lanes between Canada, the Upper Midwest and the Gulf Coast, Texas, and Mexico.
More than 960 stakeholders, including more than 440 shippers, 186 smaller railroads, dozens of public officials, eight major ports, railroad labor unions representing both CP and KCS employees and 289 rail industry suppliers have written letters to the STB supporting CP’s proposed combination with KCS.
CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately $31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt. The transaction, which has the unanimous support of both boards of directors, values KCS at $300 per share, representing a 34 percent premium, based on the CP closing price on Aug. 9, 2021, the date prior to which CP submitted a revised offer to acquire KCS, and KCS’ unaffected closing price on March 19, 2021.2
The transaction is subject to approval by shareholders of each company along with satisfaction of customary closing conditions, including Mexican regulatory approvals. Shareholders are expected to vote on the transaction later this year.
CP’s ultimate acquisition of control of KCS’ U.S. railways is subject to the approval of the STB. In April 2021, the STB determined it would review the CP-KCS combination under the merger rules in existence prior to 2001 and the waiver granted to KCS in 2001 to exempt it from the 2001 merger rules. In August 2021, the STB reaffirmed that the pre-2001 rules would govern its review of the CP-KCS transaction. On Sept. 30, 2021, the STB confirmed that it has approved the use of a voting trust for the CP-KCS combination.
The STB review of CP’s proposed control of KCS is expected to be completed in the second half of 2022. Upon obtaining control approval, the two companies will be integrated fully over the ensuing three years, unlocking the benefits of the combination.
While remaining the smallest of six U.S. Class 1 railroads by revenue, the combined company would have a much larger and more competitive network, operating approximately 20,000 miles of rail, employing close to 20,000 people, and generating total revenues of approximately $8.7 billion based on 2020 actual revenues.
For more information about the benefits of the CP-KCS combination, visit futureforfreight.com
Rolls-Royce (OTC: RYCEY) announces the agreed sale of its 23.1% shareholding in AirTanker Holdings Limited to Equitix Investment Management Limited for cash proceeds of £189m, including the repayment of shareholder loans and accrued and deferred interest of approximately £47m, subject to any routine closing adjustments and before transaction costs. The transaction is expected to complete by the end of the first quarter of 2022, subject to regulatory approvals. There is no merger control condition. Proceeds will be used to reduce net debt. Remaining AirTanker shareholders have pre-emption rights over the Rolls-Royce shares and loan notes.
AirTanker Holdings Limited, a joint venture with Airbus, Babcock, and Thales, owns 14 A330-200 Voyager aircraft which are powered by Trent 772B engines, a derivative of the Trent 700 engine. The Voyager aircraft support air-to-air refuelling, air transport and ancillary services for the UK Ministry of Defence. This fleet is operated by AirTanker Services Limited, in which we will continue to be a 23.5% shareholder. We will also continue to provide servicing and maintenance for the fleet of Rolls-Royce engines that power the Voyager aircraft to support the Royal Air Force.
