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Textron Aviation and NetJets sign fleet agreement for up to 1,500 Cessna Citation jets

September 20, 2023 /

September 20, 2023, – NetJets named launch customer for the new Cessna Citation Ascend

Wichita, Kansas, Business Wire – Textron Aviation (NYSE: TXT) and NetJets, a Berkshire Hathaway (NYSE: BRKa) today announced a record-breaking fleet agreement for the option for NetJets to purchase up to 1,500 additional Cessna Citation business jets over the next 15 years. This agreement extends NetJets’ existing fleet agreement, and includes options for an increasing number of aircraft each year, enabling NetJets to expand its fleet with Cessna Citation Ascend, Citation Latitude and Citation Longitude aircraft. Equally exciting is the announcement that NetJets has been named the fleet launch customer for Textron Aviation’s newest jet — the Citation Ascend. Deliveries of the Citation Ascend are expected to begin in 2025 when the aircraft, currently under development, is expected to enter into service.

Since the inception of the more than 40-year relationship between the companies, NetJets has taken delivery of more than 800 aircraft from Textron Aviation, including exercising over 300 options for Citation Latitudes and Longitudes during the past eight years. This enduring relationship equips discerning customers with class-leading, safe, and reliable aviation travel experiences worldwide. Through the years, NetJets has owned and operated industry-leading Citations including the Citation SII, V, Excel/XLS, Sovereign, X, Latitude and Longitude models.

The Citation series of business jets has evolved to offer an unmatched range of capabilities, systems and options that allow customers to expand their business reach. More than 30 Citation models have been certified over the 50-year history of the Citation line. There are currently six Citation models in production: Citation M2 Gen2,Citation CJ3+, Citation CJ4 Gen2, Citation XLS Gen2, Citation Latitude and Citation Longitude, with the Citation Ascend under development.

 

 

 

 

 

 

 

 

 

 

 

Tesla to be Added to the S&P 500 Index

November 16, 2020 /

Tesla (Nasdaq: TSLA) will be joining the S&P 500 index, expanding its investor base and putting the electric car maker in the same company as market behemoths such as Alphabet, Amazon.com, Apple, and Microsoft.

The announcement, made Monday afternoon by the S&P Dow Jones Indices, sent the company’s shares 13.7% higher in after-market trading. Tesla will officially join the benchmark stock index before the market opens on December 21, the index stated.

When Tesla joins the S&P 500, it will be one of the most valuable companies on the benchmark index. The weighting will be so influential that the S&P is debating whether or not to add the stock at its full market capitalization weight all at once, or in two separate tranches.

Union Pacific Quarterly Profit Beats Estimates

April 18, 2019 /
FILE PHOTO: A Union Pacific rail car is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren

(Reuters) – Union Pacific Corp on Thursday reported a better-than-expected quarterly profit, as the U.S. railroad raised prices, helping offset the impact of severe winter weather and record flooding that damaged rails in the Midwest.

Shares rose 2.7 percent to $173.80 in premarket trading.

Union Pacific’s operating ratio, a measure of operating expenses as a percentage of revenue and a key metric for Wall Street, increased 1 point to 63.6 percent from a year ago.

A lower ratio means more efficiency and higher profitability.

Total operating revenue fell to $5.4 billion from $5.5 billion.

The Omaha, Nebraska-based company’s net income rose to $1.4 billion, or $1.93 per share, in the first-quarter ended March 31 from $1.31 billion, or $1.68 per share, a year earlier.

Analysts, on average, expected a profit of $1.89 per share and revenue of $5.50 billion, according to IBES data from Refinitiv.

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

(Reporting by Rachit Vats in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Shailesh Kuber)

Union Pacific Profit Beats Estimates

January 24, 2019 /

(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

Warren Buffett’s NetJets, Union Reach Pilot Labor Pact

January 17, 2019 /

(Reuters) – NetJets, the luxury plane unit of Warren Buffett’s Berkshire Hathaway Inc, has extended its contract with its pilots union by three years, avoiding the type of bitter labor dispute that it had with the union earlier this decade.

The tentative contract with the NetJets Association of Shared Aircraft Pilots, which represents 2,500 pilots, boosts pay, changes the compensation structure, and expires in 2026.

NetJets and the union said in a joint statement on Thursday that the accord followed six weeks of talks, which the Columbus, Ohio-based company began though the pilots’ 2015 contract wasn’t scheduled to expire until 2023.

More than 81 percent of the pilots voted last month in favor of the changes.

“The NJASAP Executive Board is exceedingly pleased with the outcome of this negotiation — an ambitious undertaking characterized by honesty, goodwill and a genuine commitment to continuing collaboration,” said union president, Pedro Leroux.

The contract was reported earlier by The Wall Street Journal. Berkshire did not immediately respond to a request for comment.

NetJets’ labor peace contrasts with more than two years of contentious relations with the union that ended in 2015, after Adam Johnson was installed as chief executive.

The union, then also led by Leroux, had accused NetJets of trying to slash jobs, obtain givebacks on health care and work rules, and bait pilots through bogus Twitter posts to conduct work slowdowns that could result in their being fired.

In contrast, Johnson said on Thursday the contract extension was “built on a foundation of trust and transparency.”

Berkshire employed more than 377,000 people at the end of 2017, and most are not unionized.

Buffett, who flies on NetJets planes, told shareholders at Berkshire’s 2015 annual meeting: “We have no anti-union agenda whatsoever, and we think we have sensational pilots.”

(Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)

In other NetJet news, Just in time for the winter ski season, we are excited to announce a partnership with Caldera House. Through this partnership, NetJets Owners can take advantage of exclusive benefits at Jackson Hole’s newest luxury hotel.

Click the link below for the full story!

https://www.netjets.com/en-us/caldera-house-private-jet-travel-jackson-hole

Should Berkshire Hathaway buy Southwest Airlines?

August 13, 2018 /

Warren Buffett’s Berkshire Hathaway Inc. (BRK.B) could use its controversial cash hoard to purchase Southwest Airlines Co. (LUV), according to Morgan Stanley.

In a research note, reported on by CNBC and MarketWatch, analysts at the bank noted that Berkshire now has a thing for airline stocks, over a decade after Buffett dismissed them as “the worst sort” of businesses. Within the sector, Morgan Stanley identified Southwest Airlines as the best fit, adding that the Dallas, Texas-based low-cost carrier’s “consistent earnings power,” strong balance sheet, good management, “simple” business model, low cost structure, “significant competitive advantage” and attractive price are exactly the type of characteristics that Berkshire usually looks for.

Click the link below for the full story!

Should Berkshire Hathaway Buy LUV?

Warren Buffett Speaks, Airline Stocks Soar

February 27, 2018 /

Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) released its annual report on Saturday, including Warren Buffet’s highly anticipated shareholder letter. In this year’s letter, Buffett noted that Berkshire Hathaway ended 2017 with a whopping $116 billion of cash and short-term investments.

Buffett would like to redeploy this cash into productive investments. Nevertheless, Berkshire Hathaway made just one significant acquisition last year, as a buoyant stock market and the availability of cheap debt caused companies’ asking prices to soar past what Buffett was willing to pay.

Click the link below for the full story!

Warren Buffet eyes the airlines

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