Tag: officer (Page 1 of 6)

CSX names rail industry veteran Mike Cory Chief Operating Officer

September 10, 2023 / WIL BALDWIN

Jacksonville, Florida, September 8, 2023 – CSX Corporation (NASDAQ: CSX) announced today the appointment of Mike Cory, a seasoned railroad executive with more than 40 years of operations experience, as the company’s executive vice president and chief operating officer.

Formerly executive vice president and chief operating officer for the Canadian National (CN) Railway, Cory has provided transportation consulting services since retiring from the CN in 2019.

Cory began his railroad career in 1981 as a laborer in the CN locomotive shops in Winnipeg, Canada. Over the years, he rose through the ranks as a superintendent, general superintendent, director of service design, network operations superintendent and general manager of operations for the Michigan sub-region. He also broadened his business perspective by holding customer service and marketing positions. In 2006, he began his ascent through a series of senior leadership roles, including vice president of network operations, senior vice president of the Eastern region and senior vice president for the Western region. He was named executive vice president and chief operating officer in 2016.

At CSX, Cory will lead a strong team of operations professionals – led by Ricky Johnson, Senior Vice President of Operations, and Casey Albright, Senior Vice President of Network Operations and Service Design – who have helped transform the company into a safety and service leader among North American Class I railroads. He will continue to strengthen the company’s operating model across the network while fostering a ONE CSX culture that values and engages front-line employees.

CSX also today announced that Kevin Boone, previously executive vice president of Sales and Marketing, is named executive vice president and chief commercial officer. The new title recognizes Boone’s breadth of existing responsibilities across CSX’s broad customer base and growing offering of supply chain solutions. Boone previously led the company’s finance organization before transitioning to sales and marketing in 2021. He joined CSX in 2017, following a successful 17-year career in the investment industry.

South African Airways Deepens footprint in the USA and Canada

August 6, 2023 / WIL BALDWIN

Johannesburg, August 6, 2023 – South African Airways (SAA) is expanding its reach into North America through the appointment of a General Sales Agent (GSA) for the region. The appointed agent, Discover the World (DTW) will sell passenger space on behalf of South Africa’s national flag carrier.

This partnership is expected to see the airline grow revenue across North America by raising awareness with more trade and corporate partners.

SAA’s Chief Executive Officer, Prof. John Lamola said the move is part of the airline’s long-term growth strategy that is yielding fruit. Prof. Lamola says activating the partnership with DTW in North America is another strong sign that the airline is regaining its international stature.

Air New Zealand toasts to New Zealand’s finest wines onboard

July 31, 2023 / WIL BALDWIN

The airline has invited 125 New Zealand wineries to bring their best drops for consideration onboard the airline’s Business Premier cabins and in its Tier One Lounges. Next month, some of New Zealand’s most respected and discerning wine connoisseurs will come together to choose their much-awaited list of the country’s finest wines for 2024.

Air New Zealand Chief Customer and Sales Officer Leanne Geraghty says more than 500 wines will go through a rigorous blind taste testing where wine experts will uncork bottles and sip, swirl and savour wines from across New Zealand vineyards.

The selection of wines, carefully curated by a Master of Wine and a Wine Consultant is a celebration of New Zealand’s diverse and exceptional winemaking and Air New Zealand’s commitment to serving and sharing the best of New Zealand wine onboard.

Across all its flights and lounges, Air New Zealand serves up roughly 62,000 litres of Sauvignon Blanc, 53,000 Litres of Chardonnay and 59,000 litres of Pinot Noir of wine each year – all of which is New Zealand grown and made.

“Here’s to the best of New Zealand, celebrated with every sip, on board Air New Zealand!”

Union Pacific Corporation Announces 10% Dividend Increase for Fourth Quarter 2021

December 14, 2021 / WIL BALDWIN

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.

Southwest Airlines Commemorative History Book Celebrates its 50th Anniversary

December 3, 2021 / WIL BALDWIN

DALLAS, TEXAS, December 2, 2021 Southwest Airlines Company (NYSE: LUV) is wrapping up its milestone 50th Anniversary year by releasing a one-of-a-kind commemorative history book, “50 Years. One Heart. A History of Southwest in 50 Objects.”

Starting today, Southwest® fans can purchase this unique coffee-table book, which brings to life the Company’s colorful history, its corporate archives, and reflection of its People through photographs and moments from the carrier’s rich past, exclusively sold at Southwest® The Store. This special book also represents the exciting culmination of 50 years’ worth of iconic stories as Southwest Airlines® closes out its first five decades.

“Throughout our 50th Anniversary year, we’ve reflected on the past—the People, stories, and moments that defined our first half-century,” said Gary Kelly, Chairman of the Board and Chief Executive Officer for Southwest Airlines. “This commemorative history book celebrates our unique past and Culture, and serves as an inspiration as we close one chapter of our Company history and turn the page to our next chapter, filled with hope and resilience.”

Southwest is celebrating its incredible first 50 years by showcasing a stunning collection of 50 unique objects, outfits, and artifacts (photographed by Southwest Sr. Photographer Stephen M. Keller and Southwest Sr. Designer Brianna Juda), accompanied by short stories from the Company’s inspiring history and a special foreword by Kelly as he prepares to transition into his role as Executive Chairman of the Board of Directors in early 2022.

This is the first of two special books launching in celebration of Southwest’s 50th year of service—more information coming on the second book in early 2022.

Lufthansa Group Successfully Secures Further Liquidity on the Capital Market

November 10, 2021 / WIL BALDWIN

Third corporate bond of 1.5 billion euros issued in 2021
Lufthansa Group takes advantage of favorable market conditions
Placement with two maturities of two and five-and-a-half years complements Lufthansa Group’s maturity profile

Deutsche Lufthansa AG (OTC: DLAKY) has again successfully issued a bond with a total volume of 1.5 billion euros. The bond, with a denomination of 100,000 euros, was placed in two tranches with terms of two and five-and-a-half years respectively. The tranche with a term until 16 November 2023 has a volume of 600 million euros and bears interest of 1.625 percent per year. The tranche with a term until 16 May 2027 has a volume of 900 million euros and bears interest of 2.875 percent. The two tranches over two and five-and-a-half years fit perfectly into the Group’s maturity profile.

Remco Steenbergen, Chief Financial Officer of Deutsche Lufthansa AG, stated: “The long-term funds, which were again raised at attractive terms, will be used to further strengthen the Lufthansa Group’s liquidity and refinance existing debt. This placement is one of several successful capital market transactions that we have executed since the end of last year and will further contribute to the full repayment of the government stabilization measures in Germany.”

Airbus Reports Third Quarter 2021 Results

October 28, 2021 / WIL BALDWIN

Amsterdam, 28 October 2021 – Airbus SE (Paris stock exchange symbol: AIR) reported consolidated financial results for the nine months ended 30 September 2021.

“The nine-month results reflect a strong performance across the company as well as our efforts on cost containment and competitiveness. As the global recovery continues, we are closely monitoring potential risks to our industry. We are focused on securing the A320 Family ramp up and striving to ensure the right industrial and supply chain capabilities are in place,” said Airbus Chief Executive Officer Guillaume Faury. “Based on our nine-month performance, we have updated our 2021 earnings and cash guidance. We are strengthening the balance sheet to secure investment for our long-term ambitions.

Gross commercial aircraft orders totalled 270 (9m 2020: 370 aircraft) with net orders of 133 aircraft after cancellations (9m 2020: 300 aircraft). The order backlog was 6,894 commercial aircraft on 30 September 2021. Airbus Helicopters booked 185 net orders (9m 2020: 143 units), including 10 helicopters of the Super Puma Family. Airbus Defence and Space’s order intake by value was € 10.1 billion (9m 2020: € 8.2 billion) with third quarter orders including 56 C295 aircraft for India, two A400Ms for Kazakhstan and support and spares contract renewals for the German and Spanish Eurofighter fleets.

Consolidated revenues increased 17 percent to € 35.2 billion (9m 2020: € 30.2 billion), mainly reflecting the higher number of commercial aircraft deliveries compared to 9m 2020. A total of 424 commercial aircraft were delivered (9m 2020: 341 aircraft), comprising 34 A220s, 341 A320 Family, 11 A330s(1), 36 A350s and 2 A380s. Revenues generated by Airbus’ commercial aircraft activities increased 21 percent, largely reflecting the delivery performance compared to 2020 which was strongly impacted by COVID-19. Airbus Helicopters delivered 194 units (9m 2020: 169 units) with revenues up 14 percent reflecting growth in services as well as the higher deliveries, notably more helicopters from the Super Puma family. Revenues at Airbus Defence and Space were broadly stable year-on-year with four A400M military airlifters delivered in 9m 2021.

Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – was € 3,369 million (9m 2020: € -125 million).

The EBIT Adjusted related to Airbus’ commercial aircraft activities totalled € 2,739 million (9m 2020: € -641 million), mainly driven by the operational performance linked to deliveries and efforts on cost containment and competitiveness.

The A220 production rate, which is currently at 5 aircraft a month, is expected to increase to around rate 6 per month in early 2022, with a monthly production rate of 14 envisaged by the middle of the decade. On the A320 Family programme, the Company is working to secure the ramp up and is on trajectory to achieve a monthly rate of 65 aircraft by summer 2023. The recent commercial successes of the A330 programme enable a monthly rate increase from around 2 to almost 3 aircraft at the end of 2022. The A350 programme is expected to increase from around 5 to around 6 aircraft a month in early 2023.

Airbus Helicopters’ EBIT Adjusted increased to € 314 million (9m 2020: € 238 million), driven by services, programme execution and lower spending on Research & Development (R&D).

EBIT Adjusted at Airbus Defence and Space increased to € 284 million (9m 2020: € 266 million), mainly reflecting the Division’s efforts on cost containment and competitiveness.

Consolidated self-financed R&D expenses totalled € 1,919 million (9m 2020: € 2,032 million).

Consolidated EBIT (reported) amounted to € 3,437 million (9m 2020: € -2,185 million), including net Adjustments of € +68 million.

These Adjustments comprised:

€ +190 million related to the A380 programme, of which € +45 million were booked in Q3;
€ -165 million related to the dollar pre-delivery payment mismatch and balance sheet revaluation, of which € +5 million were in Q3;
€ +43 million of other Adjustments, including compliance costs, of which € -6 million were in Q3.

The financial result was € -172 million (9m 2020: € -712 million). It mainly reflects the net interest result of € -233 million partly offset by € +63 million related to the revaluation of the Dassault Aviation equity stake. Consolidated net income(2) was € 2,635 million (9m 2020 net loss: € -2,686 million) with consolidated reported earnings per share of € 3.36 (9m 2020 loss per share: € -3.43).

Consolidated free cash flow before M&A and customer financing was € 2,260 million (9m 2020: € -11,798 million), reflecting efforts on cash containment and also included a positive phasing impact from working capital. Consolidated free cash flow was € 2,308 million (9m 2020: € -12,276 million).

On 30 September 2021, the gross cash position stood at € 21.7 billion (year-end 2020: € 21.4 billion) with a consolidated net cash position of € 6.7 billion (year-end 2020: € 4.3 billion). The Company’s liquidity position remains strong, standing at € 27.7 billion at the end of September 2021. Given the increase in the net cash position and the robust liquidity, a decision was taken not to renew the undrawn € 6.2 billion Supplemental Liquidity Line which matured in September. In the meantime, the maturity of the € 6 billion Revolving Syndicated Credit Facility has been extended by a year.

Outlook

As the basis for its 2021 guidance, the Company assumes no further disruptions to the world economy, air traffic, the Company’s internal operations, and its ability to deliver products and services.

The Company’s 2021 guidance is before M&A.

On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021 around:

600 commercial aircraft deliveries;
EBIT Adjusted of € 4.5 billion;
Free Cash Flow before M&A and Customer Financing of € 2.5 billion.

Boeing Reports Second Quarter Results

July 28, 2021 / WIL BALDWIN

The Boeing Company [NYSE: BA] reported second-quarter revenue of $17.0 billion, driven by higher commercial airplanes and services volume. GAAP earnings per share of $1.00 and core earnings per share (non-GAAP)* of $0.40 primarily reflects higher commercial volume and lower period costs (Table 1). Boeing recorded operating cash flow of ($0.5) billion.

“We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” said Boeing President and Chief Executive Officer David Calhoun. “While our commercial market environment is improving, we’re closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry’s stability. As we continue to position for a robust recovery, we remain committed to safety and quality, while investing in our people, products and technology. I am proud of our team’s resilience and commitment as we work to rebuild trust, improve our performance and deliver for our commercial, defense, space and services customers.”

As part of Boeing’s ongoing focus on global sustainability, the company published its first integrated Sustainability Report in July. “This was an important step in our continued efforts to reinforce our Environmental, Social, and Governance principles,” Calhoun said.

Click the link below to read the full press release!

https://boeing.mediaroom.com/2021-07-28-Boeing-Reports-Second-Quarter-Results

Federal Government Green Hydrogen Innovation Officer Visits Rolls-Royce

July 13, 2021 / WIL BALDWIN

Rolls-Royce sees hydrogen as one of the key elements in a climate-neutral future. Its Power Systems division is already working hard on fuel cell technology, on a hydrogen engine, and on using renewably produced fuels that will soon be able to power existing internal combustion engines more cleanly. Building the hydrogen ecosystem quickly is a challenge – making interdisciplinary, cross-industry dialog a vital component. Rolls-Royce’s Power Systems Division hosted a visit by Dr. Stefan Kaufmann, Green Hydrogen Innovation Officer at Germany’s Federal Ministry of Education & Research, and explained its leading-edge research and development projects.

From Hydrogen to synthetic fuels

Together with industrial companies and universities, Rolls-Royce Power Systems is researching tomorrow’s propulsion and drive solutions in the MethQuest research project. Here, Rolls-Royce engineers are working on gas engine designs aimed at reducing methane emissions harmful to the climate, and on methanol and hydrogen combustion. The knowledge gained can be used in the development of new engines.

Fuel cell demonstrator soon to go into operation

One of these new drive-power technologies is the fuel cell in which hydrogen and oxygen react chemically to produce electricity which powers an electric motor with zero emissions. As early as this autumn/fall, Rolls-Royce will commission an emergency power supply system at its Friedrichshafen facility powered by fuel cells – thereby demonstrating how fuel cells can be used as part of stationary power supply infrastructure.

Rolls-Royce will then take the fuel cell to market in 2025 – initially for power generation applications, and later also as a marine propulsion system.

Singapore Airlines Raises S$2 Billion from Sale-and-Lease Back Transactions

May 10, 2021 / WIL BALDWIN

Singapore Airlines (SIA) has completed sale-and-leaseback transactions for 11 aircraft, comprising seven Airbus A350-900s and four Boeing 787-10s, raising approximately S$2.0 billion in total.

The transactions were arranged by four different parties, as follows:

Lease Arranger	Aircraft
Aergo Capital Limited	1 Airbus A350-900 1 Boeing 787-10
Altavair	4 Airbus A350-900s
EastMerchant / Crianza Aviation	1 Airbus A350-900 2 Boeing 787-10s
Muzinich and Co. Limited	1 Airbus A350-900 1 Boeing 787-10
Total	11

SIA has successfully raised approximately S$15.4 billion in fresh liquidity since 1 April 2020, including these sale-and-leaseback transactions. The amount also includes S$8.8 billion from SIA’s successful rights issue, S$2.1 billion from secured financing, S$2.0 billion via the issuance of convertible bonds and notes, as well as more than S$500 million through new committed lines of credit and a short-term unsecured loan.

SIA continues to have access to more than S$2.1 billion in committed credit lines, along with the option to raise up to S$6.2 billion in additional mandatory convertible bonds before the Annual General Meeting in July 2021.

During this period of high uncertainty, as the airline industry continues to navigate the unprecedented challenges caused by the Covid-19 pandemic, the SIA Group will continue to explore additional means to raise liquidity as necessary.

Mr Goh Choon Phong, Singapore Airlines Chief Executive Officer, said: “The additional liquidity from these sale-and-leaseback transactions reinforces our ability to navigate the impact of the Covid-19 pandemic from a position of strength. We will continue to respond nimbly to the evolving marketing conditions, and be ready to capture all possible growth opportunities as we recover from this crisis.”

About Union Pacific

Archives