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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A pilot walks by United Airlines planes at the San Francisco International Airport in April. GETTY IMAGES
United Airlines Holdings Inc. stock (Nasdaq: UAL) fell late Wednesday after the airline reported a 78% drop in quarterly sales as the pandemic continued to crimp air travel.
United said it lost $1.8 billion, or $6.33 a share, in the third quarter, contrasting with earnings of $1 billion, or $3.99 a share, in the year-ago quarter.
TEL AVIV, Sept 16 (Reuters) – Cash-strapped El Al Israel Airlines raised $148 million in a government-mandated share offering on Wednesday that will enable it to receive a state bailout package.
In a regulatory filing in Tel Aviv, Israel’s flag carrier said it sold 753.35 million new shares at 0.671 shekels ($0.1963) each.
Its stock earlier had closed 5.6% higher at 0.774 shekel.
Demand reached 654 million shekels while El Al accepted 505 million shekels ($148 million) worth.
El Al did not give further details of the offering which took the total number of shares outstanding to above 1.2 million.
But Israeli media reported that Eli Rozenberg had obtained a controlling stake via the offering, with 44.9% of the airline’s shares. He is the son of American businessman Kenny Rozenberg, CEO of New York-based nursing home chain Centers Health Care.
Rozenberg in July had offered to funnel $75 million into the airline in return for a 44.99% stake.
An El Al spokesman said he could not immediately confirm the reports about Rozenberg’s bid.
Newspapers said the state’s overall stake would now be as much as 15.5%, while the current controlling shareholder – Knafaim Holdings – would see its stake fall to about 15%.
Israel’s Finance Ministry said it paid $34 million for its shares and that although it pledged a $150 million safety net, it was barely needed.
“The results of the offering express investors’ trust in the company’s business plan and in state aid,” it said in a statement.
El Al has been hit hard by the coronavirus outbreak and the government has for months offered to intervene to help it avoid bankruptcy.
That has included mandating a share offering and steep spending reductions to receive a $250 million loan that will be 75% backed by the government and used partly to pay back customers whose flights were cancelled.
The airline has reported losses for two years running, racked up debt to renew its fleet, and suspended flights when Israel closed its borders and furloughed most of its employees.
($1 = 3.4185 shekels) (Reporting by Rami Ayyub and Steven Scheer; Editing by Andrew Cawthorne)
Korean Air leveraged its cargo operation to turn a profit in the second quarter when nearly every other passenger airline has reported enormous losses after COVID-19 travel restrictions brought most flight operations to a standstill.
The South Korean carrier has one advantage that many pure passenger airlines lack – freighters. The company said it increased the operation rate of its freighter fleet and maximized cargo supply on passenger airplanes to generate an operating profit of $123.7 million and net income of $135.3 million.
Korean Air lost the ability to sell cargo space in the lower deck of passenger airplanes when travel demand sagged and it suspended most flights, resulting in a 92% drop in passenger revenue. The airline said it replaced that capacity by increasing the operation rate of freighters by 22% year-over-year through strict maintenance checks and oversight – increasing its total capacity by 1.9%.
The freighter fleet consists of 23 Boeing 747-8 and 747-400 aircraft, according to the airline’s website. It ranked as the sixth-largest cargo airline in the world in 2018, according to the International Air Transport Association.
(Reuters) – Electric carmaker Tesla Inc is negotiating possible incentives with a Texas county that could bring a new auto assembly plant to the area near Austin, the state capital, the Austin American-Statesman reported on Monday.
Travis County Commissioners Court is scheduled to discuss terms of the deal on Tuesday, the paper reported, citing people with knowledge of the situation. A vote is expected in the coming weeks.
The paper said it was unclear whether negotiations with Travis County show that Tesla has picked the Austin region as the site for the plant, which would build the company’s electric pickup truck and Model Y SUV and employ thousands of people, or if the company is also negotiating with officials in Tulsa, Oklahoma.
Tesla officials could not immediately be reached to comment. The company’s chief executive, Elon Musk, has tweeted previously about the possibility of bringing a plant to Texas. Oklahoma also has been mentioned as a possible site.
Travis County officials declined to comment, and a spokesman for the Texas governor’s office did not immediately comment.
Last month, Texas Governor Greg Abbott said he had spoken with Musk about a potential plant.
Abbott’s comments came three days after Musk had threatened to move Tesla’s headquarters and future operations to Texas or Nevada after officials in California’s Alameda County, where Tesla’s only U.S. vehicle assembly plant is located, said the plant could not yet reopen because of coronavirus lockdown measures. The plant has since reopened.
Officials with the United Auto Workers union, which represents hourly workers at General Motors Co’s assembly plant in Arlington, Texas, said they believe a Tuesday county meeting will include talks about the possible deal. The union, which has unsuccessfully tried organizing Tesla’s Fremont, California, plant, called on Texas officials to obtain assurances from Tesla about any potential jobs.
(Reporting by Ben Klayman in Detroit and Brad Brooks in Austin, Texas; Editing by Leslie Adler and Jonathan Oatis)
(Reuters) – British aero-engine maker Rolls-Royce will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday.
Rolls-Royce is also aiming to announce new credit facilities in excess of 1 billion pounds ($1.22 billion) to bolster liquidity, the newspaper said https://on.ft.com/2ULsL7q.
Rolls-Royce, which makes engines for large civil and military planes, has been hit hard by the pandemic as its airline customers park hundreds of planes.
In March, engine flying hours were down by about 40%, the newspaper said, citing a source. The company is paid by airlines based on how many hours its engines fly.
At the end of February, Rolls Royce had forecast 2020 free cash flow of 1 billion pounds, excluding any material impact from COVID-19. The group will ditch that pledge, the FT said.
The dividend payment of 11.7 pence per share, which has been frozen since 2016, will also be suspended, the newspaper added.
Rolls-Royce declined to comment.
In addition, the FT said the company on Monday will reopen its civil aerospace facilities in the UK with a fraction of the normal workforce, after suspending operations in March.
The company could also eventually furlough some 50% of its 7,500 UK shop-floor workers, with wages supported by government subsidy, two sources told the newspaper.
(Reporting by Bhargav Acharya in Bengaluru; Editing by Daniel Wallis and Richard Pullin)
Rolls Royce engine of the first Fiji Airways A350 XWB airliner is seen at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse
An employee leaves the Volkswagen (VW) plant as the company will temporarily close its factories in Mexico amid growing worries over the spread of the coronavirus disease (COVID-19), in Puebla
MEXICO CITY (Reuters) – German automaker Volkswagen said on Wednesday it would extend until April 30 a suspension of activities at two production plants in central Mexico after the government declared a health emergency because of coronavirus.
Volkswagen <VOW.DE> is among manufacturers worldwide who are responding to a fall in demand, as well as supply chain challenges following measures taken to rein in the pandemic.
In a statement the company said the halt was extended from April 12 to comply with government orders for a suspension of all non-essential activities.
Volkswagen said it would continue to pay employees during the suspension. Mexico reported 37 deaths, up from 29 a day earlier, and 1,378 infections, up from 1,215, because of the virus.
(Reporting by Sharay Angulo; Writing by Stefanie Eschenbacher; Editing by Clarence Fernandez)
Virgin Australia’s share price dipped below 10 cents on Monday – days after credit rating agency Standard & Poor’s downgraded its outlook to negative.
The drop represents an enormous fall from a high of $2.19 in February 2007. Virgin played down the developments, claiming any speculation of the future of the business was “untrue and misleading”.
Last week, Australian Aviation reported that the wider group announced a $97 million half-year loss and its intention to cut its Tigerair fleet.
(Reuters) – An AirBaltic A220 flight diverted to France on Wednesday because of an engine issue is the fourth reported case involving the Pratt & Whitney engine powering the Airbus jet, the U.S. National Transportation Safety Board (NTSB) said.
The A220-300 flight, traveling from Riga, Latvia, to Malaga, Spain, was diverted to Bordeaux because of a technical failure in the left engine, France’s Bureau d’Enquêtes et ‘Analyses (BEA) said on Twitter. The flight landed safely.
Airbus SE and United Technologies Corp, maker of the Pratt PW1500G engines, confirmed in statements that they were aware of the flight and working “to provide assistance” as required.
The incident follows three emergency landings involving the GTF engine on Airbus’s smallest jet, the A220.
“NTSB has accepted delegation for 3 previous incidents so NTSB will also look at the most recent incident,” a spokesman for the U.S. government investigative agency said by email.
“NTSB is in the process of gathering initial data. It is still in the early stage of any investigation cannot make any conclusions at this time.”
Pratt & Whitney has said that a software update for the GTF engine on the A220 is expected in the spring, pending regulatory approval.
(Reporting by Allison Lampert Editing by Leslie Adler)
