TOMORROWS TRANSPORTATION NEWS TODAY!
With very expansive top and bottom line growth expected over the next few years, investors may be wondering why Sun Country Airlines (Nasdaq: SNCY) stock is down -5% year to date.
The answer to this question lies in the trend of earnings estimate revisions which have largely declined landing Sun Country’s stock a Zacks Rank #5 (Strong Sell) and the Bear of the Day.
Click the link below to read the full story!
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.
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.
Story By RAKESH SHARMA
Last week, Tesla Energy Ventures, a new subsidiary of electric car maker Tesla Inc. (Nasdaq: TSLA), filed an application to become a retail electricity provider in the state of Texas. According to reports, the company plans to sell electricity drawn from the grid to customers and from its battery storage products. Its grid transaction software may also enable customers for its solar panels to sell excess electricity back to the grid.
Click the link to read the full story! https://www.investopedia.com/tesla-tsla-wants-to-become-an-electricity-retailer-5199391?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral
Spirit (NYSE: SAVE) came out with a quarterly loss of $1.61 per share versus the Zacks Consensus Estimate of a loss of $1.44. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -11.81%. A quarter ago, it was expected that this airline would post a loss of $2.63 per share when it actually produced a loss of $2.32, delivering a surprise of 11.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Click the link below to read the full story!
https://finance.yahoo.com/news/spirit-save-reports-q4-loss-230511372.html
At a little-known cargo airline that handles shipments for United Parcel Service Inc. and Amazon.com Inc., business is booming.
With passenger carriers forced to cut most of their freight capacity during the pandemic, seven-year-old Western Global Airlines LLC has picked up new orders amid a surge in online shopping.
Now, it’s benefiting from another big tailwind: the credit rally sparked by the Federal Reserve’s unprecedented backstop.
The Estero, Florida-based carrier is borrowing hundreds of millions of dollars from the junk-bond market to fund a stock program that will give it a sizable tax break, hand the founders a large payout and potentially keep its workforce union-free.
Click the link below to read the full story!
https://finance.yahoo.com/news/cargo-airline-cashing-junk-bond-231010892.html
British Airways is scrapping all its Boeing 747 jumbo jets.
It’s cutting capacity to prepare for years of weak demand for air travel.
Now Reuters sources say owner IAG has a plan to get its finances in good order too.
They say the company will probably sell shares at the end of the summer, in a bid to raise almost 2.9 billion dollars.
Though other options for raising the money are being considered.
The cash would be used to keep group airlines in business, and avoid a government bailout.
That’s in contrast with European rivals.
Air France has secured a 7 billion euro package from the French government.
Germany’s Lufthansa agreed a 9 billion euro rescue deal.
IAG has avoided any such agreement, hoping to limit state involvement in how it’s run.
It has though taken state-backed loans in the UK and Spain, where it owns Iberia.
The sources say the airline is working with banks including Goldman Sachs and Morgan Stanley on the new plan.
It’s thought an announcement could coincide with financial results due at the end of the month.
Neither the airline nor the banks would comment on the reports.
IAG shares have lost about 66% of their value this year.
On Friday (July 24) afternoon they were in the red again, down over 5%.
Click the link below to watch the video report!
https://finance.yahoo.com/video/ba-aims-sell-shares-dodge-154041288.html
LONDON/FRANKFURT, Feb 5 (Reuters) – China’s HNA Group is resuming efforts to find a buyer for airport luggage handler Swissport despite facing a loss of several hundred million dollars on its initial $2.8 billion investment, four sources familiar with the matter told Reuters.
The Chinese conglomerate has rekindled talks with several heavyweight investment funds as it needs to raise cash to cut its debts, the sources said.
Rothschild is helping HNA identify prospective bidders, who are hoping to buy the Zurich-based business on the cheap after previous attempts to sell it stalled last year, the sources said, speaking on condition of anonymity because the process is not public.
U.S. buyout funds Apollo Global Management Inc and Cerberus as well as Canadian asset manager Brookfield have come forward to revisit a possible acquisition of Swissport, the sources said.
Two other U.S. investors – Bain Capital and Centerbridge Partners – are also looking to take part in a new auction, two of the sources said, adding interest from industry buyers had waned.
HNA is hoping to limit its losses and recoup at least $2.3 billion from the sale, one of the sources said.
But offers are expected to value Swissport at about $2 billion, two of the sources said, with one adding Apollo had previously offered $2.1 billion.
This means HNA may need to swallow a loss of more than $500 million to offload the business, which has annual core earnings of about $270 million, they said.
HNA, Apollo, Cerberus, Brookfield and Bain declined to comment, while Centerbridge was not available.
HNA bought Swissport for 2.7 billion Swiss francs ($2.8 billion) in 2016 in a deal that was meant to complement its sprawling portfolio of investments in aviation, logistics and tourism.
But the Chinese giant had to look into cashing out at the start of 2018 when its liquidity challenges turned it into one of China’s most indebted companies and forced it to quickly sell assets.
The 20-year old company, led by chairman Chen Feng, came under pressure after embarking on an aggressive M&A spree in the United States and Europe with deals worth an overall $50 billion.
It made a push into the travel and tourism industry, buying a 25% stake in Hilton Worldwide Holdings Inc in 2016 and then branched out into financial services, becoming the leading investor in Deutsche Bank.
But its M&A binge resulted in cash flow problems, prompting a review of all its business interests overseas.
HNA initially considered a possible listing of Swissport on the Swiss SIX Exchange in 2018, but then opted for an outright sale.
Apollo and Cerberus, which bought Paris-based Worldwide Flight Services (WFS) in 2018, were both initial contenders for Swissport, but negotiations stalled after the Swiss company secured a refinancing package in August.
($1 = 0.9727 Swiss francs)
(Reporting By Pamela Barbaglia and Clara Denina in London and Arno Schuetze in Frankfurt; Editing by Mark Potter)
The Indian government is in the market to sell its stake of Air India – and on Monday set a March 17 deadline for initial expressions of interest.
Indian conglomerate Hinduja Group and US-based fund Interups are already reported to be submitting theirs.
It’s not the first attempt at a sale: in 2018 the government failed to divest 76 per cent of the airline, and with it over five billion dollars of debt.
Air India workers protested ….
And potential bidders opted out because of stringent conditions attached – such as retaining all employees.
This time, the government has indicated, it’s open to revising some provisions.
Though bidders must assume liabilities, including debt at just under 3.3 billion dollars.
And substantial ownership and control must remain with an Indian entity.
The sale might face opposition from within prime minister Narendra Modi’s ruling BJP Party – one lawmaker describes the deal as quote ‘anti-national’.
But if successful, the buyer gets over 7,000 landing slots in India and overseas …
Together with the carrier’s low-cost arm and a stake in its cargo and ground-handling operations.
As for staff, Air India currently has around 13,000 permanent and contract personnel on its books …
Including 1,850 pilots.
BENGALURU (Reuters) – Bankrupt Indian airline Jet Airways Ltd said it had agreed to sell its assets in Netherlands to Dutch airline KLM.
If the deal is finalised, it will only involve a sale of part of the company’s business and not impact the shareholding pattern, Jet said in a statement dated Jan. 16. It did not detail the assets held in Netherlands.
Once India’s biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.
It was admitted to bankruptcy court in June after its lenders, led by State Bank of India SBI.NS, failed to agree on a revival plan.
KLM, a part of Air France KLM, was once codeshare partners with the defunct airline and in the wake of Jet’s collapse had added flights to India.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu and Anil D’Silva)
© 2024 WELCOME TO WWW.PLANESINTHEAIR.COM
Theme by Anders Noren — Up ↑
