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Boeing to recognize cost reclassification and charges to second-quarter earnings

Boeing reported it will recognize an impact to earnings across three programs when it announces second-quarter 2016 results on July 27. On the 787 program, the company decided not to invest funds for the refurbishment and sale of the two remaining unsold flight test aircraft that were scheduled to be introduced into the modification line. These two aircraft were produced in 2009 and have been used extensively for flight and ground testing, with both airplanes achieving more than 6,700 flight and ground testing hours combined. Costs associated with these aircraft were reclassified from 787 program inventory to research and development expense resulting in a non-cash after-tax charge of US$847m. To account for current and anticipated weakness in the air cargo market, the company plans to continue producing 747-8 aircraft at a rate of 0.5 per month and no longer increase the production rate to 1.0 per month in 2019. An US$814m after-tax charge on the 747 program reflects a lower estimated total of 747-8 Freighter aircraft to be produced in the program accounting quantity and lower estimated revenues on future aircraft sales. The company will also recognize a US$393m after-tax charge on the KC-46 Tanker program. This charge reflects higher costs associated with previously announced program schedule and technical challenges, including implementation of the hardware solution to resolve the refueling boom axial load issue identified during flight testing, delays in the certification process and concurrency between late-stage development testing and initial production. In total, the company will record an after-tax earnings impact of US$2.1bn. On a pretax basis at the segment level, Boeing Commercial Airplanes will now record an earnings impact totaling US$2.78bn and the Boeing Military Aircraft segment of Boeing Defense, Space & Security will report an earnings impact of US$219m.

Friday March 1, 2024
Image of Safran's new facility in Rennes, France © Safran
Safran Aircraft Engines has unveiled plans to establish a cutting-edge foundry in Rennes, Brittany, France, dedicated to the production of turbine blades for its key engine programmes: the M88 in the defence sector and the CFM International LEAP in commercial ... Read More »
Friday March 1, 2024
Bristow Group has selected Arrius 2B2 engines and an SBH® support contract for its new H135 fleet © Safran - Thomas Garza
Bristow Group has signed a contract with Safran Helicopter Engines to power its new fleet of H135 helicopters with Arrius 2B2 engines. In-service support and MRO for these engines will be provided by an SBH® (support-by-the-hour) contract. At Heli-Expo 2024, ... Read More »
Friday March 1, 2024
Condor aircraft equipped with RECARO BL3710 seats © Condor
RECARO Aircraft Seating has been chosen by German leisure airline Condor to supply the economy-class cabins of its new Airbus fleet with the popular BL3710 and lightweight SL3710 seats. Condor’s new fleet includes 28 Airbus A321 and 13 A320 aircraft to b... Read More »
Friday March 1, 2024
Out of the 17 P-8A Poseidon orders, 14 aircraft will go to Canada and three aircraft will go to Germany © Boeing
The U.S. Navy has awarded Boeing a US$3.4 billion contract to begin manufacturing 17 P-8A Poseidon aircraft, 14 for the Royal Canadian Air Force and three additional P-8s for the German Navy. In November 2023, Canada announced its decision to acquire... Read More »
Friday March 1, 2024
Shutterstock
SMBC Aero Engine Lease (SAEL) has opted for Acumen‘s SPARTA records data room, a centralised and secure online records management system (RMS) designed for the digitised storage, retrieval and collaboration of aircraft engine records. This choice aims to... Read More »
Friday March 1, 2024
Leonardo
Leonardo has delivered another year of strong financial performance, meeting or exceeding targets. Orders show continuous and structural growth, reaching close to the level of €18 billion (over €18.7 billion on a pro-forma basis consolidating Telespaz... Read More »
Thursday February 29, 2024
Boeing Renton, Washington © Shutterstock
The Federal Aviation Administration (FAA) has instructed Boeing to develop a plan within 90 days to rectify serious quality and safety issues. As reported by CNN, the directive follows a day-long meeting between FAA Administrator Mike Whitaker and Boeing CEO D... Read More »
Thursday February 29, 2024
Southwest Airlines has launched Southwest Airlines Renewable Ventures (SARV)
Southwest Airlines has launched Southwest Airlines Renewable Ventures (SARV), a wholly-owned subsidiary of Southwest Airlines®, dedicated to creating more opportunities for Southwest to obtain scalable sustainable aviation fuel (SAF), a critical component i... Read More »
Thursday February 29, 2024
Athens International Airport © AirTeamImages
The International Air Transport Association (IATA) has unveiled its 2023 annual safety report, revealing significant advancements in global aviation safety. Notably, the year marked “best-ever” results for various parameters. In 2023, there were no... Read More »
Thursday February 29, 2024
ANAC has issued two new certifications to MESA © MESA
Portuguese maintenance provider MESA, based in Lisbon and Beja, is expanding its service portfolio; Portugal’s civil aviation authority ANAC has issued two new certifications to MESA. The MRO provider is now authorised to perform an enhanced scope of base ma... Read More »
Thursday February 29, 2024
Alberto Muñoz-Domper
Crisalion Mobility has appointed Alberto Muñoz-Domper as its new Chief Financial Officer (CFO). With more than two decades’ experience in the financial sector, Muñoz-Domper’s invaluable strategic expertise will be crucial to Crisalion Mobility’s future... Read More »
Thursday February 29, 2024
Niagara Helicopters has placed an order for six H130 helicopters
Airbus Helicopters has signed various new helicopter orders and service agreements at this year’s HAI Heli-Expo 2024. Niagara Helicopters has placed an order for six H130 helicopters, confirming a full-fleet renewal for the tourism company based in Niaga... Read More »
Wednesday February 28, 2024
THC is set to receive up to 120 Airbus helicopters of various types © Airbus Helicopters
Saudi Arabia’s commercial helicopter services provider, The Helicopter Company (THC), fully owned by the Public Investment Fund, has secured a historic framework agreement with Airbus during the ongoing HAI Heli-Expo at the Anaheim Convention Centre, Cal... Read More »
Wednesday February 28, 2024
AERO CARE's new headquarters in Miami will house the company's stock of engine parts for CFM56 and V2500 engines
AERO CARE has opened new headquarters in Miami, Fl., ensuring that AERO CARE is strategically positioned to support its global customer base. The new facility will house the organisation’s stock of engine parts for CFM56 and V2500 engines. Focused on enablin... Read More »
Wednesday February 28, 2024
Demonstration flight of AutoFlight's Prosperity eVTOL aircraft © AutoFlight
AutoFlight, the eVTOL pioneer, has performed the first inter-city electric air-taxi demonstration flight between the southern Chinese cities of Shenzhen and Zhuhai. AutoFlight’s five-seater Prosperity eVTOL aircraft completed a significant milestone by auton... Read More »
Wednesday February 28, 2024
LCI and Airbus will collaborate to jointly develop ecosystems for advanced air mobility (AAM) © Airbus
LCI and Airbus have joined forces to propel the development of advanced air mobility (AAM) ecosystems. Their collaboration is centered on strategic planning, commercialisation and financing in three pivotal AAM areas. Together, they will scrutinise market pers... Read More »
Wednesday February 28, 2024
Jon Downey CEO of EBCO Aviation Insurance
EBCO Aviation Insurance (EBCO), a wholly owned subsidiary of TITAN Aviation Fuels, has named Jon Downey as Chief Executive Officer (CEO). Downey is an experienced leader in the aviation insurance industry. He served as Vice President for United States Aviation... Read More »
Wednesday February 28, 2024
Airbus H135 helicopter
HealthNet Aeromedical Services, headquartered in Charleston, West Virginia, will soon expand its all-Airbus fleet with the addition of four H135 helicopters. As one of the largest hospital-based air medical programmes in the country, the helicopters will be us... Read More »
Tuesday February 27, 2024
Jane P. Chappell
Spirit AeroSystems Holdings has released that Jane P. Chappell will join the company’s Board of Directors, effective February 26, 2024. She will serve on the Corporate Governance and Nominating Committee and the Risk Committee. Chappell has more than four-de... Read More »
Tuesday February 27, 2024
Representatives of Honeywell and Air India at the Singapore Airshow
Collins Aerospace has been selected by Air India for a full suite of avionics hardware catering to the airline’s expanding Boeing 737 MAX fleet. The deal was announced at the Singapore Airshow 2024. The comprehensive package includes communication, navig... Read More »
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