Spirit AeroSystems Holdings (Spirit) has reported worse-than-expected results for its fourth-quarter 2020 operations, notably a 55% drop in revenue compared to the same quarter in 2019. The drop in revenue is a result of Boeing, one of its largest customers, struggling with the grounding of the 737 MAX and downturn in demand for new aircraft
Astronics Corporation, a supplier of advanced technologies and products to the global aerospace, defense and other mission-critical industries, has reported financial results for the three and twelve months ended December 31, 2020. Astronics has posted fourth-quarter revenues of US$114.8 million, down 42.1% from the comparator period of 2019, but up 7.8% sequentially from the third
International Airlines Group (IAG) has confirmed two financing agreements that British Airways has reached that will increase total liquidity by £2.45 billion. On December 31, 2020, IAG announced that British Airways had received commitments for a five-year Export Development Guarantee term-loan of £2.0 billion underwritten by a syndicate of banks, partially guaranteed by U.K. Export
Astro Aerospace has entered into a binding agreement to acquire Horizon Aircraft – the Canadian company which is currently developing its Cavorite X5 eVTOL. The transaction is expected to close on or before the start of Q2 2021 pending customary closing conditions. In a press release, Astro has said the acquisition ‘will only push the
Atlas Air Worldwide Holdings has reported strong increases in volumes, revenue and earnings for the fourth quarter and full year of 2020. These results were driven by ongoing demand for its assets and services and its operational execution. On a reported basis, net income totaled US$184.0 million for the three months ended December 31, 2020.
Airbus has reported consolidated full-year 2020 financial results. Net commercial aircraft orders totalled 268 (2019: 768 aircraft) with the order backlog comprising 7,184 commercial aircraft as of December 31, 2020. Airbus Helicopters booked 268 net orders (2019: 310 units), including 31 NH90s for the German Bundeswehr in Q4 and 11 H160s. Airbus Defence and Space’s
MTU Aero Engines AG has presented its preliminary figures for 2020: revenue was €3,977 million, compared with €4,628 million in 2019. The operating profit was €416 million (2019: €757 million) and the EBIT margin was 10.5% (2019: 16.4%). Net income was €294 million in 2020, compared with €538 million in 2019. “Our swift and decisive
StandardAero, a provider of maintenance, repair, and overhaul (MRO) services, has entered into a definitive agreement to acquire Signature Aviation’s Engine Repair and Overhaul (ERO) business. The transaction is expected to close mid-2021, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Like StandardAero, ERO is an engine MRO provider
As part of Finnair’s rebuild program, the company has finalized a lease financing arrangement for its next A350 aircraft delivery, with JLPS Holding Ireland Limited as the lessor and lease servicer. In the arrangement, Finnair will assign the purchase of the Airbus A350 aircraft to a third party, and then lease it back for its
Air Canada has reported a net loss for the 2020 fiscal year of CA$4.65 billion, or CA$16.47 per diluted share compared to a net income of CA$1.45 billion, or CA$5.44 per diluted share, in 2019, also reporting a net loss of CA$1.16 billion, or $3.91 per diluted share, in the fourth quarter ending Dec. 31,
