Spirit Airlines has reported total operating revenue for the third quarter of 2020 of US$401.9 million, a decrease of 59.5% year over year as demand for air travel remains depressed due to the COVID-19 pandemic. Based on current demand and level of operation assumptions, Spirit estimates its fourth-quarter total operating revenue will be down approximately
Spirit AeroSystems (Spirit), the American parts maker, has revised the deal under which it will purchase the aerostructures unit from Bombardier Inc. The cash component of the deal has been reduced by 45% to US$275 million. While Spirit has confirmed its liabilities remain unchanged, the valuation of the Bombardier enterprise has been reduced from US$1.09
ANA Group has reported its financial results for the six months ended September 30, 2020. In the first six months of fiscal year 2020 (April 1, 2020 – September 30, 2020) although the Japanese economy is in a difficult position due to the effects of COVID-19, including a sudden decrease in corporate earnings and a
To accelerate its growth strategy and transition the business effectively to meet global expansion targets, entrepreneurial Dutch aviation company APOC has partnered with private equity investor Egeria. APOC will use Egeria’s sizeable investment to supplement its resolute narrow-body airframe, engines and landing gear acquisition policy, spearhead a transformative global footprint, and position its comprehensive inventory
American Airlines Group has posted its third quarter 2020 financial results, including third-quarter revenue of US$3.2 billion, down 73% year-over-year on a 59% year-over-year reduction in total available seat miles (ASMs). American has reported third quarter pretax loss of US$3.1 billion, excluding net special items, third-quarter pretax loss of US$3.6 billion. Third-quarter net loss was
IFS, the global enterprise applications company, has reported its financial results for the third quarter of 2020. The financial highlights reveal a strong business that continues its trajectory of hyper growth in areas such as cloud- and service management software. The company’s commitment to advancing its service management technology is projected to deliver north of
Due to an expansion of the flight schedule in the summer months of July and August, and considerable cost reductions, Lufthansa Group losses were reduced in the third quarter compared to the second quarter. On a preliminary basis, Adjusted EBIT in the third quarter was €1,262 million (previous year: €1,297 million). After nine months, the
Investment Management PIMCO and GE Capital Aviation Services (GECAS), have reached a preliminary agreement to develop an aviation leasing platform to support up to US$3 billion in aircraft asset financings. The transaction is subject to customary closing conditions and receipt of required regulatory approvals. This strategic investment platform will enable GECAS and PIMCO-advised accounts to
General Atomics Europe GmbH (GA-E), the medium-size service and consulting company with stakes in eight subsidiaries, has announced its intention to acquire RUAG Aerospace Services (RUAG), formerly part of the Swiss technology group RUAG International. This will enable GA-E to expand its product and service portfolio to include the maintenance and repair of business aircraft
Honeywell has acquired assets from privately held Ballard Unmanned Systems, a wholly owned subsidiary of Southborough, Mass.-based Ballard Power Systems. Ballard Unmanned Systems designs and produces industry-leading, stored-hydrogen proton exchange membrane fuel cell systems that power unmanned aerial systems (UAS), particularly those used for energy inspection, cargo delivery, and other commercial and defense applications where
