Airbus has reported consolidated financial results for its first-quarter 2020. Consolidated revenues decreased to €10.6 billion, down 15% compared to the first-quarter of 2019, reflecting the difficult market environment impacting the commercial aircraft business with 40 less deliveries than a year earlier, partly offset by a better mix and a more favorable foreign exchange environment.
Boeing let the midnight deadline on April 24 pass before announcing that it was pulling out of the deal to acquire the commercial aircraft arm of Brazil’s Embraer first agreed in 2018. Boeing has cited that Embraer failed to meet a number of conditions required for the transaction to be closed. Embraer has retaliated by
The German government and the Hessian state government have pledged their support to Germany’s leisure airline Condor, through a guarantee for a loan from the federal government’s corona-shield program. Condor will receive a loan of €294 million (US$320 million) as corona-aid as well as €256 million (US$279 million) to fully refinance the bridging loan that
Following several weeks of discussions with the French state and banking institutions, the Air France-KLM Group and Air France were able to finalize various components of a support mechanism dedicated to Air France on which principle agreements are being finalized. This support mechanism is comprised of a French state-backed loan of €4 billion (US$4.36 billion)
Luftfahrtgesellschaft Walter (LGW) has filed for insolvency in its own administration with the Düsseldorf Local Court. On Wednesday, April 22, attorney Dirk Andres was appointed as provisional administrator. Attorney Michael Wilbert will also join the company’s management as a further managing director. In view of the current economic situation in the aviation industry, there is
In November 2019, International Airlines Group (IAG) agreed to buy Spanish-owned Air Europa for one billion euros (US$1.13 billion), subject to European regulatory approval. In March this year IAG, which also owns Spanish carriers Iberia and low-cost carrier Vueling, agreed to offload a number of routes to fellow Spanish carrier Volotea which would reinforce competition
The Lufthansa Group has published preliminary results for the first quarter of 2020. On a preliminary basis, Group revenues fell by 18% to €6.4 billion (previous year: €7.8 billion) in the first quarter. In March alone, revenues declined by almost €1.4 billion. Cost reductions could only partially offset the revenue decline in the quarter. On
Delta Air Lines has reported financial results for the March quarter of 2020, posting a net loss of US$534 million. Total revenue of US$8.6 billion, was down 18% versus the prior year, with total unit revenue down 13%. Total expense decreased US$450 million driven by lower fuel usage, partially offset by higher revenue- and capacity-related
Lockheed Martin Corporation has reported first quarter 2020 net sales of US$15.7 billion, compared to US$14.3 billion in the first quarter of 2019. Net earnings in the first quarter of 2020 were US$1.7 billion, compared to US$1.7 billion in the first quarter of 2019. Cash from operations in the first quarter of 2020 was US$2.3
Virgin Australia Holdings (Virgin Australia) has called in Vaughan Strawbridge of Deloitte to act as administrator for Australia’s second-largest airline which has accrued debts of AU$5 billion (US$3.15 billion). Having failed to operate profitably for the last seven years and the impact of the COVID-19 pandemic, failing to obtain a bailout loan of AU$1.4 billion
