United Airlines (UAL) reported third-quarter net income of US$637m, pre-tax earnings of approximately US$1.0bn and pre-tax margin of 9.9%. Excluding special charges, UAL reported third-quarter net income of US$669m, pre-tax earnings of US$1.0bn and pre-tax margin of 10.4%. UAL repurchased US$556m of its common shares in the third quarter, bringing the year-to-date share repurchases to
Threats of legal action against Island Air, Hawaii’s second-largest airline, has seen the airline file for Chapter 11 bankruptcy in order to protect it from any threatened action to ground its aircraft and leave hundreds of passengers stranded and to allow it to continue inter-island operations. Only this year Island Air had invested heavily in
Aviation Capital Group (ACG) has closed the sale of US$750m of 3.500% senior unsecured notes due 2027. Proceeds from the Notes will be used for general corporate purposes, including repayment of existing indebtedness. The Notes are not guaranteed by ACG’s parent company, any of ACG’s subsidiaries, or any third party. “Today’s issuance marked the company’s
EDM, a global provider of training simulators to the civil aviation and defence sectors, has invested £1m in a suite of new CNC machines to support its strong growth. Purchased over the past 12 months to help meet the demands of EDM’s rapidly growing order book, the four new CNC machines enable the company to
In what Carsten Spohr, chief executive of Lufthansa, said was a “great day” for his company, Germany’s largest carrier has agreed to purchase the lion’s share of Air Berlin, which filed for bankruptcy protection on August 15. The purchase price of €210m (US$245m) will see Lufthansa looking to acquire 80 of Air Berlin’s 144 aircraft,
Sepang Aircraft Engineering (SAE), an MRO centre based in Kuala Lumpur, Malaysia, partially owned by Airbus since 2011, has become a fully owned Airbus subsidiary, following the acquisition by Airbus of its remaining shares. With this acquisition, SAE becomes an integral part of the Airbus Customer Services network and is set to represent a key
Delta Air Lines has released financial results for the September quarter 2017. Adjusted pre-tax income for the September 2017 quarter was US$1.7bn, a US$182m decrease from the September 2016 quarter. Pre-tax income includes a US$120m reduction from the operational disruption following Hurricane Irma that hit the Caribbean, Florida, Georgia and, specifically, Delta’s hub in Atlanta.
Finnair acquires 60% of Nordic Regional Airlines AB (Norra) from Staffpoint Holding Oy (StaffPoint) and Kilco Oy (Kilco). Finnair currently owns 40% of the company, and following the transaction Norra will transfer full ownership to Finnair on an interim basis. The transaction has no impact on Norra’s operations or personnel. Norra operates Finnair’s domestic and
Air France-KLM has completed the capital increases reserved to China Eastern Airlines and Delta Air Lines. The 75,054,820 related new shares have been admitted to the regulated market of Euronext Paris and Amsterdam. These capital increases, announced on July 27, 2017, have been approved by the General meeting of shareholders on September 4, 2017. Each
According to a memo seen by Reuters, Airbus Defence and Space has frozen capital expenditure and is stressing upon its 34,000-strong workforce to take “drastic measures” to make cash savings. This has come as a result of the European aerospace giant facing the prospect of missing its 2017 cash targets by hundreds of millions of
