B/E Aerospace announced first quarter 2013 financial results. First quarter 2013 revenues of $842.2m increased $94.9m, or 12.7%, as compared with the prior year period. First quarter 2013 operating earnings were $153.6m, an increase of 18.3%, and operating margin of 18.2% increased 80 basis points as compared to the prior year period. The growth in
Finnair has sold its entire holding of 1,649,862 shares, representing 4.69% of total shares, in Norwegian Air Shuttle ASA (Norwegian). The shares were sold for approximately €53m and Finnair’s capital gain for the transaction totalled approximately €34m. It will be recorded as financial income in Finnair’s second quarter 2013 accounts. Finnair’s holding in Norwegian was
In the first quarter 2013, AMR reported a net profit of $8m, excluding reorganization and special items, a $256m improvement compared to the prior-year period. AMR incurred a GAAP net loss of $341m versus a GAAP net loss of $1.7bn in the first quarter of 2012. First quarter results were negatively impacted by $349m of
Southern Air has emerged from Chapter 11, having completed its financial restructuring. Daniel J. McHugh, Southern Air CEO, said, “We have emerged from this restructuring process with substantially less debt, significantly improved operations and resources, and financial flexibility as a well-capitalized global air cargo carrier. Today, we are well-positioned both financially and operationally to continue
Aircell has completed its acquisition of the Airfone business unit of LiveTV, LLC, a wholly-owned subsidiary of JetBlue Airways Corporation. The agreement includes LiveTV’s 1 MHz air-to-ground spectrum license, as well as the Airfone in-flight communications service, network infrastructure and back-office operational assets. With a history dating back to the 1970’s, the Airfone service currently
Exchange Income Corporation completed its acquisition of Regional One, a privately-owned US company that is a leading provider of aircraft and engine aftermarket parts to regional airline operators around the world. The acquisition was first announced on February 28, 2013. The Corporation paid a total purchase price of $74.2m, of which $13.5m was paid through
PPG Industries has reached a definitive agreement to acquire certain assets of Deft Incorporated, a privately-owned specialty coatings company based in Irvine, Calif. Deft’s primary business is supplying structural primers and military topcoats to the North American aviation industry, and it has smaller architectural and industrial coatings businesses. “Acquiring Deft will advance PPG’s strategy to
US Airways reported that it priced an offering of two classes of enhanced equipment trust certificates in the aggregate face amount of approximately $820m. The Company intends to use the proceeds from the offering to finance its purchase of 18 Airbus aircraft scheduled to be delivered from September 2013 to June 2014 and to use
Etihad Airways, the Abu Dhabi-based airline posted Q1 2013 passenger revenues of US$900m (2012: US$758m), an increase of 19%; and cargo revenues of US$193m (2012: US$165m), an increase of 17%. Passenger numbers in Q1 2013 grew by 18%, rising from 2.3m to a record 2.8m. The average seat factor was 80.5%, four percentage points higher
GOL Linhas Aereas Inteligentes S.A. announced that, on April 5th, 2013, it entered into an investment agreement with the private equity firm General Atlantic, which establishes that General Atlantic, subject to certain conditions, will make a direct or indirect investment in GOL’s subsidiary SMILES S.A., through a private equity fund constituted in accordance with CVM
