Archer Aviation, a leader in electric vertical take-off and landing (eVTOL) aircraft, has reported operating and financial results for the second-quarter ended June 30, 2023. The company reported total operating expenses of US$181.4 million and a net loss of US$-184.1 million. Cash, cash equivalents and short-term investments stood at US$407.6 million at the end of June.
Wheels Up Experience (Wheels Up), the private aircraft charter enterprise faces closure as demand for personal air transport continues to fall post the COVID-19 pandemic. According to REUTERS, the warning comes despite Delta Air Lines providing the business with substantial short-term funding. Wheels Up charters private aircraft to clients by the hour and according to
The TUI Group is experiencing very high demand for holiday travel. For the first time since the beginning of the pandemic, the Group closed the third financial quarter profitably. All segments showed a positive operating performance and contributed to the improvement in earnings. The growth sector Hotels & Resorts reported underlying earnings above pre-crisis levels
Ending June 2023, the first half of the year has seen major growth across all financial sectors of Fraport, the global airport company. This has been fuelled by a noticeable increase in passenger numbers at the Group’s airports. Group revenue rose by 33.8% year-on-year to €1,804.3 million in the first six months of 2023. The
Estero, Florida-based Western Global Airlines has filed for Chapter 11 bankruptcy protection. The company operates chartered cargo jets for the military and other organisations. The carrier is undergoing restructuring with the help of US$77 million in financing from creditors and bondholders. The filing was not unexpected after revenues fell heavily and a heavy debt load.
Brussels Airlines has closed its first semester of 2023 at -€12 million, an improvement of 87% compared to the previous year. The first quarter ended at -€44 million, in-line with expectations and seasonality of the aviation business – and the second quarter closed at €31 million Adjusted EBIT. The more stable fuel prices, the increasing
Willis Lease Finance Corporation (WLFC) has reported second-quarter 2023 total revenues of US$109.0 million and pre-tax earnings of US$19.0 million. For the three months ended June 30, 2023, aggregate lease rent and maintenance reserve revenues were US$89.8 million and spare parts and equipment sales were US$4.6 million. The WLFC reported increased total revenues in the
Lufthansa Group has released details of recent pay offers submitted to cockpit crew. These offers, incremental over the next three years, will see base pay rates increase by 18%. With lump sums and inflation bonuses on the table already agreed on last year, captains would likely see a pay raise of over 25%, while co-pilots
Rolls-Royce’s underlying operating margin demonstrated significant improvement, reaching 9.7% compared to 2.4% in the previous period. This positive change was fuelled by continuous revenue growth and early transformational benefits, particularly in commercial optimisation and cost efficiencies across the group. Civil Aerospace achieved an operating margin of 12.4% (versus (3.4)% in the prior period) due to
Spirit AeroSystems‘ (Spirit) revenue in the second quarter of 2023 was US$1.4 billion, up 8% from the same period in 2022. This increase was primarily due to higher production deliveries on the Boeing 737 and 787 programmes and increased Defence and Space revenue, partially offset by lower revenue on the Airbus A220 programme. Overall
