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LATEST NEWS
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Thursday, January 26th, 2023
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Having reported a net loss of US$4.3 billion in 2021, Boeing Co. has reported a net loss of US$5.0 billion for 2022. Operational losses have been reported at US$3.5 billion, up form US$2.9 billion in 2021. The American planemaker generated US$3.1 billion in free cash flow in the final quarter of 2022. It had forecast about US$2.5 billion in free cash flow for the fourth quarter. The company reported US$2.3 billion for all of 2022 according to Refinitiv data.
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Boeing reported fourth-quarter revenue of US$20 billion, up from US$14.79 billion in 2022 and a loss per share of US$1.75. Boeing had been expected to report US$20.38 billion in revenue in the quarter and a gain of 26 cents a share. While airlines across the industry have been struggling with supply chain bottlenecks, Boeing has managed to improve its ability to ramp-up deliveries while demand from airlines for Boeing jets remains strong.
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With Congress lifting a deadline imposing a new safety standard for modern cockpit alerts for two new versions of 737 MAX aircraft and China seeing the 737 cleared to fly again, there is room for optimism ahead. The situation is helped with there being approximately 140 of the 200 737 MAX planes on order for Chinese customers in storage.
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Swiss International Air Lines (SWISS) embarked on the Premium-Economy-Class installation programme for its Airbus A340-300 fleet in December 2022. The first aircraft completed – HB-JMB – departed from Zurich for Johannesburg on January 24, on its first flight with the new seating class installed. All four SWISS Airbus A340s will feature the popular new class of travel by this April.
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“Our new Premium-Economy-Class has rapidly established itself as a hugely popular way of travel,” says SWISS Chief Commercial Officer Tamur Goudarzi Pour. “And the highly positive feedback that we’ve received from our customers – on the greater seating comfort, the enhanced service, the wider choice of meals and the quality of the food – has only strengthened our resolve to offer this top-quality product on more of our routes.”
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SWISS has already installed a new Premium-Economy-Class throughout its Boeing 777-300ER fleet, with first aircraft completion at the end of February 2022. SWISS was the first airline in the Lufthansa Group to introduce the best-in-class premium-economy seat, which sets new comfort benchmarks with its pitch of almost a metre and its 48-centimetre width.
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Raytheon Technologies reported fourth-quarter sales of US$18.1 billion, up 6% over the prior year. GAAP EPS from continuing operations of US$0.96 was up 109% versus the prior year and included US$0.31 of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted EPS of US$1.27 was up 18% versus the prior year. Both GAAP and Adjusted EPS included about 6% of a tax benefit associated with legal entity and operational reorganisations.
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The company recorded net income from continuing operations attributable to common share-owners in the fourth quarter of US$1.4 billion, up 108% versus the prior year which included US$446 million of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted net income was US$1.9 billion, up 16% versus prior year. Operating cash flow from continuing operations in the fourth quarter was US$4.6 billion. Capital expenditures were US$855 million, resulting in free cash flow of US$3.8 billion.
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Collins Aerospace reported fourth-quarter 2022 sales of US$5,662 million, up 15% versus the prior year. The increase in sales was driven by a 21% increase in commercial aftermarket, a 20% increase in commercial OE and a 5% increase in military operations. The increase in commercial sales was driven primarily by the recovery of commercial air traffic, which resulted in higher flight hours, aircraft fleet utilisation, and narrow-body deliveries. Collins Aerospace recorded operating profit of US$741 million, up 61% versus the prior year and adjusted operating profit of US$743 million in the quarter which was up 58% versus the prior year.
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Pratt & Whitney reported fourth-quarter sales of US$5,652 million, up 10% versus the prior year. The increase in sales was driven by a 37% increase in commercial OE and an 11% increase in commercial aftermarket which more than offset a 2% decrease in military sales. Pratt & Whitney recorded operating profit of US$306 million, up 127% versus the prior year and adjusted operating profit of US$321 million in the quarter, up 98% versus the prior year.
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Lockheed Martin has reported the successful first flight of the F-16 Block 70 at its Greenville, South Carolina site.
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The flight occurred January 24, with a total flight time of approximately 50 minutes and included airworthiness checks, such as engine, flight control and fuel system checks, as well as basic aircraft handling.
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The F-16 Block 70 jet is the first of 16 jets to be delivered to Bahrain. Six countries have selected Block 70/72 aircraft. In addition to the current official backlog of 128 jets to-date to be built in Greenville, Jordan last year signed a letter of offer and acceptance (LOA) for eight jets and last week signed an additional LOA for four more jets. Lockheed Martin has received a contract to begin Jordan's long-lead activities. Bulgaria has also signed an LOA for an additional eight jets for its fleet. Once these are finalised, the backlog will increase to 148.
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ST Engineering has reported that its Commercial Aerospace business has secured CFM56-7B engine maintenance contracts from two established airlines based in Asia. Under these contracts, ST Engineering will carry out heavy maintenance of CFM56-7B engines for the two airlines at its engine MRO facilities in Singapore and Xiamen, China.
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Tay Eng Guan, SVP/GM of Engine Services at ST Engineering, said, “As flying activities continue to climb back up towards the pre-pandemic level, maintenance needs for the CFM56-7B engine are expected to rise in the next few years. These two airlines have been ST Engineering’s longstanding customers for over ten years and we are pleased to continue our support for their engine maintenance needs and to help see through their recovery and growth.”
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New engine capabilities to better support customers further to CFM56 engines, ST Engineering will be providing new engine solutions to better support customers by expanding capabilities into LEAP engines which power new-generation aircraft. The group started offering quick-turn services for the LEAP-1B engine at its Singapore facility in early 2022 and will provide the same service at its Xiamen facility this year. ST Engineering will soon also provide solutions for the LEAP-1A engine, starting with quick-turn services in 1H 2023.
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Leonardo and Guardia di Finanza (Italy’s Police Force with general capability in economic and financial matters as well as the only maritime Police Force in Italy) have announced the delivery of the operator’s first AW169M light-intermediate twin engine helicopter in a special configuration featuring skids. The handover was performed at Leonardo’s Vergiate assembly line (Varese) during an official ceremony.
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The aircraft will be part of an AW169M fleet of 24 units, including six with fix-landing-gear and eighteen with skid undercarriage. All aircraft are expected to be delivered by 2024 complementing a fleet of 20 AW139 intermediate twin helicopters. The AW169Ms are used for various tasks including: maritime police/patrol, homeland customs security, law enforcement, rescue and other security duties.
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AV AirFinance Limited (AV AirFinance), a global commercial aviation loan servicer, has released that Michael Rubinett has joined its U.S. affiliate, AV AirFinance L.P., as Senior Vice President - Loan Origination (Americas). Rubinett will be responsible for sourcing loan opportunities and developing customer relationships in the Americas.
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Rubinett has almost a decade of experience in commercial aviation and finance. Prior to joining AV AirFinance, he served as Vice President of mba Asset Management. In this role he oversaw portfolio management, remarketing and trading of managed assets and also advised debt and equity investors on airline restructurings, non-performing assets, and potential investment opportunities. Prior to mba Asset Management, Rubinett worked in capital markets at Aircastle, where he was responsible for raising debt capital and managing debt origination and aircraft trading within the lessor’s various joint ventures, while also raising both unsecured and secured debt for the Aircastle platform.
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Lufthansa Technik and Air France have signed a long-term agreement for the technical support of auxiliary power units (APUs) of the French airline's entire Airbus A350 fleet. Over the next six years Lufthansa Technik will provide extensive MRO services for the Honeywell HGT1700 APUs at its Hamburg site.
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Lufthansa Technik has long been certified by the manufacturer Honeywell as an official partner for MRO of the HGT1700 and as an official warranty station for this APU-type. The services for Air France cover a large part of the service portfolio, such as tests, repairs and overhauls, replacement of line replaceable units and life-limited parts as well as AOG (aircraft on ground) support and engineering services. Both labour and materials are billed on a "not-to-exceed" model, allowing Air France to exercise full cost control over the agreed services at all times.
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