United Airlines reports first-quarter 2018 net income of US$147m

United Airlines (UAL) has reported its first-quarter 2018 financial results. UAL reported first-quarter net income of US$147m, pre-tax earnings of US$184m and pre-tax margin of 2.0%. Excluding special charges and mark-to-market adjustments, UAL reported first-quarter net income of US$143m, pre-tax earnings of US$179m and pre-tax margin of 2.0%. UAL has repurchased US$747m of its common shares year-to-date through April 16, 2018, representing approximately 4% of its shares outstanding as of year-end 2017. Consolidated passenger revenue per available seat mile (PRASM) increased 2.7% year-over-year. Consolidated total revenue per available seat mile (TRASM) increased 3.4% year-over-year. Consolidated unit cost per available seat Read more

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Boeing HorizonX invests in Reaction Engines, a UK hypersonic propulsion company

Boeing has made an investment in Reaction Engines, a leader in advanced propulsion systems based in Oxfordshire, United Kingdom. Reaction Engines’ technology will contribute to the next generation of hypersonic flight and space access vehicles. Reaction Engines is known for its Synergetic Air-Breathing Rocket Engine (SABRE), a hybrid engine blending jet and rocket technology that is capable of Mach 5 in air-breathing mode and Mach 25 in rocket mode for space flight. As part of the SABRE program, Reaction Engines developed an ultra-lightweight heat exchanger that stops engine components from overheating at high speeds, thus improving access to hypersonic flight Read more

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Delta Air Lines posts March 2018 quarter profit

Delta Air Lines has reported financial results for the March quarter 2018. Adjusted pre-tax income for the March 2018 quarter was US$676m, a US$104m decrease from the March 2017 quarter, as record revenues were offset by higher fuel prices and other increased costs including a US$44m impact from severe winter weather. Delta’s adjusted operating revenue of US$9.8bn for the March quarter improved 8%, or US$715m versus the prior year. This revenue result marks a March quarter record for the company, and was driven by improvements across Delta’s business, including a 23% increase in cargo revenue and a US$78m increase in Read more

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GECAS and PK Air Finance provide Lion Air Group financing of 51 aircraft

GECAS and its wholly owned subsidiary, PK Air Finance have concluded a significant aircraft financing transaction covering a total of 51 aircraft operated by Lion Air Group, GECAS’ largest customer Southeast Asia. The financing covers 21 Boeing 737-900ER’s currently operated by Lion Air and 30 aircraft on order by Lion Air, including Boeing 737 MAX 8’s and 9’s as well as the Airbus A320/A321neo.

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Qatar Airways makes investment in JetSuite

Qatar Airways, the national airline of the State of Qatar and JetSuite, a U.S. private aviation company, has taken a minority stake in JetSuite, and indirectly in JetSuiteX. Qatar Airways joins JetBlue Airways, which will be increasing its investment and a number of private investors as stakeholders in both JetSuite and JetSuiteX. With this investment in JetSuite, Qatar Airways will help fuel the growth of JetSuite’s private aviation business, which currently focuses on light and very light jets. The investment extends to JetSuiteX, the sibling company to JetSuite, further accelerating the expansion of its acclaimed semi-private air service on the Read more

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Liebherr Group posts 2017 net income of €331m

In 2017, the Liebherr Group achieved the highest turnover in the Group’s history, with total sales of € 9,845 million. Compared to the previous year, the family-run company increased its revenue by 9.3%. The Group is expecting further sales growth for 2018. The Liebherr Group posted a net result of €331m for the year. Compared to the previous year, this represents an increase of €33m or 11.1%. In the reporting year, there was a significant improvement in the operating result. Following the positive effects of currency movements in the previous year, the financial result, on the other hand, fell sharply.

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IAG makes minority investment of 4.61% in Norwegian

IAG, parent company of British Airways and Iberia, has acquired a 4.61% ownership position in Norwegian Air Shuttle ASA (Norwegian). IAG said that it considers Norwegian to be an attractive investment and that it intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer for Norwegian. At the same time IAG made it clear, that no such discussions have taken place to date and that it has taken no decision to make an offer at this time.

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Jet Aviation agrees to acquire Hawker Pacific in US$250m deal

Jet Aviation acquires Hawker Pacific, Photo: Jet Aviation

It has been announced that Jet Aviation has signed a binding agreement to acquire Hawker Pacific for US$250 million. Commenting on the deal, Rob Smith, president of Jet Aviation commented: “The acquisition of Hawker Pacific represents a significant step in expanding our footprint, capability and customer offer across Asia Pacific and the Middle East. “Hawker Pacific has a wide range of services including Civil MRO, Fleet Services, FBO Network and Aircraft Sales,enabling Jet Aviation to further expand its current portfolio, enter new markets, and reinforce the company’s position as one of the world’s leading business aviation service providers.” Alan Smith, Read more

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Elbit Systems completes acquisition of Universal Avionics

Universal Avionics Systems Corporation (UA) has completed its acquisition by Elbit Systems. As a wholly-owned subsidiary of Elbit Systems, the company will lead commercial sales in North America for Elbit Systems’ Aerospace Division’s Commercial Aviation Business Line. “Combining our product offering with Elbit Systems’ strengthens our position in the market,” said Paul DeHerrera, UA Chief Executive Officer. “Our vision is to be the premier cockpit avionics supplier for the commercial aviation market, providing a fully-integrated ‘heads-up’ and ‘heads-down’ experience for pilots by combining Elbit’s commercial HUD (Head-up Display) technology with UA’s FMS and display systems,” he added. “Our complete solution Read more

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Woodward buys L’Orange from Rolls-Royce in £610m deal

©Rolls-Royce

In a move to further shore up its balance sheet, Rolls-Royce has agreed to sell its subsidiary fuel injection technology firm, L’Orange, to Colorado-based Woodward in a £610m (US$860m) deal. The transaction should be completed by the end of September this year. According to Rolls-Royce, the sale of L’Orange will “improve resilience” of the balance sheet, with the extra capital being used “to pursue opportunities that will drive greater returns”. With a workforce of over 1,000 employees, L’Orange is responsible for manufacturing fuel injection products in areas including marine power and propulsion systems. Last year the operation achieved sales in Read more

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