United Airlines reports third quarter net income of US$1.0 billion, raises full year 2019 guidance

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United Airlines (UAL) has achieved third quarter diluted earnings per share (EPS) of US$3.99 and adjusted diluted EPS of US$4.07, and raised its full year 2019 adjusted diluted EPS guidance, with a new range of US$11.25 to US$12.25. United has reported third quarter net income of US$1.0 billion, pre-tax earnings of US1.3 billion and pre-tax margin of 11.9%, expanding pre-tax margin 2.3 points versus the third quarter of 2018. Third quarter adjusted net income was US$1.0 billion, adjusted diluted EPS of US$4.07, adjusted pre-tax earnings of US$1.4 billion and adjusted pre-tax margin of 12.1%, expanding adjusted pre-tax margin 2.5 points Read more

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Thomas Cook subsidiary Condor saved with €380 rescue loan

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Condor Flugdienst GmbH (Condor) the German leisure airline and subsidiary of the now defunct Thomas Cook Group, has received approval from the European Commission for a loan from the German government of €380 million (US$418 million) to guarantee the smooth continuation of operations while it looks to shore up its future and battle against a liquidity shortage after the demise of its parent company. The loan received approval as it is not seen as tantamount to distorting competition in the single market and will be used to write off major claims against other Thomas Cook Group companies which it will Read more

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Boeing to invest in Virgin Galactic

Virgin Galactic's first spaceflight on December 13, 2018 ©Boeing

Boeing is investing US$20 million in Virgin Galactic. The companies will work together to broaden commercial space access and transform global travel technologies. To date, Virgin Galactic has invested US$1 billion of capital to build reusable human spaceflight systems designed to enable significantly more people to experience and utilize space. In July, the company announced its intent to become a publicly-listed entity via a business combination with Social Capital Hedosophia Holdings Corp. The Boeing investment will be in return for new shares in Virgin Galactic and is therefore contingent on the closing of that transaction, which is expected to close Read more

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Air Lease Corporation activity update for third quarter of 2019

As of September 30, 2019, ALC’s fleet was comprised of 307 owned aircraft and 64 managed aircraft. As of today, ALC has commitments to acquire a total of 318 new aircraft for delivery from Boeing and Airbus through 2024. ALC has delivered 15 new aircraft including 2 Airbus A320neos, 6 Airbus A321neos, 1 Airbus A330-900neo, 1 Airbus A350-900, 2 Boeing 787-9s and 3 Boeing 787-10s. Aircraft investments in the quarter totaled approximately US$1.5 billion. The company completed the sale of five aircraft to a third-party buyer for sales proceeds of approximately US$184 million. ALC has issued US$1.1 billion in senior Read more

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Further blow to U.S. Carriers as Airbus jets hit by “unfair” 10% tariff

As a part of the fifteen-year trade spat between the U.S and Europe, the World Trade Commission has granted Washington the right to impose annual tariffs on US$7.5 billion worth of European goods. The immediate consequence is that U.S. carriers who have had long-standing orders with Airbus for the delivery of passenger jets have just seen the purchase price hiked by 10%. Many airlines have objected to the fact the levy takes effect immediately and is applicable to existing orders and not simply new orders. However, the levy is not applicable to Airbus jets manufactured at the Mobile, Alabama plant Read more

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Astronics acquires Diagnosys Test Systems

Astronics Corporation, a leading provider of advanced technologies for the global aerospace, defense, and other mission-critical industries, has acquired the primary operating subsidiaries from mass transit and defense market test solution provider, Diagnosys Test Systems Limited (Diagnosys). Diagnosys is a developer and manufacturer of comprehensive automated test equipment (ATE) providing test, support, and repair of high-value electronics, electro-mechanical, pneumatic and printed circuit boards focused on the global mass transit and defense markets. Astronics has acquired 100% of the equity of the three primary operating subsidiaries of Diagnosys, which are Diagnosys Holdings, Inc., Diagnosys Ferndown Limited and Diagnosys Electronics (I) Private Read more

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ST Engineering completes acquisition of Newtec Group NV

Singapore Technologies Engineering (ST Engineering) has announced that further to its announcement made on March 27, 2019, its subsidiary Singapore Technologies Engineering (Europe) has completed the acquisition of a 100% ownership in Newtec Group NV (Newtec) following the fulfilment of completion conditions, including the receipt of applicable regulatory approvals. This Newtec acquisition, together with the recent acquisition of Glowlink Communications Technology, which possesses advanced satellite communications anti-jamming technology, will enable ST Engineering to harness their unique capabilities to create a highly differentiated global satcom business group. ST Engineering is now in a stronger position to lead in innovation and the Read more

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SGS acquires majority stake in ARGUS International

SGS, the certification, verification, and inspection company, has acquired a majority stake in ARGUS International. The acquisition aims to strengthen SGS’ aviation auditing and consulting services and increase market penetration through the organizations leveraged synergies. “ARGUS is a globally recognized brand name in the airline, business aviation, fixed-wing, and rotary engine markets. Its broad client base and international activities will help SGS grow and keep pace with the increasing global demand of air traffic and safety,” said Frankie Ng, CEO of SGS. ARGUS International, PRISM, and ARGUS PROS will continue to operate as distinctive businesses within SGS’ Certification and Business Read more

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737 MAX grounding hits flydubai first half 2019 financial results hard

flydubia ©AirTeamImages

Dubai’s state-owned carrier, flydubai, has announced that the continued grounding of the Boeing 737 MAX has put the carrier under unprecedented financial pressure, resulting in a January-to-June loss of US$53.6 million. Prior to the grounding, flydubai had anticipated expanding its current fleet of aircraft to 62, but instead this will only grow to 43 this year. flydubai is one of the largest 737 MAX customers with 14 of the currently grounded jets out of an existing order of 250. When the 737 MAX was first grounded, the airline’s chairman indicated that it would turn to Airbus for replacements. However, Chief Read more

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China’s Sichuan Dahua acquires Austria’s ‘ArrowCopter’

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China’s Sichuan Dahua acquires Austria’s ‘ArrowCopter’ Sichuan, Dahua. General Aircraft Manufacturing Company of China has successfully acquired the entire assets of the European gyrocopter company, ArrowCopter.  T The transaction was brokered by consultants Aerospace Investments Co. Ltd (UK) and Silk Wings Aviation (Beijing), who are now actively assisting in the completion phase.  The deal follows the recent conclusion of a formal agreement in an insolvency court in Austria.  Production of the all-composite ArrowCopter will remain in Austria whilst discussions take place with several of the company’s former key personnel. Sichuan Dahua General Aircraft Manufacturing Company is committed to investing in Read more

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