Alaska Air Group reports third-quarter net income of US$194 million

©Alaska Airlines

Alaska Air Group (Alaska) has rreported financial results for its third quarter ending September 30, 2021. The third quarter marks a significant stride forward in Alaska’s path to recovery. Alaska’s goal from the beginning of the pandemic has been deliberate – scaling the business back up in a measured way, leveraging the company’s strong balance sheet, and running a resilient operation, all with the aim of producing consistent financial performance. Alaska Air Group reported net income for the third quarter of 2021 under Generally Accepted Accounting Principles (GAAP) of US$194 million, compared to a net loss of US$431 million in Read more

Email Post to a Friend Email Post to a Friend

American Airlines posts third-quarter 2021 financial results

©American Airlines

American Airlines Group (American) has reported its third-quarter 2021 financial results. The company posted third-quarter net profit of US$169 million, or US$0.25 per diluted share. Excluding net special items, third-quarter net loss was S$641 million, or (US$0.99) per share. Third-quarter revenue was US$9.0 billion, up 20% sequentially from the second quarter of 2021. American Airlines ended the third quarter with approximately US$18 billion of total available liquidity, after prepayment of US$950 million spare parts term loan during the quarter. The company continues to expect robust demand during peak travel periods in the fourth quarter, with more than 6,000 peak day Read more

Email Post to a Friend Email Post to a Friend

United Airlines confident to meet 2022 targets

©United Airlines

United Airlines (UAL) has reported third-quarter 2021 financial results. Despite the impact of the COVID-19 Delta variant in the third quarter, the company remains confidently on track to achieve the range of longer-term financial targets laid out as part of its United Next plan earlier this summer, and to reduce CASM-ex below 2019 levels next year. Third-quarter 2021 capacity was down 28% compared to the third quarter of 2019. Third-quarter 2021 net income was US$0.5 billion, adjusted net loss was US$0.3 billion. Total operating revenue was US$7.8 billion, down 31.9% compared to the third quarter 2019 while third quarter 2021 Total Read more

Email Post to a Friend Email Post to a Friend

Eirtech Aviation Services acquires U.K.-based H4 Aerospace

Eirtech Aviation Services has announced the acquisition of H4 Aerospace U.K. Limited (H4A).  Based in Hemel Hempstead in the U.K., H4A brings with it over 20 years of engineering P21 J design experience.  The principals of H4A, Russell Wenman and Nicholas Knox, will continue to grow the business and the business will trade as H4 Aerospace, an Eirtech Aviation Services Group Company. The acquisition of H4A is in line with the continued global expansion plans of Eirtech and brings to its now wider customer base both CAA P21 J approval and EASA P 21 J approval capability all under one Read more

Email Post to a Friend Email Post to a Friend

Astronics to receive US$24 million in cash from combination of AMJP and asset sale

Astronics Corporation has closed on the sale of its facility in Ft. Lauderdale, Florida for total consideration of US$9.1 million. Net proceeds were approximately US$8.7 million in cash. The company expects to record a gain in the fourth quarter of 2021 of approximately US$5.0 million. The sale was a result of the consolidation of the DME lighting and safety operations into its East Aurora, NY operations. The company also confirmed that it entered into an agreement with the U.S. Department of Transportation under the Aviation Manufacturing Jobs Protection Program, or AMJP, for a grant of up to US$14.7 million. Astronics Read more

Email Post to a Friend Email Post to a Friend

Qantas strengthens balance sheet with sale of surplus Mascot land

Qantas ©AirTeamImages

The Qantas Group has entered into binding agreements with a consortium led by LOGOS Property Group for the sale of 13.8 hectares of land in Mascot for AU$802 million. Settlement of the vast majority of the lots is expected in the first half of this financial year, with the funds to be used to reduce debt and accelerate the airline’s recovery. The transaction remains subject to certain conditions being met and further details on the expected financial benefit of the sale will be provided with the Qantas Group’s financial results in February 2022. The national carrier has also entered into Read more

Email Post to a Friend Email Post to a Friend

Stratos invests in Universal Hydrogen

Stratos (Monaco) has announced its investment in Universal Hydrogen Co., the company leading the fight to decarbonize aviation through the adoption of hydrogen as a universal fuel. The investment is part of a funding round recently closed by Universal Hydrogen and was made via Stratos BeYoke Hydrogen fund I, along with a Japan-based financial partner. Gary Fitzgerald, CEO of Stratos said “Decarbonization is an enormous challenge for our industry, not least because of the high energy needed to rapidly transport many people over long distances. With our growing team of technical and ESG specialists we have sifted through several developments Read more

Email Post to a Friend Email Post to a Friend

Delta predicts soaring fuel prices will lead to fourth-quarter pre-tax loss

©Delta Air Lines

Delta Air lines has predicted that the current surge in fuel prices will result in a substantial fourth-quarter pre-tax loss. In the third quarter fuel costs alone accounted for nearly 20% of Delta’s adjusted operating expenses. However, the North American carrier remains optimistic for the fourth quarter with an anticipated positive demand for both international and corporate travel once the United States reopens its borders in November to fully vaccinated travelers from 33 countries, including China and the majority of Europe. Third-quarter revenue from transatlantic travel was at 35% level of the comparable period in 2019, the airline said. Delta Read more

Email Post to a Friend Email Post to a Friend

Atlantic Aviation Group acquires Lufthansa Technic Shannon

Atlantic Aviation Group Shannon ©Eamon Ward

Atlantic Aviation Group (AAG) has announced its acquisition of Lufthansa Technic Shannon from its parent company, Lufthansa Technic (AG). Both companies are located in Shannon, County Clare, Ireland. Integration will take place over the next few months with the intention of a successful integration by early 2022. Under the terms of the deal, roughly 300 Lufthansa Technik Shannon employees will join AAG, bringing AAG’s total combined workforce to approximately 740 people between its sites in Shannon and Brize Norton in the U.K. In February, AAG announced the acquisition of Flybe’s former aviation maintenance services operations at Brize Norton in Oxfordshire, Read more

Email Post to a Friend Email Post to a Friend

ICD provides US$50 million financing to ALAFCO Aviation Lease and Finance, Kuwait

Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO Aviation Lease and Finance Company K.S.C.P. have signed a four-year syndicated secured financing agreement for US$75 million with a US$50 million participation from ICD making it the lead financier in the transaction. While the aviation sector plays a crucial role in global connectivity and mobility as well as economic growth, it has been one of the hardest hit sectors during the pandemic. ICD’s financing will strengthen the operations of ALAFCO and help it to be well prepared as economic activities and travel picks up. This transaction was arranged Read more

Email Post to a Friend Email Post to a Friend