New York (AirGuideBusiness - Energy Watch North America) Apr 28, 2013
Air Lease, Ethiopian Airlines, Boeing Air Lease Corporation Announces the Placement of Two New Boeing 777-300ERs with Ethiopian Airlines. Air Lease Corporation (AL) announced a lease agreement with Ethiopian Airlines for two new Boeing 777-300ER aircraft, both on lease for twelve years. The aircraft are scheduled for delivery in May and June 2015. "We are proud to expand our relationship with Ethiopian Airlines by placing two brand new 777-300ERs into their long haul fleet. These aircraft will enhance their intercontinental operations with leading fuel efficiency and a premier passenger experience,O said Kishore Korde, Air Lease CorporationOs Senior Vice President. OWe are very happy to finalize this deal with our strong partner, Air Lease Corporation. These two new Boeing 777-300ERs are critical for our rapidly expanding non-stop long haul routes. Today, our network of 72 international destinations covers four continents through our main hub in Addis Ababa, offering the most convenient connections to passengers traveling between Africa and the rest of the world. The introduction of these two new Boeing 777s into our young and modern fleet is part of our continuing commitment to afford our customers the best possible on-board long haul experience,O said Tewolde Gebremariam, CEO of Ethiopian Airlines. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission. Apr 22, 2013
Alaska Airlines Alaska Air Group Reports Record Adjusted First Quarter 2013 Results. Reported record first quarter net income, excluding special items, of $44 million, or $0.62 per diluted share, compared to adjusted net income of $28 million, or $0.39 per diluted share in the prior year quarter. This quarter's results compare to a First Call analyst consensus estimate of $0.56 per share. Recorded net income for the first quarter under Generally Accepted Accounting Principles (GAAP) of $37 million, or $0.51 per diluted share, compared to net income of $41 million, or $0.56 per diluted share in 2012. Achieved trailing twelve-month return on invested capital of 13.4 percent compared to 11.6 percent in the twelve months ended March 31, 2012. Lowered adjusted debt-to-total-capitalization ratio by 1 point, to 53 percent, since Dec. 31, 2012. Repurchased 373,185 shares of common stock for $19 million. Since 2007, Air Group has used $340 million to repurchase 19 million shares. Held $1.3 billion in unrestricted cash and marketable securities as of March 31, 2013. Operational Highlights: Awarded 2012 On-Time Performance Service Award among major North American airlines by FlightStats.com. Held the No. 1 spot in U.S. Department of Transportation on-time performance among the 10 largest U.S. airlines for the twelve months ended February 2013. Improved employee productivity by 4.3 percent. New routes: Began new service between San Diego and Boston and between Seattle and Salt Lake City. Will begin new service between San Diego and Lihue and seasonal service between Portland and Fairbanks in June. Alaska Air Group, Inc., (ALK) today reported first quarter 2013 GAAP net income of $37 million, or $0.51 per diluted share, compared to $41 million, or $0.56 per diluted share in 2012. Excluding the impact of mark-to-market fuel hedge adjustments of $12 million ($7 million after tax, or $0.11 per diluted share), the company reported record first quarter 2013 net income of $44 million, or $0.62 per diluted share, compared to net income excluding mark-to-market fuel hedge adjustments of $28 million, or $0.39 per diluted share, in 2012. "Our record performance in what is seasonally our weakest quarter is due to steady demand that kept pace with our growth, and to the many changes we've made to improve our business over the last several years," Alaska Air Group CEO Brad Tilden said. "Looking ahead, we're facing increased competition in certain markets, and we will closely monitor the environment and continue to adjust our plans to appropriately address these challenges. Our first quarter results, and our ability to be flexible and adapt to an ever-changing industry landscape, would not be possible without the dedication and determination of our employees at Alaska and Horizon." The following table reconciles the company's reported GAAP net income and earnings per diluted share (EPS) during the first quarters of 2013 and 2012 to adjusted amounts: Apr 25, 2013
Boeing, British Airways British Airways loss may spur Boeing to offer mini-jumbo in weeks. Boeing looks ready to start offering its long-awaited next-generation mini-jumbo in weeks after pondering for months how to prevent a key part of the big-jet market slipping to rival Airbus (EAD.PA). Industry sources, analysts and potential buyers say Boeing's idea of revamping its long-serving 777 was rapidly gathering momentum even before British Airways signed a $6 billion order for 18 of Airbus's new A350-1000 jets on Monday. Airbus's victorious climax to a three-year courtship cracks Boeing's virtually complete hold on BA's long-haul fleet and makes it almost certain the U.S. group will show its hand by formally offering a revamped "777X" very soon, the sources said. Boeing's response would mark the end of a "phoney war" between transatlantic rivals and set up a direct clash for a segment of the market projected to involve 2,000 twin-engined mini-jumbo jets worth $500 billion at list prices over 20 years. It provides a glimpse of fierce competition that continued behind the scenes - pulling in top Boeing executives - even as the grounding of its 787 Dreamliner over battery concerns captured global headlines and drew public support from Airbus. "I think there is pressure on Boeing to move by the (June 17-21) Paris air show," said Adam Pilarski, former chief economist at Douglas Aircraft, which is now part of Boeing. For years, Boeing governed a "sweet spot" in the jet market between 300 and 400 seats after pioneering two engines rather than four for long routes. Its 777 is an industry best-seller. Now, its dominance is being challenged by the A350-1000, a larger cousin to Europe's answer to the carbon-composite 787, forcing Boeing to come up with changes such as folding wingtips to increase wingspan while fitting at the same airport gates. "I think Boeing is ready to go with the 777X. We've been in fairly close contact with them in the last few months," Tim Clark, President of Emirates airline, told Reuters last week in Dubai. "They have offered (it) to us in the specifications we asked for and this is now being tested through our normal route of assessment. If we are happy we may even go with it soon." As head of the largest 777 operator with up to 175 jets that will need replacing starting soon, Clark is someone Boeing will pay attention to as he pushes for early decisions. Not all potential buyers agree things will happen imminently, however. One, who asked not to be named, said Boeing needed more time to fine-tune the 777X, though basic negotiations can start while designs are still in flux. Boeing must also consider the impact on its existing product, but is anxious not to leave the door open to Airbus. It declined to comment on the timing of a formal marketing debut. "It is a thorough process, with ongoing robust discussions, to ensure we come to market with the right airplane, at the right time, leveraging the right technology and delivering the right economics," Boeing spokeswoman Karen Crabtree said. A BIGGER A350? Critics say Boeing has dithered over the 777X, giving Airbus time to recover from a slow start, as they became absorbed in a battle for market share for smaller planes. Still, Airbus has so far only dented the mini-jumbo market with 128 new A350-1000 sales, compared with 1,294 777s of various sizes over 20 years. "Airbus's best friend is Boeing's delays with the 777X," said Richard Aboulafia of Virginia-based consultancy Teal Group. The looming mini-jumbo war is part of a wider contest for long-haul, twin-aisle jets where Boeing is traditionally strong. The battle for 350-400 seats promises to be one of the toughest. Boeing says the total market for twin-aisle wide-body planes is worth $2.1 trillion over 20 years. It represents a quarter of the overall jet market by volume but just under half by value. Sources say Boeing is also offering a larger 787 called the 787-10X after a low-key decision to market it late last year. But so far no airlines have committed to the 320-seat model. The largest version of Boeing's revamped 777 is tipped to have over 400 seats or 60 more than the A350-1000, raising questions whether Airbus will kick back with a bigger design. So far, Airbus argues the 350-seat A350-1000 is "lean and mean" and that the 777X would be too big for many airlines. "Airbus will respond that the A350-1000 will do the job," said Clark, adding the two planemakers had perhaps inadvertently arrived at a neat method of segmentation of the market. Asked if Airbus would make the A350 bigger, the European planemaker's sales chief John Leahy told Reuters: "No, we wouldn't want to. There isn't a market there (and) you can't artificially create a market where there isn't one." That doesn't prevent a growing number of people speculating that Airbus may keep other ideas in reserve, though it is seen unlikely to reconsider its A350 strategy...