Howmet Aerospace recorded first quarter 2023 (Q1 2023) revenue of $1.6bn, up 21% on Q1 2022. The increase was driven by commercial aerospace, revenue for which climbed 29%, helping the company to a net income of $148 million, or $0.35 per share, a 13% increase. Net income excluding special items…
Fitch Ratings has downgraded Western Global Airlines’ (WGA) Long-Term Issuer Default Rating (IDR) to ‘CCC-‘ from ‘B-‘. Fitch has also removed the IDR from Rating Watch Negative. Fitch has downgraded WGA’s senior unsecured notes to ‘CC’/’RR5’ from ‘B’/’RR3’. The rating agency stated that the downgrade was driven by further increases…
MTU Aero Engines’ revenue increased by 31% year-on-year to €1.54bn in the first quarter of 2023, while operating profit increased by 62% from €131 million to €212 million. The adjusted EBIT margin rose from 11.1% in the first quarter of 2022 to 13.7% in the first quarter of 2023, with…
The board of directors of Pittsburgh engineering solutions business Howmet Aerospace has announced a dividend of 4 cents per share on its outstanding common stock. The payment is due on May 25 to the holders of record of the common stock at close of business on May 5, while a…
MTU Aero Engines said its first-quarter revenues reached €1.54bn, with its maintenance, repair and overhaul operations making up just over £1bn of the total. “Before consolidation effects, the OEM segment accounted for €549 million”, MTU said of the results, which it described as “well above market expectations” of €1.41bn in…
Engine lessor Willis Lease Finance Corporation (WLFC) recorded revenue of $311.9 million and pre-tax income of $9.8 million in 2022. By year-end, aggregate lease rent and maintenance reserve revenues were $246 million and spare parts and equipment sales were $27 million, the company reported, with chief executive Austin C Willis…
FTAI Aviation has priced its previously announced registered underwritten public offering of 2.6 million fixed-rate reset series D cumulative perpetual redeemable preferred shares. Jet engine business FTAI announced a liquidation preference iof $25 per share at a public offering price of $25 per share, for gross proceeds of approximately $65…
GE Aerospace has said it expects to invest more than $335 million in the US in 2023. The money will be used to improve assembly, expand capacity and enhance safety infrastructure at sites in five states and will be part of $450 million in spending planned by the wider GE…
The main shareholders of Electra Airways, Classic Air, ETG Maintenance and Maverick Horizon have set up Vector Group, based in Tel Aviv, as a “vertically integrated” amalgam of the quartet. The group brings together Bulgarian airline Electra, compatriot maintenance provider ETG, Irish lessor Maverick and Maltese-Israeli sales agent Classic. “Each…
Aircraft motion and controls systems maker Moog has reported first quarter 2023 (Q1 2023) diluted earnings per share of $1.44, an increase of 14% compared to Q1 2022. Net sales were up 6% on Q1 2022 to $740 million, the company reported. The operating margin for the quarter increased by…
New York Stock Exchange-listed Hexcel has announced a regular quarterly cash dividend of US $0.125 per share on the common stock of Hexcel, which it said would be payable to stockholders of record as of February 10, with payment date to follow on February 17. Hexcel Corporation is a “leading…
Swissport has received a binding commitment from an ad hoc group of senior secured creditors for the provision of an interim super senior facility of €300 million, which the firm says delivers immediate liquidity for Swissport to trade through the COVID-19 market crisis and the restructuring process. The €300 million…
