Maintenance, repair and overhaul news from around the world
Vertical Aerospace has reported a net operating loss of £23 million for the first quarter of 2023. The loss was a widening of the £18 million in Q1 2022 and reflected "investments in the advancement of our electric battery technology at our recently opened Vertical...
Despite a net loss of around $113 million, electric aircraft developer Joby Aviation said it continued at the end of the first quarter of 2023 (Q1 2023) "to maintain a strong balance sheet with $978 million in cash and short-term marketable securities". The loss was...
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...
London Heathrow Airport claimed a strong start to 2023 as its 16.9 million passengers left it as Europe’s busiest airport and second in the world for international travel. The airport said it "remains loss-making", meaning it cannot "forecast any dividends in 2023 ",...
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...
Swiss cargo business Kuehne+Nagel reported a better-than-expected profit in the first quarter of the year (Q1 2023) but saw its air freight business' revenue fall 41% year-on-year. "Net turnover of the air logistics business unit amounted to CHF 1.9bn and EBIT to CHF...
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,...
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...
Air Charter Service said its 2022 results "exceeded expectations" in 2022 with a 35% growth in private jet income and the arranging of 28,000 charter flights, including for over 2,000 new customers. "We have been blown away by the performance of our underlying...
FedEx is to consolidate its companies into a single organisation and operate "a unified, fully integrated air-ground network" by 2024. The unified business will "bring distinct focus on the air network and international volume", the company said, adding it expects the...
Aviation.One, a new fund, is looking for investors and is promising "unique opportunities" around Falcon Field Airport in Arizona. Aviation.One said it aims to "establish itself as a leader in aviation services, delivering outstanding value to both customers and...
Investment company Cerberus Capital Management has announced that an affiliate has completed the previously announced sale of cargo logistics business Worldwide Flight Services (WFS) to SATS for "an enterprise value" of €2.25bn. Cerebrus bought WFS five years ago for...