MILITARY SALES OFFSET MOOG CIVIL DOWNTURN
Operating profit at Moog's aircraft controls unit was down 5% to $52.4 million for its year to 27 September on sales down 1.4% to $663.5 million. Fourth quarter sales were flat at $177 million and for the year sales to military programmes were up 5%. Full-year commercial aircraft sales dropped 21%, partly owing to the late-2008 Boeing strike, and business jet sales dropped 38%.
STRIKE EFFECT WORKS THROUGH AT SPIRIT
Spirit AeroSystems claims to have recovered from the disruption of last year's Boeing machinists' strike to post a 16% rise in third quarter pre-tax profit to $121.5 million on a 3% hike in revenue to $1.1 billion. For the nine months to 1 October, profit dropped 42% to $201 million on revenue 4% lower at $3 billion.
BUSINESS JET DECLINE HITS ASTRONICS
At lighting and power systems maker Astronics, aerospace segment operating profit in its third quarter to 3 October was up 2% to $4.7 million despite a 3.5% fall in sales, to $39 million. Commercial transport market sales dipped 13.7%, military sales were up nearly 22% to $9.2 million and "a severe decline in business jet production" depressed sales there by 30%, to $4.9 million.
KAMAN BEARING UP UNDER ECONOMIC STRAIN
Bearings and aerostructures maker Kaman posted a 5% decline in aerospace segment operating profit to $19.9 million; sales were down 3% to $127 million. Chief executive Neal Keating says aerospace sales declined less than expected.
RECEIVERS CALLED IN AT AERO INVENTORY
Parts management firm Aero Inventory has been placed into receivership, following the refusal of its banks to extend short-term funding after London trading of its shares was suspended following revelation of stock accounting issues. Managers including chief executive Rupert Lewin were dismissed earlier this month.
COSTS PUSH GENESIS INTO RED
Genesis Lease swung to a $3 million loss for the three months ended 30 September. This compares with an $11.4 million profit for the year-earlier period on the impact of $2.5 million in costs associated with the all-share deal that will see it merge with AerCap, and a non-cash charge of $7.7 million related to a reduced credit facility. Excluding those charges, net income was $6.1 million.
LATECOERE HIT BY SALES SLUMP
Nine-month aerostructures revenue was down 28% to €200 million at Latécoère owing to slowdowns in deliveries of Embraer and Dassault aircraft. Latécoère expects full-year turnover down 25%, with the decline continuing before sales pick up in 2011.
ALITALIA MAKES PROFIT UNDER NEW MANAGEMENT
Alitalia achieved a first under its new management, with a quarterly operating profit of €15 million ($22.3 million) in the three months to 30 September. Over the nine months since privatisation it lost €258 million on revenues of €2.12 billion
CHINA'S AVIC TO GO PUBLIC
AVIC Aircraft, the main business of state-owned AVIC, will have a public shares listing by 2011, general manager Hu Xiaofeng told the state-run China Daily.
Source: Flight International
