PROFIT LIFT AT BOEING COMMERCIAL
Boeing's commercial aircraft division saw first quarter revenue fall 13% to $7.5 billion as a result of seat supplier problems and fewer 747 deliveries, but operating profit rose 63% to $679 million for the period and the backlog held steady at $315 billion. In defence, space and security, profit dipped 6% to $664 million on revenue down 1% to $7.6 billion. Finance unit Boeing Capital raised earnings 24% to $46 million; revenue fell 1% to $162 million.
FIRST QUARTER DIP FOR MTU
First quarter operating profit was down 8.5% to €68.8 million ($92.1 million) on revenue down 7.7% at €640 million at MTU Aero Engines. The company's chief executive Egon Behle says the results are in line with forecasts and adds: "We think it likely that business could benefit from positive stimuli in the second half of the year."
CFM HOLDS GROUND FOR SAFRAN
At Safran, declining business and regional jet activity led first quarter revenue down by 9.6% to €633 million ($848 million) in its aircraft equipment segment. But a higher pace of CFM56 engine deliveries from its CFM International joint venture with General Electric helped keep aerospace propulsion revenue "fairly stable" - down 1.7% overall and just 0.4% organically - at €1.31 billion. For the group as a whole, revenue was down 2.4% to €2.43 billion.
NORD-FLYG TO RELAUNCH WITHOUT THE Q400PF
Bankrupt Swedish cargo operator Nord-Flyg plans to restart operations, possibly in May, using only its Cessna Caravans, and not the Bombardier Q400 freighter for which it was the launch customer. Nord-Flyg, which filed for bankruptcy earlier this month, has returned its two Q400s to the leasing company.
PRIVATE EQUITY BUYS NEW LESSOR AVOLON
Avolon Aerospace, the Ireland-based lessor recently established by former RBS Aviation Capital executive Dómhnal Slattery, has been acquired by private equity investors Oak Hill Capital Partners, Cinven and CVC Capital Partners.
FINANCE LEADS ENGINES AT GE
RESULTS First quarter profits slumped 26% to $799 million for engine maker GE Aviation as revenue declined 14% to $4.16 billion. Orders were down 12% at $4.5 billion. Sister company GECAS, the world's largest aircraft lessor, posted a 21% year-on-year rise in first quarter profits, to $317 million, as revenues increased 12% to $1.24 billion as assets rose 3% to $48 billion.
AIRBUS PIPING DEAL BOOST FOR MEXICO
Queretaro, Mexico-based aircraft engine maintenance and engineering company Industria de Turborreactores has signed a 10-year contract with Airbus to provide hydraulic piping for A320 family aircraft from July. ITR expects the deal to generate additional sales of $50 million.
MOOG INTENT TO BUILD C919 HIGH-LIFT SYSTEM
Moog has signed a letter of intent with Comac to develop the high-lift system for the Chinese organisation's C919 narrowbody airliner, including all flap and slat actuation, pilot interfaces, electronic controls, power drive units, wing tip brakes, gearboxes and miscellaneous components.
Source: Flight International
