Aviation
Boeing Reports Fourth-Quarter Results
Boeing Reports Fourth-Quarter Results
CHICAGO, Jan. 29, 2020/PRNewswire/ —
Fourth Quarter 2019
- Financial results continue to be significantly impacted by the 737 MAX grounding
- Revenue of $17.9 billion, GAAP loss per share of ($1.79) and core (non-GAAP)* loss per share of ($2.33)
Full-Year 2019
- Revenue of $76.6 billion, GAAP loss per share of ($1.12) and core (non-GAAP)* loss per share of ($3.47)
- Operating cash flow of ($2.4) billion; cash and marketable securities of $10.0 billion
- Total backlog of $463 billion, including over 5,400 commercial airplanes
The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $17.9 billion, GAAP loss per share of ($1.79) and core loss per share (non-GAAP)* of ($2.33), primarily reflecting the impacts of the 737 MAX grounding (Table 1). Boeing recorded operating cash flow of ($2.2) billion and paid $1.2 billion of dividends.
21 airlines have flown the Boeing 737 MAX for a total of 58,500 flight hours.
“We recognize we have a lot of work to do,” said Boeing President and Chief Executive Officer David Calhoun. “We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process.”
Boeing evaluating the production rate of B737 max to 31 per month by end of 2022.
Cash and investments in marketable securities totaled $10.0 billion, compared to $10.9 billion at the beginning of the quarter (Table 3). Debt was $27.3 billion, up from $24.7 billion at the beginning of the quarter primarily due to increased commercial paper borrowings.
Total company backlog at quarter-end was $463 billion and included net orders for the quarter of $13 billion.
Aviation
HAL’s Indigenous Tejas MK-1A completes its first maiden flight
The inaugural flight of the first production series fighter of LCA Tejas Mark-1A, an advanced iteration of the LCA Mk-1 recently inducted by the Indian Air Force (IAF), completed its maiden flight in Bengaluru Today.
Over the past several days, the Defence PSU HAL has been conducting various taxi trials in preparation for this milestone.
The maiden flight lasted 18 minutes and marked a triumph for the project. The Mk-1A boasts several enhancements, including digital radar warning receivers, an advanced AESA radar, improved beyond-visual-range (BVR) air-to-air missiles, and external self-protection jammer pods.
The upgraded Tejas Mark 1A aircraft features a larger cockpit canopy, enhancing the pilot’s outside visibility and facilitating better movement of their helmet. Additionally, the air intake has been redesigned to supply faster airflow to the engine, enhancing performance. Modifications to the vertical radar in the tail section have been made to improve control during turns. Overall, these upgrades elevate the aircraft’s standards compared to previous versions, providing increased comfort and functionality.
Under a contract worth Rs 46,898 crore signed in 2021, HAL is mandated to deliver 83 Tejas Mk-1A jets between March 2024 and February 2028. This follows the completion of the order for 40 Tejas Mk1 jets valued at Rs 8,802 crore, of which 32 single-seat fighters and two twin-seat trainers have already been delivered.
The IAF, which currently operates two Tejas squadrons named ‘Flying Daggers’ and ‘Flying Bullets’, has deployed one squadron in the southwestern sector. Recognizing the significance of the Tejas in bolstering its fleet, the Defence Acquisition Council (DAC) has approved the acquisition of an additional 97 Tejas Mk-1A aircraft. However, the final clearance from the cabinet committee on security (CCS) is pending before the order can be placed.
With the IAF grappling with a decline in the number of its fighter squadrons, which currently stands at 31 against the required 42 to effectively counter threats from China and Pakistan, the Tejas assumes a crucial role in filling this gap. Despite initial skepticism, the Tejas has evolved into a flagship platform for India, garnering attention and accolades at numerous defense and aerospace exhibitions worldwide.
However, it is essential to note that the IAF recently experienced its first loss of a Tejas Mk 1 fighter aircraft due to an air crash on March 12.
Aerospace
South Korean KF-21 Completed First Successful Aerial Refueling
The first aerial refuelling test of South Korea’s indigenous KF-21 Boramae fighter jet was successfully completed, marking a key milestone in the country’s defense capabilities.
Refueling from a Republic of Korea (ROK) Air Force KC-330 aircraft off the southern coast, the Boramae fighter jet took off from Sacheon Airbase, some 183 miles southeast of Seoul. The Defence Acquisition Programme Administration (DAPA) hailed this development, which represents a significant advancement for this state-of-the-art aircraft.
The successful aerial refueling test corresponds with a staged production plan intended to ease worries brought forward by the feasibility assessment carried out a year ago. The research recommended cutting production to just 20 units and made additional test suggestions. A DAPA official continues to state that after discussions with pertinent agencies, plans are in place to conclude verification testing by June of this year and complete a contract for the remaining 20 units by February of the following year.
The kf 21, which has been compared to the Turkish KAAN and the Indian AMCA, has a more stealthy airframe than fourth-generation aircraft, but it is not yet capable of fifth-generation fighter capabilities. However, in the future, modifications such as internal weapons bays might force South Korea to reclassify it as a fifth-generation fighter. Even while South Korea has made significant strides towards constructing the KF-21, other countries, including Turkey and India, are also stepping up their efforts to push plans for creating fifth-generation fighter jets.
As an initial phase, KAI boramae intends to manufacture a two-seat variant of the kai kf 21 boramae equipped with manned/unmanned teaming (MUM-T) capabilities. According to current plans, the Block 2 kf 21 fighter is slated for an upgrade to a low observability (LO) configuration, elevating it to the status of a fifth-generation fighter.
Additionally, KAI has put forward a proposal for the development of a Block 3 kf 21 boramae fighter jet, categorized as a sixth-generation fighter. This iteration would be larger, boasting enhanced stealth features and capabilities. It would incorporate more potent engines and operate within a comprehensive ‘system of systems’ framework, integrating with unmanned effectors for increased effectiveness.
With the KF-21’s production set to start later in the year, DAPA intends to finalise an agreement with KAI by the beginning of 2024. The Republic of Korea Air Force (ROKAF) is expected to receive 120 KF-21 fighters by 2032.
The whole production plan for 40 kf21s has been approved by the Defence Project Promotion Committee, with an estimated cost of 7.92 trillion won (US$5.9 billion) between now and 2028.
Aviation
Laser Attack on Aircraft after flying over at Mexico Fireworks Festival
In a shocking turn of events, a passenger jet was nearly blinded by the intense beams of hundreds of laser pointers wielded by festival-goers at a pyrotechnics festival in Tultepec, Mexico.
The harrowing incident unfolded last weekend during the National Pyrotechnic Festival, an annual celebration showcasing Mexico’s rich tradition in fireworks production and usage.
Video footage captured the moment when a passenger jet, en route to Felipe Ángeles International Airport, soared above the festival grounds. As the aircraft approached, the sky became illuminated with a multitude of green laser beams, creating an eerie glow around the plane.
https://twitter.com/fl360aero/status/1770277290695385593
The sight was both astonishing and terrifying, as the lasers posed a serious risk to the safety of the aircraft and its passengers. Social media erupted with condemnation towards the festival-goers, labeling their actions as idiotic and dangerous.
Social media erupted with condemnation as the video spread rapidly, with users expressing outrage at the dangerous behavior of the festival attendees. Many denounced the act as foolish and illegal, highlighting the potential consequences of such reckless actions.
It is currently unclear if the police are investigating the video or if the airline targeted has complained to air safety officials.
Airlines
Indigo contributed 31 crores to India’s political party for election funds
In a recent disclosure, it has come to light that Rahul Bhatia, the promoter of IndiGo, along with companies under his InterGlobe Group, has made significant donations totaling Rs 56 crore to four political parties. Additionally, SpiceJet, led by Ajay Singh, has contributed Rs 70 lakh to the Aam Aadmi Party (AAP).
The data further reveals that InterGlobe Air Transport Ltd, a part of the InterGlobe Group, purchased 11 electoral bonds valued at Rs 1 crore each on May 10, 2019, amounting to a total of Rs 11 crore. Similarly, Interglobe Aviation, the parent company of IndiGo, acquired 5 electoral bonds worth Rs 1 crore each on October 23, 2023, totaling Rs 5 crore.
InterGlobe Real Estate Venture and InterGlobe Air Transport Ltd directed the lion’s share of their political contributions, totaling Rs 31 crore, to the Bharatiya Janata Party (BJP). Surprisingly, the second-largest recipient was the Trinamool Congress (TMC), receiving Rs 16.2 crore from Bhatia. Additionally, InterGlobe Aviation Ltd allocated Rs 5 crore to the Congress party, while Bhatia contributed Rs 3.8 crore to its ally, the Nationalist Congress Party (NCP).
Rahul Bhatia, individually, also made substantial contributions through electoral bonds, purchasing bonds worth Rs 20 crore. On April 7, 2021, a total of 29 electoral bonds were acquired, with 19 bonds valued at Rs 1 crore each and 10 bonds at Rs 10 lakh each, summing up to Rs 20 crore. When combined with the donations from IndiGo and its affiliated companies, the total contributions from the promoter and associated entities reach Rs 56 crore.
On the other hand, SpiceJet, once a prominent player in the Indian aviation industry, has seen a decline in its market position, currently ranking fifth in terms of market share. Despite this, the airline has engaged in political contributions, with donations made in three separate installments.
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