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Boeing is a leading manufacturer of commercial and military aircraft, rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems. Headquartered in Chicago, Boeing employs more than 170,000 people across the United States and in 70 countries.
Boeing is organised into two business units: Boeing Commercial Airplanes and Boeing Defense, Space & Security. Supporting these units is Boeing Capital Corporation, the Shared Services Group and Boeing Engineering, Operations & Technology.
Boeing’s main commercial products are the B737, B747, B767 and B777 families of aircraft and the Boeing Business Jet. New product development efforts are focused on the B787 Dreamliner, 737Max, 777X and the B747-8. The company has nearly 12,000 commercial jetliners in service worldwide, which is roughly 75% of the world fleet.
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Air Canada’s record profitability in 2Q2014 is being undermined by a decline in the airline’s yield performance, resulting in the airline defending its strategy of improving its bottom line by an increased stage length and a higher proportion of economy seating.
The underlying philosophy is that Air Canada is creating a framework for unit cost to decline at a greater level than yields and unit revenues as it works to reduce its unit cost, excluding fuel, by 15% from CY2012 levels in the medium term.
It may take some time for the market to understand Air Canada’s tactics; but the airline’s 2Q2014 results seem to indicate there is merit to the airline’s efforts to meet its goals of long standing profitability.
Robust demand is driving Canada’s WestJet to revise its CY2014 capacity upwards, largely through higher aircraft utilisation. The airline is opting to increase its supply as it recorded strong 2Q2014 results that included solid growth in profitability and better than expected unit cost performance.
WestJet also saw a rebound in unit revenues and yields during 2Q2014 after encountering pressure in those metrics during the past year - mostly driven by its own capacity growth from the debut of its regional subsidiary Encore and pricing pressure in some of its markets.
The airline believes that many initiatives it has undertaken during the past few years – fare bundles, the creation of Encore, and other product improvements – are beginning to bear fruit, which is driving an overall bullish outlook for WestJet as it embarks on the operation of widebody jets in late 2015.
United Airlines improved its fortunes in 2Q2014, and posted net profits that were not dramatically lower than its fellow US network peers. Along with an increase in profitability year-on-year the airline also exceeded its passenger unit revenue guidance and kept its unit cost essentially flat.
Additionally, the airline has outlined a plan for shareholder returns in the form of a USD1 billion share buy-back programme to be completed during the next three years.
The signs are encouraging even as United still has a long road ahead in realising the full value of its merger. But the airline is offering more specifics of how it intends to shore up revenue through additional network optimisation that includes improving its regional operations.
One of Air Canada’s key strategic initiatives during the next few years is to solidify its presence as Canada’s leading international airline, and its execution of that strategy is now more important than ever after rival WestJet has made the first concrete steps in acquiring widebody aircraft.
Part of Air Canada’s efforts in maximising higher-yielding international traffic is wresting sixth freedom flows away from the US to its Canadian hubs. This is particularly important over Toronto where the groundwork is in place to allow for seamless connections to Air Canada’s long-haul flights to Asia and Europe.
Air Canada believes that if it succeeds in capturing its projected share of the international transit traffic, it could generate CAD400 million (USD371 million) in annual revenue. But US airlines are improving their onboard product and bolstering long-haul flights, adding new challenges to Air Canada’s transit passenger scheme.
Leasing companies stepped into centre stage on the second day of the 2014 Farnborough Airshow, with a flurry of high value orders.
Since the beginning of the airshow, eight aircraft lessors announced a wide range of orders, totalling more than 400 aircraft, valued at over USD35 billion at list prices.
In particular, lessors have jumped on the chance for early orders for Airbus’ new A330neo. 65 of the 105 firm orders and commitments for the aircraft, launched on 14-Jul-2014, came from leasing companies.
Airbus and Boeing typically grab the headlines at the big airshows, but regional aircraft manufacturers had a particularly strong first day at the bi-annual Farnborough Airshow.
The smaller aircraft manufacturers – Embraer, Bombardier, Sukhoi, ATR, COMAC and Mitsubishi Aircraft Corporation – collectively announced firm and tentative orders for nearly 130 jets and turboprops, as well as options for another 120 aircraft.
With all orders and options included, the deals are valued at more than USD7.8 billion.