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Embraer - Empresa Brasileira de Aeronáutica SA - is based in São José dos Campos, Brazil, and was founded in 1969 as a government aerospace initiative and then privatised on 07-Dec-1994. On 31-Mar-2006 the majority of Embraer shareholders approved Embraer’s capital restructuring proposal, which consists of a simplified capital structure composed of one type of shares (common shares).
The Company focuses its activities on three business areas and markets:
- Commercial Aviation;
- Executive Aviation;
- Defense Systems.
Embraer share price
103 total articles
The Thai Airways Group is determining a growth rate and assessing its aircraft needs for the medium to long term as part of a new five-year plan. The new plan should be completed by mid-2017 and may result in new narrowbody and widebody aircraft orders by the end of 2017.
Thai Airways is at an important juncture with its fleet as it has only 12 outstanding aircraft orders, all of which will be delivered in 2017 and 2018. The group currently does not have any commitments for additional narrowbody aircraft, which are needed to continue pursuing regional international growth at its full service subsidiary Thai Smile in line with its current multi-brand strategy.
New widebody aircraft are also required for growth and replacements, starting with its ageing 747-400 fleet. The group’s widebody passenger fleet will increase from 72 to 77 aircraft by the end of 2017, partially offsetting recent reductions in the fleet.
The first commercial flight of the Bombardier CS300 on 14-Dec-2016, operated by airBaltic from Riga to Amsterdam, will be a major milestone for the Canadian manufacturer's new C Series aircraft programme. Three CS100 aircraft are already in service with SWISS, so the airBaltic flight will mean that both variants of the C Series are finally in commercial operation.
The programme is Bombardier's first wholly new aircraft development, aimed at the 100 to 150-seat market segment and offering advantages of fuel efficiency, cabin space, noise and emissions. Bombardier once targeted 2013 for entry into service, but has been dogged by problems and delays. In 2015, Bombardier seemed to have overstretched itself. The C Series received no new orders during the year and Bombardier was forced to seek investment from the Province of Québec to rescue the programme.
In 2016 the company has recovered to win a net 117 new orders, its highest annual total, bringing the programme total to 360. However, competition is cut-throat, with Airbus, Boeing and Embraer all having new developments of existing products in the same space as the C Series. Bombardier's breakthrough orders from Air Canada and Delta in 2016 required heavy price discounts.
One area where United Airlines has made important strides during the last few years is in overhauling its balance sheet. Its efforts have gained some recognition from credit agencies for its progress in paring down debt and improving leverage ratios; but similarly to its rival American Airlines – attaining an investment-grade credit rating is not a huge priority for United. The airline believes it can achieve some benefits that investment-grade companies enjoy with the current state of its balance sheet.
In order to sustain the progress it has made in balance sheet repair United plans to amend its aircraft order book to slash capex commitments during the next couple of years, including the deferral of 61 Boeing narrowbodies. United is hinting that other fleet changes could be under consideration, including deals similar to the agreement it forged during 2015 to lease used Airbus A319s.
This is Part 2 in a two-part series reviewing United’s financial and revenue-generating opportunities.
During the next couple of years Alaska Air Group faces one of the most important milestones of its 84-year history with the presumed approval and closing of its merger with Virgin America, followed by the complex integration of the two companies.
Alaska has not offered capacity guidance for 2017, but its mainline fleet is projected to grow by just a single aircraft as it completes the phase-out of its Boeing 737-400 Classics. Its regional subsidiary Horizon begins deliveries of Embraer 175s in 2017, which could drive most of the group’s capacity growth for the year. But it is likely that Alaska is aiming to grow total ASMs below 2016’s increase of 8.5%.
As it prepares to close on its acquisition of Virgin America Alaska is continuing its stand-alone network evolution that includes capitalising on loosened operating restrictions at Newark airport, which helps the company bolster its position on the US east coast. Alaska is also targeting more midwestern markets in 2017, one feature of its efforts to diversify its offerings during the last few years.
Panama's Copa Airlines managed to remain profitable in 2015 in what was the most challenging year that the airline had faced in decades. A contracting economy in Latin America, driven by Brazil’s crippling economic weakness, created significant challenges for all airlines operating in the region. Copa posted double digit declines in yields and passenger unit revenues for the year, which helped to erode the benefits of lower fuel costs on the airline’s profitability. Its net income plummeted nearly 49% year-on-year.
Throughout 2015 and into 2016 Copa is making capacity and fleet adjustments to combat the economic realities in Latin America. But the airline is not taking an optimistic view with its passenger unit revenue guidance for 2016, which is lower than 2015’s performance even though Copa anticipates some faint signs of stability emerging in 2H2016.
For now, it seems that all that any Latin American airline can do is attempt to reset their networks in order to diminish their exposure to the weakest areas in the region. Copa is making all the necessary moves to withstand the economic pressure, but in the short term its margins and profits will continue to fall below historical highs.
US airlines Alaska Air Group, jetBlue and Southwest are at different phases of their respective balance sheet fortification and debt management. Alaska and Southwest approach managing their debt with an eye towards maintaining the investment grade status each airline enjoys; Southwest’s status was further bolstered in 2015 with credit upgrades from both Fitch and Moody’s.
Lower fuel prices are allowing most airlines to enjoy healthy levels of free cash flow, and most of those companies believe a portion of those flows should be allotted to paying down debt, and issuing shareholder returns. JetBlue is continuing a trend of enlarging its base of unencumbered assets, which is also a focus for Alaska Air Group. Alaska believes its low leverage levels create a buffer against its competitors that are more leveraged. JetBlue, meanwhile, continues to drive down its leverage ratios significantly.
All of the work to bolster their balance sheets and achieve favourable leverage ratios results in Alaska, Southwest and jetBlue positioning themselves to brace for any weakness created by a cloud of macroeconomic uncertainty underlying demand that, for now, generally remains solid.