Chicago | August 10, 2020–  Gogo (NASDAQ: GOGO), the leading global provider of broadband connectivity products and services for aviation, today announced its financial results for the quarter ended June 30, 2020.

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Chicago | July 29, 2020–Boeing President and CEO Dave Calhoun issued the following letter to employees today addressing aerospace market realities:

Team,

These past few months have been unlike anything we’ve seen. The pandemic’s effect on our communities and industry is ongoing. And the challenges we face as a company are still unfolding.

As cases continue to rise in areas around the globe, health and safety remain a top priority. My thanks go to everyone who is supporting our safety efforts, wearing face coverings and upholding our shared accountability for keeping one another safe. All those affected directly by COVID-19 also have my sympathies.

The reality is the pandemic’s impact on the aviation sector continues to be severe. Though some fliers are returning slowly to the air, their numbers remain far lower than 2019, with airline revenues likewise reduced. This pressure on our commercial customers means they are delaying jet purchases, slowing deliveries, deferring elective maintenance, retiring older aircraft and reducing spend — all of which affects our business and, ultimately, our bottom line. While there have been some encouraging signs, we estimate it will take around three years to return to 2019 passenger levels.

That’s why we’ve been taking decisive actions. To bolster our near-term liquidity, we suspended our dividend, terminated our share repurchasing program, reduced discretionary spending and overhead costs, and issued $25 billion in new debt.

While these steps help us navigate the pandemic, they don’t change the fact that the commercial marketplace is different, and we must change with it. To align to a smaller market, we lowered commercial production rates and took tough workforce actions throughout the quarter.

Unfortunately, it’s become clear that we need to make further adjustments based on the prolonged impact of COVID-19.

The changes include further lowering our commercial airplane production rates:

– We will have a slower ramp-up in 737 production than previously planned, with a gradual increase to 31 per month by the beginning of 2022.

– We will reduce the combined 777/777X production rate to two per month in 2021, which is one unit lower per month than we announced last quarter.

– We will further reduce 787 production to six per month in 2021. This is an adjustment down from the reduction we announced last quarter to 10 per month currently and seven per month by 2022. With this lower rate profile, we will also need to evaluate the most efficient way to produce the 787, including studying the feasibility of consolidating production in one location. We will share more with you following our study.

– While our 767 and 747 rates remain unchanged, in light of the current market dynamics and outlook, we’ll complete production of the iconic 747 in 2022. Our customer commitment does not end at delivery, and we’ll continue to support 747 operations and sustainment well into the future.

The work you’ve done on these programs has been tremendous. I have been impressed during every visit to our production facilities. These production rate changes are not a reflection on your work or our capability. The market simply won’t support higher output levels at this time, and we need to adapt accordingly.

As you know, we previously announced a net 10% workforce reduction in 2020 through a combination of voluntary layoffs, attrition and involuntary layoffs (ILOs) to align to a smaller market. The first wave of associates affected by ILOs received notification in May, and we continue to conduct smaller, phased workforce reductions to reach this target. Managers are communicating the latest wave of those reductions beginning today.

Regretfully, the prolonged impact of COVID-19 causing further reductions in our production rates and lower demand for commercial services means we’ll have to further assess the size of our workforce. This is difficult news, and I know it adds uncertainty during an already challenging time. We will try to limit the impact on our people as much as possible going forward. And as always, we will communicate openly, honestly and transparently with you.

The diversity of our portfolio and our government services, defense and space programs provide some stability in the near term as we take these tough but necessary steps. And we’ll continue working to meet our commitments and deliver on our priorities.

As we look to the future, we also are focused on not just adapting and recovering but also emerging stronger and more resilient. That includes proactively reviewing every aspect of our company to identify opportunities to improve, align to our new market and strengthen our culture. We are looking holistically at our infrastructure footprint, our overhead and organizational structure, our portfolio and investments, our supply chain health and stability, and our ability to drive operational excellence and a keen focus on safety in everything we do.

And while we’re facing challenges, it’s important to remember the good work and innovation underway across our company. This is absolutely necessary for our future. Aerospace has always proven to be resilient — and so has Boeing.

Thank you for facing these challenges with me. I could not ask for a better team.

Dave

• Commercial aircraft environment robust, backlog underpins ramp-up plans
• H1 financials reflect mainly A350 XWB performance and delivery phasing
• Revenues € 25 billion; EBIT Adjusted € 1.2 billion
• EBIT (reported) € 1.1 billion; EPS (reported) € 0.64
• 2018 guidance maintained

France | July 26, 2018–Airbus SE (stock exchange symbol: AIR) reported Half-Year (H1) 2018 consolidated financial results and maintained its guidance for the full year.

“The first half financials reflect the back-loaded deliveries due to A320neo engine shortages, while on the positive side there was a strong improvement on the A350 programme,” said Airbus Chief Executive Officer Tom Enders. “A320neo aircraft deliveries picked up during the second quarter but challenges remain to meet our full year targets. Market demand remains strong for the expanded Airbus portfolio that now includes the A220 at the smaller end. The recent Farnborough Airshow underlined this, with new business for over 400 single-aisle and wide-body aircraft announced. Our operational focus in commercial aircraft remains squarely on securing the production ramp-up. On our largest military programme, the A400M, we are making progress operationally, on improving capabilities as well as in negotiations with governments for the necessary contract amendment.”

Net commercial aircraft orders increased to 206 (H1 2017: 203 aircraft) with gross orders of 261 aircraft including 50 A350 XWBs and 14 A330s. The order backlog by units totalled 7,168 commercial aircraft as of 30 June 2018.  During July’s Farnborough Airshow, Airbus announced orders and commitments for a total of 431 aircraft although these are not yet reflected in the order book. Net helicopter orders totalled 143 units (H1 2017: 151 units). Airbus Defence and Space saw good order momentum, particularly in Space Systems, while there are encouraging prospects for European military cooperation programmes in Military Aircraft and Unmanned Aerial Systems.

Consolidated revenues were stable at € 25.0 billion (H1 2017: € 25.2 billion⁽¹⁾), reflecting the commercial aircraft delivery mix and perimeter changes as well as the weakening of the US dollar. Deliveries totalled 303 commercial aircraft (H1 2017: 306 aircraft), comprising 239 A320 Family, 18 A330s, 40 A350 XWBs and six A380s. Airbus Helicopters delivered 141 units (H1 2017: 190 units) with revenues mainly reflecting the perimeter change from the sale of Vector Aerospace in late 2017. Revenues at Airbus Defence and Space reflected the stable core business and solid programme execution as well as the perimeter change mainly related to the divestment of Defence Electronics in February 2017 and Airbus DS Communications, Inc. in March 2018.

Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled
€ 1,162 million (H1 2017: € 553 million⁽¹⁾).

Airbus’ EBIT Adjusted of € 867 million (H1 2017: € 257 million⁽¹⁾), reflected mainly the strong improvement on the A350 programme and the A320neo ramp-up and transition.

A total of 110 A320neo aircraft were delivered (H1 2017: 59 aircraft) with more NEO (new engine option) versions delivered than CEO (current engine option) versions in the second quarter. The ramp-up is ongoing. Engine manufacturers are working to meet their commitments and resources and capabilities have been mobilised internally. A recovery plan is in place and the number of stored aircraft has started to decline from the end of May peak but risks remain to meet the 800 aircraft delivery target, which is challenging. On the A350 programme, the first A350-1000s were delivered to Qatar Airways and Cathay Pacific in the half-year. Good progress was made on the recurring cost curve compared to a year earlier as the programme ramps up to the targeted monthly production rate of 10 aircraft by year-end. The A350’s industrial system is now reaching a mature level with the focus remaining on recurring cost convergence. Route proving flights have now been completed on the A330neo with more than 1,000 flight hours accumulated by the test aircraft fleet. The first delivery is expected end summer. In July, the BelugaXL transport aircraft completed its maiden flight.

Airbus Helicopters’ EBIT Adjusted increased to € 135 million (H1 2017: € 80 million⁽¹⁾), reflecting solid underlying programme execution which compensated the lower deliveries.

Airbus Defence and Space’s EBIT Adjusted was € 309 million (H1 2017: € 298 million⁽¹⁾), reflecting the stable core business and solid programme execution. On a comparable basis the Division’s EBIT Adjusted was broadly stable.

On the A400M programme, a total of eight aircraft were delivered compared to eight in the first half of 2017. A provision update of € 98 million during the first half of 2018 mainly reflected price escalation. Progress was made toward achieving military capabilities. Airbus continues to work with the Launch Customer Nations to finalise a contract amendment by year-end.

Consolidated self-financed R&D expenses totalled € 1,403 million (H1 2017: € 1,288 million).

Consolidated EBIT (reported) was stable at € 1,120 million (H1 2017: € 1,211 million⁽¹⁾), including Adjustments totalling a net € -42 million. These comprised:

•  The € 98 million A400M provision increase due to an update for escalation assumptions;
• A negative € 21 million resulting from the first H160 helicopters;
•  A negative impact of € 40 million from the dollar pre-delivery payment mismatch and balance sheet revaluation;
• A total of € 40 million in other costs, including compliance and merger and acquisition costs;
•  A net capital gain of € 157 million from divestments in Airbus Defence and Space.

Consolidated net income⁽²⁾ of € 496 million (H1 2017: € 1,091 million⁽¹⁾) and earnings per share of € 0.64 (H1 2017: € 1.41⁽¹⁾) included a negative impact from the foreign exchange revaluation of financial instruments partly offset by the positive revaluation of certain equity instruments. The finance result was € -303 million (H1 2017: € +72 million⁽¹⁾). Net income also reflects a higher effective tax rate from the reassessment of tax assets and liabilities.

Consolidated free cash flow before M&A and customer financing amounted to € -3,968 million (H1 2017: € -2,093 million), reflecting the continued ramp-up while deliveries reflect the engine situation. Consolidated free cash flow of € -3,797 million (H1 2017: € -1,956 million) included around € 0.3 billion of net proceeds from divestments at Airbus Defence and Space. Cash flow for aircraft financing was limited in the first half of 2018.

The consolidated net cash position on 30 June 2018 was € 8.1 billion (year-end 2017: € 13.4 billion) with a gross cash position of € 17.8 billion (year-end 2017: € 24.6 billion).

Outlook

As the basis for its 2018 guidance, the Company expects the world economy and air traffic to grow in line with prevailing independent forecasts, which assume no major disruptions.

The 2018 earnings and guidance are prepared under IFRS 15.

The 2018 earnings and Free Cash Flow guidance is before M&A. It now includes the A220⁽³⁾ integration.

• Airbus targets to deliver around 800 commercial aircraft, without the A220 Family.
• On top, around 18 A220 deliveries are targeted for H2.
• Before M&A, the Company expects EBIT Adjusted of approximately € 5.2 billion in 2018:
  • The A220⁽³⁾ integration is expected to reduce EBIT Adjusted by an estimated              € -0.2 billion.
  • Therefore, including A220⁽³⁾, the Company expects EBIT Adjusted to be approximately € 5.0 billion.
• Compared to 2017 Free Cash Flow before M&A and Customer Financing of € 2.95 billion, the Company expects Free Cash Flow to be at a similar level in 2018 before the A220 integration.
  • The A220⁽³⁾ integration is expected to reduce Free Cash Flow before M&A and Customer Financing by an estimated € -0.3 billion⁽³⁾.
  • In 2018, the Company expects the net cash impact of the A220 integration to be largely covered by the funding arrangement as laid out in the terms of the C Series Aircraft Limited Partnership, meaning limited cash dilution.

East Aurora, NY | November 7, 2017–Astronics Corporation (NASDAQ: ATRO), a leading supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries, today reported financial results for the three and nine months ended September 30, 2017. Earnings per share for prior periods are adjusted for the 3 for 20 (15%) distribution of Class B Stock for shareholders of record on October 11, 2016. Results include the acquisition of Custom Control Concepts (“CCC”) on April 3, 2017.

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August 28, 2017– flydubai has today announced its Half-Year Results for the 2017 financial year and has reported total revenue of AED 2.5 billion (USD 689 million) an increase of 9.9% compared to the first six months of last year and a loss of AED 142.5 million (USD 38.8 million). Historically, the trend for the second half has been stronger than the first half.

Total revenue increased to AED 2.5 billion (USD 689 million) for the six-month period
Reports loss of AED 142.5 million (USD 38.8 million) for the period ending 30 June 2017
Increase in passenger numbers to 5.4 million during the reporting period; an increase of 10.5%
RPKM grew by 18.9%; ASKM increased by 7.9% compared to the first six months of 2016
Contributed 19.4% to the total growth at Dubai Airports compared to the same period last year
Passenger numbers increased to 5.4 million; an increase of 10.5% compared to the first six months of 2016. The number of passengers carried per departure saw an increase of 13.7% for the same period. The increase in passenger numbers reflects the strength of flydubai’s network connecting previously underserved markets to Dubai. The number of Business Class passengers carried per departure saw an increase of 22% compared to the same period last year.

In addition, flydubai contributed 19.4% to the total growth at Dubai Airports compared to the first half of 2016. During the first six months of 2017, flydubai contributed 12.4% of all traffic in Dubai.

The demand for travel on flydubai remains strong and the airline has seen its overall market share grow. These factors have, however, been offset by the price performance determined by the market. The airline also faced comparatively higher fuel expenses during the reporting period with fuel costs accounting for 24.8% of operating costs compared to 23.5% in the previous reporting period. In addition, the airline added 8 aircraft to its fleet since July 2016.

The closing cash and cash equivalents position including pre-delivery payments for future aircraft deliveries, remained robust at AED 2.1 billion.

Ghaith Al Ghaith, Chief Executive Officer of flydubai, said, “the demand for travel from the growing number of our passengers remains strong. We will however continue to manage our cost performance and balance this with our long-term view of the potential for air travel in the region. We know that we need to remain flexible to the market dynamics across our network. We will continue our disciplined approach to increasing capacity whilst pursuing our broader goal of firmly establishing flydubai at the centre of the global travel industry.”

Arbind Kumar, Senior Vice President, Finance of flydubai, said, “during the first six months of this year, we have seen pressure on both yield and cost. We continue to focus our efforts on three key areas: improvement in our cost performance, a broadening of our distribution and optimisation of our network. Knowing that we have faced a similar seasonality and trend in previous years, we will move ahead cautiously but strong in the knowledge that there remains much untapped opportunity.”

Operational performance

Fleet: During the first half of 2017, flydubai took delivery of the last of the Next-Generation Boeing 737- 800 aircraft receiving one aircraft in February and a second aircraft in April. The average age of the fleet is 4.0 years and this underscores flydubai’s strategy to operate a young and modern fleet.

Network growth: flydubai started twice-weekly flights to Sylhet on 15 March 2017 increasing to six flights per week in May. For the first time, flydubai launched flights for the summer season to Batumi in Georgia, Qabala in Azerbaijan and Tivat in Montenegro. Due to the popularity of direct flights to these new holiday destinations services have been extended to October.

Outlook

The previous investments in product and services are returning results as well as enabling flydubai to retain and attract new passengers. The airline has embraced new technologies with the aim to improve costs through dynamic yield management and using real-time data to enhance the customer journey.

A new model aircraft: flydubai is the first airline in the region to take delivery of the Boeing 737 MAX 8 aircraft. The airline is set to receive six new aircraft by December 2017 with entry into service during the fourth quarter providing greater flexibility, reliability and efficiency to its fleet.

New routes: flydubai has been operating flights to Russia since 2010 and will further expand its network to 10 destinations. Twice weekly flights from Dubai to Makhachkala and Voronezh will operate from the end of October 2017. In addition, flights from Dubai to Ufa, operating three times a week, will relaunch on 31 October.

A new headquarters office: The airline is building a new headquarters office located on the Emirates Road and is expected to be available for occupation from 2019. This investment will support the airline’s continued growth.

Ghaith Al Ghaith, looking towards the year ahead, said, “during the next six months we will see the new Boeing 737 MAX 8 aircraft bring greater operational efficiency to our fleet, we will open up previously underserved destinations on our network, see more passengers travel with us and continue to invest in the future growth of the airline. There remains much potential for flydubai as part of the UAE’s aviation hub and a key driver of the sustainable development of the trade and tourism industry.”

EAST AURORA, NY, May 4, 2017 – Astronics Corporation(NASDAQ: ATRO), a leading supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries, today reported financial results for the three months ended April 1, 2017. Earnings per share for prior periods are adjusted for the 3 for 20 (15%) distribution of Class B Stock for shareholders of record on October 11, 2016.

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Chicago, IL | December 20, 2016– Gogo Inc. (NASDAQ:GOGO) announced the commencement of a private offering of $50 million aggregate principal amount of additional 12.500% senior secured notes due 2022 (the “Additional Notes”) to be issued by its direct wholly owned subsidiary, Gogo Intermediate Holdings LLC (the “Issuer”), and its indirect wholly owned subsidiary, Gogo Finance Co. Inc. (the “Co-Issuer” and, together with the Issuer, the “Issuers”). The initial 12.500% Senior Secured Notes due 2022 were issued in an aggregate principal amount of $525 million on June 14, 2016 (the “Initial Notes”). The Additional Notes and the Initial Notes will be treated as the same series for all purposes under the indenture and collateral agreements that govern the Initial Notes and will govern the Additional Notes. The Additional Notes will be guaranteed on a senior secured basis by Gogo Inc. and all of the existing and future domestic restricted subsidiaries of the Issuer (other than the Co-Issuer), subject to certain exceptions (the “Guarantors”). The Additional Notes and the related guarantees will be secured by first priority liens on substantially all of the Issuers’ and the Guarantors’ assets, including pledged equity interests of the Issuers and the Guarantors. There can be no assurance that the proposed offering of Additional Notes will be completed.

The Issuer intends to use the net proceeds from the sale of the Additional Notes for working capital and other general corporate purposes.

The Additional Notes and the guarantees will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Additional Notes and the guarantees will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act.

The Additional Notes and the guarantees have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

• Strong second quarter consolidated sales and bookings of $164.4 million and $181.5 million, respectively
• Record quarterly sales, operating profit and bookings for Aerospace segment

East Aurora, NY | August 3, 2016– Astronics Corporation (NASDAQ: ATRO), a leading supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries, today reported financial results for the three and six months ended July 2, 2016. Earnings per share for 2015 are adjusted for the 3 for 20 (15%) distribution of Class B Stock for shareholders of record on October 8, 2015.

Peter J. Gundermann, President and Chief Executive Officer, commented, “We had strong second quarter performance with our Aerospace business setting new records for sales, operating profit and bookings. Our Test Systems business, as expected, continues to struggle with lower 2016 volume, but is making solid progress on promising programs for the future. All in all, we feel well-positioned and our major initiatives remain on track.”

click here to view the entire release, including financial tables

• Earnings per share increased 7.3% to $0.44 despite lower consolidated revenue
• Improved Test segment operating margin of 10.4% driven by cost reductions and operational realignments, more than offset softer Aerospace margin
• Strong consolidated bookings of $162 million
East Aurora, NY | May 4, 2016– Astronics Corporation (NASDAQ: ATRO), a leading supplier of products to the global aerospace, defense, and semiconductor industries, today reported financial results for the three months ended April 2, 2016. Earnings per share for 2015 are adjusted for the 3 for 20 (15%) distribution of Class B Stock for shareholders of record on October 8, 2015.

Click here to download the entire release, including financial tables.