Lynx Air (Lynx) launched its inaugural flight to the United States on January 27, departing from Toronto Pearson International Airport (YYZ) and arriving at the new Terminal C at Orlando International Airport (MCO).
Lynx Air CEO, Merren McArthur is joined by Greater Toronto Airports Authority VP of Stakeholder Relations and Communications, Karen Mazurkewich for an official ribbon cutting celebration at Toronto Pearson Airport.
Photo Credit Peyton Stikeleather (CNW Group/Lynx Air)
The airline will operate four nonstop flights per week between Toronto and Orlando, flying brand-new Boeing 737-8 MAX aircraft.
Lynx’s US network will continue to expand over the next few weeks, with the planned launch of services out of Calgaryto Phoenix, Los Angeles, and Las Vegas. In total, Lynx will be operating over 5,000 seats to and from the US, giving Canadians an affordable option to visit some of the most popular sun destinations south of the border.
Lynx’s US schedule:
Flight No.
Effective Date
Frequency
DepartureStation
ArrivalStation
Y9 605
27-JAN-23
MON-WED-FRI-SUN
YYZ
MCO
Y9 705
27-JAN-23
MON-WED-FRI-SUN
MCO
YYZ
Y9 617
07-FEB-23
TUE-THU-SAT
YYC
PHX
Y9 712
07-FEB-23
TUE-THU-SAT
PHX
YYC
Y9 615
16-FEB-23
TUE-THU-SAT
YYC
LAX
Y9 702
16-FEB-23
TUE-THU-SAT
LAX
YYC
Y9 601
24-FEB-23
MON-WED-FRI-SUN
YYC
LAS
Y9 702
24-FEB-23
MON-WED-FRI-SUN
LAS
YYC
Top Copyright Photo: Lynx Air (Canada) Boeing 737-8 MAX 8 C-GJSL (msn 43312) YVR (Brian Worthington). Image: 959990.
Boom Supersonic, the company building the world’s fastest airliner, kicked off construction of its Overture Superfactory on January 26 in Greensboro, North Carolina.
The Overture Superfactory is a state- of-the-art manufacturing facility located on a 62-acre campus at the Piedmont Triad International Airport. This site will house the final assembly line, as well as test facility, and customer delivery center for Boom’s flagship supersonic airliner, Overture.
By 2032, Boom will hire more than 2,400 workers at the Superfactory, and recruiting is already underway. North Carolina economists estimate that the full Boom manufacturing program will grow the state’s economy by at least $32.3 billion over 20 years. In addition to Boom’s job creation in the state, the company is creating over 200 internships for students in North Carolina public universities, community colleges, and trade schools to build the next generation of supersonic workers.
Boom selected North Carolina as the site for Overture aircraft manufacturing because of its large skilled talent pool, access to exceptional universities, community colleges, and technical schools, proximity to the Eastern Seaboard for supersonic flight testing over water and close proximity to several top-tier aerospace suppliers. North Carolina’s aerospace manufacturing sector has grown three-times faster than the national average over the past few years.
Air France-KLM Board of Directors has approved a firm order for 4 Airbus A350F full freighter aircraft, to be operated by Martinair on behalf of KLM Cargo.
These Airbus A350Fs will replace the fleet of 4 Boeing 747Fs currently operated by KLM Cargo and Martinair. They will be based at Amsterdam Schiphol Airport.
In December 2021, Air France-KLM had placed an order for 4 Airbus A350F full freighter aircraft for Air France.
Deliveries to Martinair and Air France are expected as of the second half of 2026, meaning both airlines will be among the launch operators of the A350F full freighter.
Benefiting from the latest technological innovations and powered by Rolls-Royce Trent XWB-97 engines, the Airbus A350F delivers significantly improved environmental performance with an over 40% reduction in CO2 emissions compared to the Boeing 747F. Its noise footprint is also 50% lower.
A firm order for 3 additional Airbus A350-900 passenger aircraft for Air France, bringing the total number of A350-900 expected by Air France to 41.
These Airbus A350s will replace previous-generation aircraft and be based at Paris-Charles de Gaulle Airport.
Auckland Airport in New Zealand issued this statement:
Auckland airport terminals and roading are currently impacted due to wide spread flooding. We are requesting people to not travel to the international terminal at this time.
We are dealing with the evacuation in 2 seperate areas in our International Terminal.
Google Maps
Check in, International departures and Baggage Hall, International Arrivals have both been evacuated.
Due to the damage, no domestic or international flights will be arriving or departing from Auckland Airport before noon Saturday, January 28, 2023.
Roads at Auckland Airport continue to be impacted by widespread flooding, along with the check in and arrivals areas of the international terminal.
Auckland Airport has reduced runway operations after an arriving aircraft damaged runway lighting. This is largely impacting international arrivals and departures and larger aircraft travelling domestically. Our maintenance team is on site and is working hard to fix the damage.
Air New Zealand Boeing 777-300 (ZK-OZN, built 2011) on flight #NZ124 from Melbourne apparently drifted off to the side of runway 05 on landing at Auckland Intl AP (NZAA), NZ. It destroyed a number of runway edge lights on its way resulting in the closure of all flights for hours. pic.twitter.com/hrjh5pJqKQ
Copa Airlines has announced the launch of its new service from its Hub of the Americas® in Panama City, Panama to Baltimore, Maryland, United States starting on June 28, 2023.
The launch of the new route in Baltimore, the historic “Charm City” known for having more public statues and monuments per capita than any other city in the U.S., adds to Copa’s continuous expansion of its network of routes in North America. The coastal destination joins 13 others already in operation by the Airline in the United States including Atlanta, Boston, Chicago, Denver, Fort Lauderdale, Las Vegas, Los Angeles, Miami, New York, Orlando, Tampa, San Francisco, and Washington.
In addition to Baltimore, Copa Airlines will launch a new route in South America starting June 27, connecting the Hub of the Americas® in Panama to the city of Manta, Ecuador.
Top Copyright Photo: Copa Airlines Boeing 737-9 MAX 9 HP-9912CMP (msn 44211) BFI (Brian Worthington). Image: 959983.
Boeing is looking ahead for a possible replacement for its 737 MAX in the next decade.
The company has been working with NASA on an aircraft concept that reduces drag and fuel burn that could fly later this decade.
With improved engine technology, this unnamed concept could be 30% more efficient than the current 737 MAX and the Airbus A320neo.
Related to this, NASA has selected Boeing and its industry team to lead the development and flight testing of a full-scale Transonic Truss-Braced Wing (TTBW) demonstrator airplane.
The technologies demonstrated and tested as part of the Sustainable Flight Demonstrator (SFD) program will inform future designs and could lead to breakthrough aerodynamics and fuel efficiency gains.
When combined with expected advancements in propulsion systems, materials and systems architecture, a single-aisle airplane with a TTBW configuration could reduce fuel consumption and emissions up to 30% relative to today’s most efficient single-aisle airplanes, depending on the mission. The SFD program aims to advance the civil aviation industry’s commitment to reaching net zero carbon emissions by 2050, as well as the goals set forth in the White House’s U.S. Aviation Climate Action Plan.
NASA has selected Boeing and its industry team to lead the development and flight testing of a full-scale Transonic Truss-Braced Wing (TTBW) demonstrator airplane.
Ultrathin wings braced by struts with larger spans and higher-aspect ratios could eventually accommodate advanced propulsion systems that are limited by a lack of underwing space in today’s low-wing airplane configurations. For the demonstrator vehicle, Boeing will use elements from existing vehicles and integrate them with all-new components.
NASA’s funding through the SFD Space Act Agreement totals $425 million. The SFD program will also leverage up to $725 million in funding by Boeing and its industry partners to shape the demonstrator program and meet the resource needs required. Separately, Boeing’s previous internal investments for recent phases of sustainable aviation research total $110 million.
The TTBW airframe concept is the result of more than a decade of development supported by NASA, Boeing and industry investments. Under previous NASA programs including the agency’s Subsonic Ultra Green Aircraft Research program, Boeing conducted extensive wind tunnel testing and digital modeling to advance the design of the TTBW. Early conceptual studies started under NASA’s Environmentally Responsible Aviation program.
Hawaiian Airlines has announced it will restart three-times-weekly service between Honolulu (HNL) and Fukuoka (FUK) beginning April 28, 2023.
Hawaiian, which today offers daily service between HNL and Tokyo’s Haneda (HND) and Narita Airports (NRT) and Osaka’s Kansai Airport (KIX), will operate flight HA827 from HNL to FUK on Tuesdays, Fridays and Sundays at 1:35 p.m., arriving into FUK at 6:40 p.m. the following day. The return flight, HA828, will depart at 8:40 p.m. on Wednesdays, Saturdays and Mondays and arrive at HNL at 9:55 a.m. the same day.
Hawaiian, Hawai’i’s largest and longest-serving airline, inaugurated FUK service in November 2019 before suspending the route in March 2020 due to the COVID-19 pandemic.
Hawaiian will continue to operate its Japan routes with its 278-seat, spacious wide-body Airbus A330 aircraft, which feature 18 Premium Cabin lie-flat leather seats, 68 of its popular Extra Comfort seats, and 192 Main Cabin seats.
Top Copyright Photo: Hawaiian Airlines Airbus A330-243 N391HA (msn 1309) LAX (Michael B. Ing). Image: 959494.
Wizz Air has announced the launch of flights from Katowice Airport to the capital of Armenia: Yerevan. The first flight is scheduled to take place on 29 April 2023 (Saturday). The route will be available twice a week: initially on every Wednesday and Saturday, and on every Wednesday and Sunday from mid-June. The route will be available throughout the year.
As part of the “Summer 2023” schedule, Wizz Air currently offers 33 routes to 20 countries at Katowice Airport, i.e. Albania (Tirana), Armenia (Yerevan), Bulgaria (Burgas), Croatia (Split), Cyprus (Larnaca), Greece (Athens, Corfu), Georgia (Kutaisi), Montenegro (Podgorica), Spain (Barcelona, Castellon, Fuerteventura, Ibiza, Palma De Mallorca, Malaga, Tenerife), the Netherlands (Eindhoven), Iceland (Keflavik), Israel (Tel Aviv), Malta, Germany (Dortmund), Norway (Bergen, Oslo-Torp), Portugal (Madeira), Sweden (Malmo), the United Kingdom (Bristol, Liverpool, London-Luton, Leeds-Bradfort), Italy (Catania, Naples, Rome-Ciampino) and the United Arab Emirates (Abu Dhabi). Wizz Air debuted at Katowice Airport in May 2004. Since then, the carrier has handled over 23 million travellers on flights to/from the airport.
Wizz Air is also adding the following routes from Yerevan:
JetBlue Airways Corporation today reported its financial results for the fourth quarter of 2022.
“Thanks to the outstanding efforts of JetBlue’s crewmembers, we closed the year with strong fourth quarter performance, driving the highest full-year revenue result in our history, and solid cost execution as we hit our full-year cost target. We believe we’re well positioned to further build on that success in 2023, with a disciplined plan to continue strengthening our foundations – both operationally and financially,” said Robin Hayes, JetBlue’s Chief Executive Officer.
“We expect to gain further momentum in the business in 2023 with solid revenue performance throughout the year as we execute on our commercial initiatives and maintain a strong focus on cost control. Together, we expect these efforts to deliver margins approaching pre-pandemic levels as we move through the year, as we continue on a path to drive sustainable long-term earnings expansion and create long-term value for all stakeholders.”
Fourth Quarter 2022 Financial Results
Net income for the fourth quarter of 2022 under Generally Accepted Accounting Principles (GAAP) of $24 million or $0.07 per share. Excluding one-time items, adjusted net income for the fourth quarter of 2022 of $72 million(1) or $0.22 per share.
Fourth quarter of 2022 capacity increased by 2.4% compared to the fourth quarter of 2019.
Operating revenue of $2.4 billion for the fourth quarter of 2022, the highest fourth quarter operating revenue in company history.
Revenue per available seat mile (RASM) increased 16.1% for the fourth quarter of 2022 compared to the fourth quarter of 2019, despite a negative impact from Hurricane Nicole.
Operating expenses per available seat mile (CASM) for the fourth quarter of 2022 increased 28.4% compared to the fourth quarter of 2019.
Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (CASM ex-Fuel)(1) for the fourth quarter of 2022 increased 9.9%(1) compared to the fourth quarter of 2019, resulting in industry leading unit cost performance.
Fuel price in the fourth quarter of 2022 of $3.70 per gallon, including hedges.
Balance Sheet and Liquidity
$1.6 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities at quarter-end (excluding our $600 million undrawn revolving credit facility).
Maintained an adjusted debt to capital ratio of 52%(1) as of December 31, 2022.
Paid approximately $114 million in debt and finance lease obligations during the fourth quarter of 2022.
2022 Key Highlights
Returned to profitability in the second half of 2022 with revenue growth at record levels, combined with an acute focus on maintaining an optimal low-cost structure.
Delivered an excellent operation in the fourth quarter, including an industry-leading completion factor of 98.2% in December. This was despite the impact of Hurricane Nicole and Winter Storm Elliott.
Added flights in New York and Boston as the Northeast Alliance (NEA) continues to bring low fares and great service to more communities, and boost competition in the region.
Continued ramping up our transatlantic franchise to five daily flights between the Northeast and London, and announced new service to Paris.
Became the anchor tenant at Orlando International Airport’s new Terminal C, moved operations at LaGuardia Airport into the new, world-class Terminal B, and signed an agreement to become a minority investor in John F. Kennedy International Airport’s Terminal 6.
Introduced the new TrueBlue® loyalty program, bringing added value and new perks to a broad set of customers.
Continued to lead the industry in sustainability. Announced our validated science-based emissions reduction target, with a plan that would effectively reduce our per-seat emissions in half by 2035 from 2019 levels. Also announced a new agreement with Fidelis New Energy to supply 92 million gallons of sustainable aviation fuel (SAF) over a five-year term with a target start date of 2025, bringing meaningful progress toward our goal to convert 10% of our jet fuel to SAF by 2030.
Recognized by “The Points Guy” with an Editors’ Choice Award for Best Economy Class in the world and by “Business Traveler USA” as Best Budget Airline.
Outlook
“As we kick off 2023, we’re pleased to see the demand environment remain solid into the seasonally trough period of the year,” said Joanna Geraghty, JetBlue’s President and Chief Operating Officer.
“We’re excited to continue building on last year’s record performance as we look at another strong year of revenue growth, underpinned by multiple network and commercial initiatives, including strong earnings accretion from the NEA as our markets mature. We also continue to make progress on our multi-year path to grow our loyalty revenue stream as a percentage of our total revenue base and close the gap to best in class loyalty performance.”
First Quarter and Full-Year 2023 Outlook
Estimated 1Q 2023
Estimated FY 2023
Available Seat Miles (ASMs) Year-Over-Year
5.5% – 8.5%
5.5% – 8.5%
Revenue Year-Over-Year
28% – 32%
High Single Digits to Low Double Digits
CASM Ex-Fuel(2) (Non-GAAP) Year-Over-Year
2% – 4%
1.5% – 4.5%
Estimated Fuel Price per Gallon(3)
$3.20 – $3.35(4)
$2.95 – $3.15
Interest Expense
$40 – $50 million
$200 – $210 million
Adjusted (Loss)/Earnings per Share
($0.45) – ($0.35)
$0.70 – $1.00
Top Copyright Photo: JetBlue Airways Airbus A321-231 WL N947JB (msn 6448) (Ribbons) LAX (Michael B. Ing). Image: 959981.
American Airlines Group Inc. today reported its fourth-quarter and full-year 2022 financial results, including:
Fourth-quarter and full-year net income of $803 million and $127 million, or $1.14 per diluted share and $0.19 per diluted share, respectively. Excluding net special items1, fourth-quarter and full-year net income of $827 million and $328 million, or $1.17 per diluted share and $0.50 per diluted share, respectively.
Record fourth-quarter revenue of $13.2 billion, which represents a 16.6% increase over the same period in 2019, despite flying 6.1% less capacity.
Ended the year with $12 billion of total available liquidity, after prepaying a $1.2 billion term loan during the fourth quarter.
Company continues to execute on its plan to pay down $15 billion of total debt2 by the end of 2025.
“The American Airlines team has produced outstanding results over the past year,” said American’s CEO Robert Isom. “We committed to running a reliable operation and returning to profitability, and our team is delivering on both. We’re proud to have led the industry in operational performance over the holidays while producing record full-year and fourth-quarter revenues, resulting in a third consecutive quarterly profit and a profit for the full year. As we turn our attention to 2023, we will continue to prioritize reliability, profitability and debt reduction.”
Running a reliable operation
American and its regional partners operated more than 475,000 flights in the fourth quarter, with an average load factor of 83.9%. For the quarter, American ranked first in completion factor among the nine largest U.S. carriers.
The American team delivered an even stronger performance over the holidays, despite challenging conditions in many parts of the country. American outperformed the industry over the December holiday period, ranking first in completion factor. The momentum has continued into 2023 as American has delivered the best on-time arrival performance of the nine largest U.S. carriers so far this year.
Returning to profitability
American produced revenues of $13.2 billion in the fourth quarter, an increase of 16.6% versus the same period in 2019 and the highest fourth-quarter revenue in company history, driven by the continued strength of the demand environment. This record revenue was achieved while flying 6.1% less capacity than the same period in 2019. On both a GAAP basis and excluding the impact of net special items, the company produced an operating margin of 10.5% in the quarter. American also produced record revenues of $49 billion for the full year, resulting in full-year profitability.
Liquidity and balance sheet
In the fourth quarter, American made approximately $539 million in debt and finance lease payments and prepaid a $1.2 billion term loan. The company ended the year with $12 billion of total available liquidity, comprised of cash and short-term investments plus undrawn capacity under revolving and other credit facilities. Total debt2 reduction continues to be a top priority, and the company is more than halfway to its goal of reducing total debt by $15 billion by the end of 2025. As of Dec. 31, 2022, American had reduced its total debt by more than $8 billion from peak levels in the second quarter of 2021.
Guidance and investor update
Based on demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its first-quarter 2023 adjusted earnings per diluted share3 to be approximately breakeven. Based on today’s guidance, American expects its full-year 2023 adjusted earnings per diluted share3 to be between $2.50 and $3.50.
Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.
The company recognized $24 million of net special items after the effect of taxes in the fourth quarter, which principally included mark-to-market net unrealized losses associated with certain equity investments.
All references to total debt include debt, finance leases, operating lease liability and pension obligations.
Adjusted earnings per diluted share guidance excludes the impact of net special items. The company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time.
Top Copyright Photo: American Airlines Boeing 737-823 WL N997NN (msn 33250) LAX (Michael B. Ing). Image: 959831.
American Airlines aircraftb photo gallery (Boeing):
Southwest Airlines Company today reported its fourth quarter and full year 2022 financial results:
Fourth quarter net loss of $220 million, or $0.37 loss per diluted share
Fourth quarter net loss, excluding special items1, of $226 million, or $0.38 loss per diluted share
Full year net income of $539 million, or $0.87 per diluted share
Full year net income, excluding special items, of $723 million, or $1.16 per diluted share
Record fourth quarter and full year operating revenues of $6.2 billion and $23.8 billion, respectively
Liquidity2 of $13.3 billion, well in excess of debt outstanding of $8.1 billion
Bob Jordan, President and Chief Executive Officer, stated, “Due to the operational disruptions in late December, which resulted in more than 16,700 flight cancellations, we incurred a fourth quarter pre-tax negative impact of approximately $800 million (or approximately $620 million on an after-tax basis), which resulted in a fourth quarter 2022 net loss. Despite the negative financial impacts in first quarter 2022 due to the Omicron variant and in fourth quarter 2022 due to the operational disruptions, we generated full year 2022 net income, excluding special items, of $723 million.
“With regard to the operational disruptions, I am deeply sorry for the impact to our Employees and Customers. We have swiftly taken steps to bolster our operational resilience and are undergoing a detailed review of the December events. In addition, our Board of Directors has established an Operations Review Committee that is working with the Company’s Management to help oversee the Company’s response. As part of our efforts, we are also conducting a third-party review of the December events and are reexamining the priority of technology and other investments planned in 2023.
“Based on current revenue and cost trends, we currently expect a first quarter 2023 net loss. However, we are encouraged by current booking trends in March 2023. Our 2023 plan continues to support solid profits with year-over-year margin expansion for full year 2023. We remain intent on achieving the long-term financial goals outlined at our December 2022 Investor Day. We also intend to regain our 51-year reputation for operational excellence. As ever, I am grateful for our Employees and their resilience and steadfast focus on Safety, Customer Service, and Teamwork. They remain the heart and soul of Southwest Airlines.”
Capacity, Fleet, and Capital Spending:
The Company’s full year 2022 capacity decreased 5.6 percent, compared with full year 2019, which was roughly one point lower than previous guidance of down 4.5 percent, due to flight cancellations from the December 2022 operational disruptions. Prior to the operational disruptions, the Company expected its 2023 capacity to increase approximately 15 percent, year-over-year. The Company’s 2023 capacity growth plans currently remain unchanged. However, as a result of lower capacity in 2022, the Company’s 2023 capacity is expected to increase in the range of 16 percent to 17 percent, year-over-year. As previously indicated, nearly all planned 2023 capacity additions will go to restoring the network and adding breadth and depth in existing Southwest markets.
The Company received 33 Boeing 737-8 aircraft during fourth quarter 2022, including two additional -8 aircraft deliveries than previously planned, for a total of 68 -8 aircraft deliveries in 2022, compared with previous guidance of 66. The Company ended 2022 with 770 aircraft, which reflects 26 -700 aircraft retirements, including five retirements in fourth quarter. Due to Boeing’s supply chain challenges and the current status of the -7 certification, the Company did not receive all 114 contractually scheduled 737 deliveries in 2022. The Company expects the remaining 46 contractual undelivered aircraft to shift into future years. Based on continued discussions with Boeing regarding the pace of expected deliveries, the Company continues to estimate it will receive approximately 100 737 aircraft deliveries in 2023, which differs from its contractual order book displayed in the table below. During first quarter 2023, the Company expects to receive approximately 30 -8 aircraft deliveries. The Company continues to expect to retire 27 -700 aircraft in 2023, including five -700 retirements in first quarter. As a result of the two additional -8 deliveries in fourth quarter 2022, the Company now expects to end 2023 with 843 aircraft, compared with its previous guidance of 841 aircraft.
The Company’s full year 2022 capital expenditures were $3.9 billion, relatively in line with the Company’s guidance of $4.0 billion. The Company continues to estimate its 2023 capital spending to be in the range of $4.0 billion to $4.5 billion, which assumes approximately 100 737 aircraft deliveries in 2023. The Company’s 2023 capital spending guidance continues to include approximately $1.2 billion in non-aircraft capital spending. Including both capital spending and operating expense budgets, the Company currently expects to spend approximately $1.3 billion in 2023 on technology investments, upgrades, and system maintenance.
Since the Company’s previous Investor Day disclosure on December 7, 2022, the Company converted four 2023 -7 firm orders to -8 firm orders in fourth quarter 2022. Additionally, in January 2023, the Company exercised 10 -7 options for delivery in 2024. The following tables provide further information regarding the Company’s contractual order book and compare its contractual order book as of January 26, 2023, with its previous order book as of December 7, 2022. For purposes of the delivery schedule below, the Company has included the remaining 46 of its 2022 contractual undelivered aircraft (14 -7s and 32 -8s) within its 2023 contractual commitments. Given current supply chain and aircraft delivery delays, the Company will continue working with Boeing to solidify future delivery dates.
Current 737 Contractual Order Book as of January 26, 2023:
The Boeing Company
-7 Firm Orders
-8 Firm Orders
-7 or -8 Options
Total
2023
31
105
—
136
(c)
2024
51
—
35
86
2025
30
—
56
86
2026
30
15
40
85
2027
15
15
6
36
2028
15
15
—
30
2029
20
30
—
50
2030
—
55
—
55
2031
—
—
—
—
192
(a)
235
(b)
137
564
(a) The delivery timing for the -7 is dependent on the FAA issuing required certifications and approvals to Boeing and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and the Company therefore offers no assurances that current estimations and timelines are correct.
(b) The Company has flexibility to designate firm orders or options as -7s or -8s, upon written advance notification as stated in the contract.
(c) The Company has included the remaining 46 of its 2022 contractual undelivered aircraft (14 -7s and 32 -8s) within its 2023 contractual commitments. Due to Boeing’s supply chain challenges and the current status of the -7 certification, the Company currently estimates approximately 100 737 aircraft deliveries in 2023. The 2023 contractual detail is as follows:
The Boeing Company
-7 Firm Orders
-8 Firm Orders
Total
2022 Contractual Deliveries Remaining
14
32
46
2023 Contractual Deliveries
17
73
90
2023 Contractual Total
31
105
136
Previous 737 Contractual Order Book as of December 7, 2022 (a):
The Boeing Company
-7 Firm Orders
-8 Firm Orders
-7 or -8 Options
Total
2022
14
100
—
114
2023
21
69
—
90
2024
41
—
45
86
2025
30
—
56
86
2026
30
15
40
85
2027
15
15
6
36
2028
15
15
—
30
2029
20
30
—
50
2030
—
55
—
55
2031
—
—
—
—
186
299
147
632
(a) The ‘Previous 737 Contractual Order Book’ is for reference and comparative purposes only. It should no longer be relied upon. See ‘Current 737 Contractual Order Book’ for the Company’s current aircraft order book.
Top Copyright Photo: Southwest Airlines Boeing 737-8 MAX 8 N1809U (msn 60188) PAE (Nick Dean). Image: 958199.
Alaska Air Group Inc. today reported financial results for the fourth quarter and full year ended Dec. 31, 2022, and provided an outlook for the first quarter ending March 31, 2023.
“2022 was a year of significant recovery and accomplishment for Alaska Airlines,” said Alaska Airlines CEO Ben Minicucci. “Despite many challenges during the year, we ran one of the best operations, signed five new labor deals, and executed the majority of our single fleet transition. The results we posted today signal how well our teams are navigating this recovery. I want to thank our employees for their commitment to our success, and for the work they do every day to take great care of our guests. I am confident that we are well positioned to grow, compete and out-perform in 2023.”
Financial Results:
Reported net income for the fourth quarter and full year 2022 under Generally Accepted Accounting Principles (GAAP) of $22 million, or $0.17 per diluted share, and $58 million, or $0.45 per diluted share. These results compare to net income for the fourth quarter and full year 2021 of $18 million, or $0.14 per diluted share, and $478 million, or $3.77 per diluted share.
Reported net income for the fourth quarter and full year 2022, excluding special items and mark-to-market fuel hedge accounting adjustments, of $118 million, or $0.92 per diluted share, and $556 million, or $4.35 per diluted share. These results compare to net income for the fourth quarter and net loss for the full year 2021, excluding special items and mark-to-market fuel hedge accounting adjustments, of $31 million, or $0.24 per diluted share, and $256 million, or $2.03 per share.
Recorded $257 million of incentive pay in 2022 earned by employees for meeting or exceeding profitability, safety and emissions targets. The payout is the richest in the 20-year history of the plan, representing nearly six weeks of pay for most employees.
Recorded $2.5 billion in operating revenue for the fourth quarter, resulting in $9.6 billion in operating revenue for the full year 2022, the highest annual total in company history.
Received nearly $1.5 billion in annual cash remuneration under the renewed co-brand credit card arrangement with Bank of America, the highest level in the program’s history.
Balance Sheet and Liquidity:
Announced plans to resume share repurchases in early 2023 to offset annual dilution. Repurchases are expected to range from $75 million to $100 million in 2023.
Ended the quarter with a debt-to-capitalization ratio of 49%, within our target range of 40% to 50%.
Repaid $52 million in debt in the fourth quarter, bringing total debt payments to $385 million for the full year 2022.
Held $2.4 billion in unrestricted cash and marketable securities as of Dec. 31, 2022.
Fleet Updates:
Retired ten Airbus A320 aircraft and nine Q400 aircraft during the fourth quarter. All remaining A320 aircraft have since been retired and all remaining Q400 aircraft will be retired by the end of January 2023.
Amended a previously existing aircraft purchase agreement with Boeing to convert 52 737 MAX aircraft options to firm purchases for delivery between 2024 and 2027. Alaska also added an incremental 105 delivery positions to purchase 737 MAX aircraft between 2026 and 2030.
Received four 737-9 aircraft during the quarter, bringing the total 737-9 fleet to 37.
Received three E175 aircraft during the quarter, bringing Horizon’s total E175 fleet to 33.
Other Operational Updates:
Partnered with Lyft to offer Mileage Plan members one mile for every $1 spent on all Lyft rides in the U.S. and Canada.
Added a new Mileage Plan partner, Mokulele Airlines, to offer guests more convenient connections within the Hawaiian Islands, starting in early 2023.
Launched the first U.S. electronic bag tag program, enabling guests to tag their luggage through the airline’s mobile app before they reach the airport.
Opened the renovated C Concourse Lounge in Seattle, the first of several investments that will improve the lounge experience with more seating and food and beverage choices for guests in Seattle, Portland, San Francisco and Los Angeles.
Environmental, Social and Governance Updates:
Donated a retired Q400 to the Portland Community College Foundation, providing students of the Aviation Maintenance Technology and Aviation Science programs the opportunity to gain hands-on experience working on a commercial aircraft.
Completed the transition to paper cups for inflight beverages, which will replace more than 55 million plastic cups each year with a more sustainable alternative.
Donated 55 million miles to 20 different charities through Alaska’s Care Miles program in 2022.
Created a new Diversity, Equity and Inclusion Disability Office dedicated to ensuring Alaska becomes a leader in disability inclusion.
Top Copyright Photo: Alaska Airlines Boeing 737-9 MAX 9 N949AK (msn 43356) BFI (Brian Worthington). Image: 959397.
Horizon Air (Alaska Horizon) is planning to retire and operate its last Bombardier DHC-8-402 (Q400) revenue flight today.
Today’s date was selected because the turboprop was introduced by Horizon Air 22 years ago on January 26, 2001.
Horizon Air will become an all-jet airline.
Horizon Air was founded in 1981 by entrepreneur Milt Kuolt and a group of venture capitalists in Seattle, Horizon had fewer than 100 employees at that time and operated a fleet of two Fairchild F-27 propjets.
Update: The last revenue flight (flight AS9986) was operated with N421QX (above) on January 26, 2023 between Seattle-Tacoma (SEA) and Portland arriving at 9:40 pm (2140).
Swiss International Air Lines has begun installing its new Premium Economy Class on its Airbus A340-300 fleet.
The first such aircraft completed – HB-JMB – departed for Johannesburg on January 24 on its first flight with the new seating class installed. All four of SWISS’s Airbus A340s will be equipped with Premium Economy by April, from when the new seating class will be bookable for the further destinations served.
From the same date, Premium Economy Class will also be newly bookable for SWISS services on the Zurich-Johannesburg, Zurich-Hong Kong and Zurich-Chicago routes.
SWISS has already installed Premium Economy Class throughout its Boeing 777-300ER fleet, whose first aircraft was completed at the end of February 2022. SWISS was the first airline in the Lufthansa Group to introduce the best-in-class Premium Economy seat, which sets new comfort benchmarks with its pitch of almost a metre and its 48-centimetre width.
In other news, Swiss International Air Lines (SWISS) is to conclude its current 20th anniversary celebrations with a very special action: twenty of its advanced Airbus A220-100 and A220-300 aircraft are to be named after Swiss tourist areas and resorts, to help publicize far and wide the sheer variety of Switzerland’s tourist landscape. To this end, SWISS and Switzerland Tourism co-ran a competition last December inviting Swiss tourist destinations to submit their own imaginative presentations on why they should be selected. Over 50 entries were received, which were each assessed by a SWISS judging panel on their creativity, their originality, their authenticity and their connection to SWISS.
“We received so many outstanding and original entries, and it was far from easy to select our 20 winners,” says Anja Beeler, SWISS’s Head of Strategic Communications & Content Creation. “We would like to take this opportunity to thank all our participants for all their creative contributions. And we’re really looking forward to carrying the names of all the varied and unique winning Swiss tourist areas and resorts on our aircraft out into the world.”
The SWISS social media community also selected three favourites from among the 20 winners in a worldwide online poll: Bad Zurzach (AG), Nendaz (VS) and Viamala (GR). Each of these will enjoy its own physical aircraft naming ceremony within a SWISS hangar – two in Zurich and one in Geneva – in the course of 2023.
The winning destinations:
Canton Aargau: Bad Zurzach, Rheinfelden Canton Bern: Haslital Canton Fribourg: La Gruyère Canton Glarus: Braunwald Canton Grisons: Lenzerheide, Val Surses, Viamala Canton Lucerne: Sempach, Willisau Canton Schwyz: Brunnen, Morschach Canton Solothurn: Solothurn Canton St. Gallen: Rapperswil-Jona Canton Ticino: Mendrisio, Verzasca Canton Uri: Andermatt, Rütli Canton Valais: Nendaz, Saas-Fee.
Top Copyright Photo: Swiss International Air Lines Airbus A340-313 HB-JMB (msn 545) ZRH (Rolf Wallner). Image: 955847.
easyJet (UK) issued its financial report for its fiscal first quarter:
easyJet’s first quarter financial performance was ahead of expectations as yields strengthened, with revenue per seat increasing 36% year on year. Airline ancillary revenue continued to perform well, at £20.12 per seat, also increasing 36% year on year. easyJet holidays remains the UKs fastest growing major holiday company, with a 161% increase year on year in customers as demand for travel in the UK remains strong.
Moving into the second quarter of this financial year, easyJet expects RPS growth year on year to continue the trend experienced in Q1. This is driven by yield and load factor growth alongside the continued delivery of ancillary products. easyJet holidays will continue to see customer growth through the quarter, alongside investment into marketing and advertising as part of the turn of year sale campaign.
easyJet’s leading low-cost proposition at primary airports provides a key differentiator for customers making it easy to travel, whilst offering great value. Demand for our network is strong demonstrated through record turn of year bookings. Easter, which sits in Q3, is currently trading very well with sold ticket yields +24% vs FY19, noting the later booking window. With strong UKdemand, easyJet holidays is now over 60% sold for this summer, based on the previously guided 30% growth year on year. With the holidays business not constrained and considering current levels of demand, we now expect to see growth of circa 50% on FY22.
Johan Lundgren, CEO of easyJet, said:
“We have seen strong and sustained demand for travel over the first quarter, carrying almost 50% more customers compared with last year. Many returned to make bookings during the traditional turn of year sale where we filled five aircraft every minute in the peak hours, which culminated in three record-breaking weekends for sales revenue this month.
“This strong booking performance, aided by the airline’s step changed revenue capability, has driven an £80m year on year boost in the first quarter with continued momentum as customers prioritise spending on holidays for the year ahead. easyJet holidays, the fastest growing holidays company in the UK, is upgrading its ambitious growth plans for the year given the strong demand.
“In summary, we expect to see our winter loss reduce significantly over the first half compared to last year. This will set us firmly on the path to delivering a full year profit, where we anticipate beating the current market expectation enabling us to create value for customers, investors and the economies we serve.”
Capacity
During Q1 easyJet flew 20.2 million seats, in line with guidance, a significant increase on the same period last year when easyJet flew 15.5 million seats. Load factor was 87% (Q1 FY22: 77%), due to increased customer demand coupled with restriction-free travel.
Passenger3 numbers in the quarter increased to 17.5 million (Q1 FY22: 11.9 million).
October 2022
November 2022
December 2022
Q1FY23
Q1FY22
Number of flights
49,071
28,907
34,914
112,892
85,618
Peak operating aircraft
313
254
261
313
251
Passengers 3 (thousand)
7,505
4,543
5,433
17,481
11,891
Seats flown (thousand)
8,732
5,178
6,250
20,159
15,471
Load factor 4
86%
88%
87%
87%
77%
Sustainability
During the quarter, easyJet’s CO2 emissions per RPK reduced 11% year on year. Alongside this, our partnership with Rolls-Royce set a new aviation milestone with the world’s first run of a modern aeroplane engine fuelled by green hydrogen. To further underpin the commitment to achieving our net zero roadmap, easyJet announced a partnership with Airbus, Bristol Airport and EDF Hynamics, with the objective of turning Bristol Airport into a hydrogen hub.
Revenue, Cost and Liquidity
Revenue continued to benefit from strong demand for easyJet’s leading network, the continued outperformance of ancillary products and easyJet holidays. Significant fuel price increases year on year and the strengthened USD have resulted in fuel cost per seat being 76% (£8.44) more than the same period last year. One-off costs were incurred during the quarter as 15 wet leased aircraft utilised in summer 22 left the fleet at the end of October.
Financing costs benefitted from the strengthening of sterling versus the USD over the quarter which has driven a non-operating, non-cash FX gain of £13 million (Q1 FY22: £15 million gain) from balance sheet revaluations.
United Airlines, the only major U.S. airline to own a flight school, is celebrating the graduation of United Aviate Academy’s inaugural class of pilots, an important step towards training the next generation of talented, qualified, and motivated aviators. The inaugural graduating class includes 51 students – with nearly 80% being women or people of color – marking the next step towards the airline’s goal to train about 5,000 new pilots at the school by 2030, with the added goal of at least half women or people of color.
The recruitment and hiring of pilots is a priority at United and the academy is an example of the long-term investments in infrastructure, training, and aircraft the airline has made in the past few years. Just last month, United purchased more widebodies than any U.S. airline in history and announced it’s now the largest carrier across both the Pacific and Atlantic. To support that growth, United hired about 2,400 pilots in 2022 and plans to hire another 2,500 this year. United intends to add at least 10,000 pilots by the end of this decade.
United CEO Scott Kirby and United COO Toby Enqvist will honor the first class of graduates at a ceremony later this morning at the Phoenix Goodyear Airport.
United Aviate Academy graduates can continue to build flight time and leadership experience while continuing within the United Aviate pilot career development program’s ecosystem. Some graduates will work as Certified Flight Instructors at the academy to continue accruing the 1,500 required flying hours – a common industry practice for aspiring pilots – while others will build experience at participating flight schools or universities, including Embry-Riddle Aeronautical University, Purdue University and Hampton University. The United Aviate program then encourages graduates to eventually fly for a United Express carrier, take on leadership roles at an Aviate participating Part 135 operator, or become a Fleet Technical Instructor at United to complete their training. Aviate participants can expect to become a United pilot within about six years of graduating from United Aviate Academy.
Captaining Your Career at United
United currently has more than 14,000 pilots, and Captains of United’s Boeing 787s and 777s can earn more than $350,000 per year plus a rich package of benefits. In addition, United pilots receive one of the highest 401(k) matches in the nation – 16% of base pay.
While the airline continues to see strong interest in pilot roles from military and civilian backgrounds as well as from other carriers, for many people becoming a pilot seems not only out of reach financially, but completely unimaginable.
According to the U.S. Bureau of Labor Statistics, only 5.6% of pilots are women and 6% are people of color. And training to achieve a commercial pilot’s license in the U.S. can cost at least $100,000, with supplementary costs adding to the financial burden.
To help address financial barriers to entry, United and JPMorgan Chase & Co. established a scholarship fund in 2020 and are working with leading industry partners to award more than $5 million in scholarships for prospective academy students. In addition, Boeing has committed funding to expand the program this year. United also directly works with the following organizations to educate prospects about the benefits of becoming a pilot and to find candidates for scholarship opportunities:
Organization of Black Aerospace Professionals
Sisters of the Skies
Women in Aviation International
National Gay Pilots Association
The Latino Pilots Association
The Professional Asian Pilots Association
Experimental Aircraft Association (EAA)
As a result of these efforts, United Aviate Academy has received more than 22,000 applications, with nearly 70% of applicants being women or people of color.
United Aviate Academy
United Aviate Academy currently has more than 240 students, with nearly 75% women or people of color. In the flight school’s first year of operations, collectively, the students have flown more than 2 million miles, achieved more than 250 aviation certificates, and completed more than 68,000 takeoffs and landings. The aspiring pilots also organized 174 “Pool Dunks” in the campus swimming pool, a new tradition that commemorates each time a student completes a solo flight for the first time.
The 340,000 square-foot facility at Phoenix Goodyear Airport includes world-class features such as:
Forty late-model Cirrus SR-20 series single-engine aircraft, which feature advanced safety characteristics
Seven FRASCA flight simulators
Nearly 50,000 square feet of office space
Multiple aircraft hangars
Dormitory rooms for student housing with ample room for expansion
Proximity to many auxiliary airfields in the Phoenix area
Emirates, the world’s largest international airline and Official Main Sponsor of Real Madrid, welcomed the Spanish football club onboard a specially chartered Airbus A380 flight from Madrid to Riyadh on January 9, 2023.
The iconic double-decker aircraft featured a new livery with some of the club’s top players.
The club made their way to the Saudi capital ahead of the Spanish Super Cup semi-final match versus Valencia on January 11, 2023.
The bespoke decal includes a group shot of renowned Nacho Fernández, Dani Carvajal, Thibaut Courtois, Karim Benzema (center), Luka Modrić, Tony Kroos and Vini Jr and covers more than 125 square metres on each side of the aircraft. The decal will remain on the A380 aircraft for five months with scheduled services around the world including London Heathrow, New York and Melbourne.
Emirates has been the Official Main Sponsor of Real Madrid since 2013 and the first decal featuring the club players first appeared on an Emirates A380 in 2015. The airline recently announced it will remain the Official Main Sponsor and Official Airline Partner of Real Madrid until 2026 – making this a historic partnership and the longest shirt sponsorship in the history of LaLiga.
Emirates’ extensive sponsorship portfolio has made it one of the most recognized airline brands in the world of football. The airline continues to engage with fans worldwide, create meaningful experiences and offer world-class experiences in the air and on-ground. Real Madrid fans from around the world can snap a picture of the new A380 decal as it makes its way around the globe to nearly 40 Emirates A380 destinations.
Emirates launched operations to Madrid in 2011 and currently serves the city with a daily flight utilising its iconic double-decker A380 aircraft.
Top Copyright Photo (all others by the airline): Emirates Airline Airbus A380-842 A6-EVI (msn 258) (Real Madrid) LAX (Michael B. Ing). Image: 959974.
Alaska Airlines announced today the completion of our transition to paper cups for inflight beverages, a move which eliminates more than 55 million plastic cups annually and replaces them with a more planet-friendly alternative. The change to paper cups makes Alaska Airlines the first U.S. airline to eliminate plastic cups. Combined with our Boxed Water™ partnership, these changes eliminate 2.2 million pounds of plastic waste from landfills every year, the equivalent weight of 24 Boeing 737s.
Paper cups on board Alaska Airlines flights
All inflight beverages on Alaska flights are now served in Forest Stewardship Council (FSC) certified paper cups or reusable glassware for most First Class services. We began the process of eliminating our five largest sources of plastic waste in 2018 by removing plastic straws and stir sticks from inflight service – a first for any airline at the time.
In 2021, Alaska continued our progress by eliminating inflight plastic water bottle waste by replacing them with Boxed Water™, another first for airlines. Boxed Water™ cartons are made from renewable FSC certified paper, 92% of which is plant-based, saving an estimated 1.8 million pounds of single-use plastics on our flights annually.
Single-use plastics increase the use of fossil fuels, generate millions of tons of waste to landfills, and pollute waterways and natural spaces. According to the most recent EPA study, an estimated 300 million tons of plastics are produced each year worldwide with the vast majority going unrecycled, either to accumulate in landfills or the environment. While Alaska takes steps to eliminate plastics, we also encourage our guests to join us in reducing waste by bringing their own water bottles to #FillBeforeYouFly.
As part of our broader sustainability efforts, Alaska continues to pursue product innovations and supply chain advancements to achieve our 2025 goal of replacing the top five waste-producing items from onboard service and continuing to recycle. In 2021, Alaska established climate goals for its impacts in carbon, waste and water while defining a five-part pathway to achieve net zero carbon emissions by 2040 to keep the places we live and fly beautiful and viable for generations to come.
In other news, Alaska Airlines has announced an expanded partnership with the Portland Trail Blazers organization, which includes being named the official airline of the NBA team. Portland is a crucial part of Alaska’s future, operating as a key West Coast hub where they serve the most nonstop cities of any airline.
The expanded partnership means Trail Blazers fans will see a lot more of Alaska during games and outside of basketball. Elements of this expanded partnership include sponsorship of Moda Center Theater of the Clouds, presenting “The Trail” docuseries that will soon be available in-flight, expansion of the popular “Wear in the World” promotion, new in-game features and social programs.
Top Copyright Photo: Alaska Airlines Boeing 737-9 MAX 9 N977AK (msn 43391) LAX (Michael B. Ing). Image: 959480.
Boeing issued this financial report for the fourth quarter and full-year 2022:
Fourth Quarter 2022
Generated $3.5 billion of operating cash flow and $3.1 billion of free cash flow (non-GAAP); cash and marketable securities of $17.2 billion
Certification efforts continue on 737-7 and 737-10
Delivered 152 commercial airplanes and recorded 376 net orders
Full Year 2022
Generated $3.5 billion of operating cash flow and $2.3 billion of free cash flow (non-GAAP)
Delivered 480 commercial airplanes and recorded 808 net orders
Total company backlog grew to $404 billion; including over 4,500 commercial airplanes
Outlook for 2023
Reaffirming guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion free cash flow (non-GAAP)
Table 1. Summary Financial Results
Fourth Quarter
Full Year
(Dollars in Millions, except per share data)
2022
2021
Change
2022
2021
Change
Revenues
$19,980
$14,793
35 %
$66,608
$62,286
7 %
GAAP
Loss From Operations
($353)
($4,171)
NM
($3,547)
($2,902)
NM
Operating Margin
(1.8)
%
(28.2)
%
NM
(5.3)
%
(4.7)
%
NM
Net Loss
($663)
($4,164)
NM
($5,053)
($4,290)
NM
Loss Per Share
($1.06)
($7.02)
NM
($8.30)
($7.15)
NM
Operating Cash Flow
$3,457
$716
383 %
$3,512
($3,416)
NM
Non-GAAP*
Core Operating Loss
($650)
($4,536)
NM
($4,690)
($4,075)
NM
Core Operating Margin
(3.3)
%
(30.7)
%
NM
(7.0)
%
(6.5)
%
NM
Core Loss Per Share
($1.75)
($7.69)
NM
($11.06)
($9.44)
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
The Boeing Company recorded fourth-quarter revenue of $20.0 billion, GAAP loss per share of ($1.06), and core loss per share (non-GAAP)* of ($1.75) (Table 1). Boeing also generated $3.5 billion of operating cash flow and $3.1 billion of free cash flow (non-GAAP). Results improved on commercial volume and performance.
“We had a solid fourth quarter, and 2022 proved to be an important year in our recovery,” said Dave Calhoun, Boeing President and Chief Executive Officer. “Demand across our portfolio is strong, and we remain focused on driving stability in our operations and within the supply chain to meet our commitments in 2023 and beyond. We are investing in our business, innovating and prioritizing safety, quality and transparency in all that we do. While challenges remain, we are well positioned and are on the right path to restoring our operational and financial strength.”
Table 2. Cash Flow
Fourth Quarter
Full Year
(Millions)
2022
2021
2022
2021
Operating Cash Flow
$3,457
$716
$3,512
($3,416)
Less Additions to Property, Plant & Equipment
($326)
($222)
($1,222)
($980)
Free Cash Flow*
$3,131
$494
$2,290
($4,396)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
Operating cash flow improved to $3.5 billion in the quarter, reflecting higher commercial deliveries and timing of receipts and expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances
Quarter-End
(Billions)
Q4 22
Q3 22
Cash
$14.6
$13.5
Marketable Securities1
$2.6
$0.8
Total
$17.2
$14.3
Consolidated Debt
$57.0
$57.2
1Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.”
Cash and investments in marketable securities increased to $17.2 billion, compared to $14.3 billion at the beginning of the quarter, primarily driven by cash from operations (Table 3). The company has access to credit facilities of $12.0 billion, which remain undrawn.
Total company backlog at quarter-end was $404 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes
Fourth Quarter
Full Year
(Dollars in Millions)
2022
2021
Change
2022
2021
Change
Commercial Airplanes Deliveries
152
99
54 %
480
340
41 %
Revenues
$9,224
$4,750
94 %
$25,867
$19,493
33 %
Loss from Operations
($626)
($4,454)
NM
($2,370)
($6,475)
NM
Operating Margin
(6.8)
%
(93.8)
%
NM
(9.2)
%
(33.2)
%
NM
Commercial Airplanes fourth-quarter revenue increased to $9.2 billion driven by higher 737 and 787 deliveries, partially offset by 787 customer considerations (Table 4). Operating margin of (6.8) percent also reflects abnormal costs and period expenses, including research and development.
The 737 program is stabilizing production rate at 31 per month with plans to ramp production to approximately 50 per month in the 2025/2026 timeframe. Additionally, the 787 program continues at a low production rate with plans to ramp production to five per month in late 2023 and to 10 per month in the 2025/2026 timeframe.
During the quarter, the company secured net orders for 376 aircraft, including an order from United Airlines for 100 737 MAX and 100 787 airplanes. Commercial Airplanes delivered 152 airplanes during the quarter and backlog included over 4,500 airplanes valued at $330 billion.
Top Copyright Photo: Boeing 737-10 MAX 10 SSWL N27751 (msn 66122) BFI (Brian Worthington). Image: 959419.
