|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||122.60 - 125.24|
|52 Week Range||77.50 - 126.50|
|Beta (3Y Monthly)||1.38|
|PE Ratio (TTM)||34.70|
|Earnings Date||Jul 31, 2019|
|Forward Dividend & Yield||1.65 (1.32%)|
|1y Target Est||120.82|
In a rural Oregon airport, Airbus is testing what could become the world's first autonomous flying air taxi – in other words, a flying, self-driving car. CBS News' Kris Van Cleave gets an exclusive look at the tests.
Boeing made a big splash in Paris at the air show with an order for 200 737 MAX jets from British Airways parent International Consolidated Airlines. The aerospace industry appears to be standing behind the still-grounded jet.
Lufthansa will look at ordering Airbus's new long-range A321XLR jets, Chief Executive Carsten Spohr said on Monday but added that he did not think the new model was a game changer. "The new XLR could be used in our network.
Orders for the 737 MAX at the Paris air show offered the beleaguered jet manufacturer the chance to show that it is making progress following the tragedy.
The S&P; 500 hit a new high as stocks soared on Fed rate cut and China trade hopes. Facebook unveiled a cryptocurrency and Boeing got a big 737 Max order. Adobe, Oracle broke out on earnings.
(Bloomberg Opinion) -- Clouds of worry have been gathering over the commercial aviation industry, but the sun was shining in Paris this week as planemakers and suppliers gathered for the biennial Air Show.I mean that both literally — it was hot — and figuratively, with every executive I talked to adopting the same tone of cautious optimism. They conceded the market is slowing: Amid sputtering air traffic growth, weakening airline profits and a slowing global economy, orders at the Paris Air Show trailed the tally from last year’s Farnborough Air Show on both a unit and dollar basis, according to an analysis by Bloomberg Intelligence’s George Ferguson and Francois Duflot. And the orders that were announced weren’t always written in stone. Vertical Research Partners analyst Rob Stallard counted about 610 commitments for new planes between Boeing Co. and Airbus SE (short of his forecast for 800), but only about 160 of those are firm orders for large aircraft and all of those belong to Airbus.(1) Some orders for Airbus’s new A321XLR — a longer-range version of its top-selling narrow-body jet that was unveiled as expected this week — were converted from existing commitments for previous A320-family models. But there were orders, including a surprise bid from British Airways parent IAG SA for Boeing’s embattled 737 Max jets (more on that later). While everyone no doubt would have preferred a stronger showing, no one was panicking, either.Global growth in demand for commercial aviation is likely to slow to a pace of about 5% this year from around 7.5% to 8% in the past few years, according to the International Air Transport Association. “That’s still a pretty good place to be — look at what many other industries are doing,” Tony Wood, CEO of aircraft braking and fire-protection equipment maker Meggitt Plc, said in an interview. “It’s certainly quicker than the world is growing.” Tim Mahoney, CEO of Honeywell International Inc.’s aerospace unit, pointed out that airlines are filling the capacity they lost when two fatal crashes prompted a global grounding of Boeing’s Max through leases and older aircraft that are staying in service longer than planned. Jet Airways India Ltd. suspended operations in April after running out of cash and is heading to bankruptcy court, but some of its fleet has already been reallocated, Mahoney said. “It’s a validation that the demand from the flying public is there and it continues to grow,” he said. Boeing, meanwhile, now expects the commercial aviation market to need 44,040 new jets and $9.1 trillion of services over the next 20 years. That compares with last year’s prediction of 42,730 jets and $8.8 trillion of services.So, Boeing and Airbus’s backlogs are likely safe in their robustness for the time being. But as I said going into the show, the question is whether they’ve already saturated the market and whether those backlogs will continue to grow. Executives from CFM International, the engine joint venture between General Electric Co. and Safran SA, weren’t super enthusiastic about production rate increases for Airbus’s A320 family. It’s not clear that the supply chain is capable of handling a more aggressive pace, particularly the forging and casting companies, which have been the primary source of delays over the past few years. At a media briefing on Saturday, CFM executives said they also want to be sure any production rate increase is sustainable and will serve the market over the long-term — not just at its peak. The relative dearth of orders at this year’s Air Show would seem to support their cautious stance.ALL’S FAIR IN LOVE AND THE MAXBoeing’s Air Show order tally fell about $10 billion short of Airbus’s haul, but IAG’s commitment to buy 200 Max jets means more for the company than the final total. IAG CEO Willie Walsh, a former 737 pilot, said he would feel comfortable boarding a Max tomorrow. He can’t actually do that because the planes remain grounded globally, but it was a huge vote of confidence when Boeing needed one desperately. That kind of endorsement most likely didn’t come cheap: the list price for the planes IAG intends to buy is $24 billion, but the true price is likely much lower after adjusting for standard discounts and probably a few extra incentives. It’s not a done deal just yet. IAG only signed a letter of intent, which gives it an out in case the Max runs into more problems or if Airbus comes up with a better offer. Airbus sales chief Christian Scherer said his company was never invited to bid on the deal but would very much like to. Either way, IAG’s willingness to back the Max gets Boeing out of the aviation industry’s version of timeout. This was always inevitable. Customers have been resolute in their confidence that Boeing will make the fuel-efficient Max safe to fly again. IAG had previously relied largely on Airbus models for its shorter hauls, so the fact that it’s the one stepping up with a Max order is a testament to airlines’ desire to maintain competition between the two companies. But I do wonder whether that kind of dynamic properly incentivizes Boeing to address the transparency, communication and oversight issues that allowed the Max’s shortcomings to morph into a full-blown crisis. Meanwhile, a good chunk of Airbus’s orders were for the freshly rolled-out XLR, with American Airlines Group Inc. agreeing to buy 20 of the planes and convert existing orders into 30 more. Boeing’s sales chief Ihssane Mounir said in a closing press conference that the XLR addressed only a “sliver” of the middle market and that there’s still an untapped opportunity for a rival offering it’s contemplating. That was backed up by comments from the CEOs of JetBlue Airways Corp. (which ordered 13 XLRs) and Norwegian Air Shuttle ASA (which is thinking about buying the Airbus jet), with both advocating for the range advantages of a possible Boeing new middle-market aircraft. But while Boeing CEO Dennis Muilenburg said there was no plan to accelerate the development of a successor to the 737 model, the Max crisis and advances in manufacturing and engine technology may force it to give that kind of project precedence over a middle-market jet. MEGADEAL SHOWCASEFor all the optimism about continuing growth, I thought it was interesting that Raytheon Co.’s CEO Tom Kennedy and CFO Toby O’Brien chose to cast their company’s merger with United Technologies Corp. as a bet on the long-term value of resiliency. Eventually, the booming growth the aerospace and defense sector have enjoyed simultaneously the past few years is going to come to an end; it’s rare that the two sectors move in tandem. Revenue for the combined United Technologies-Raytheon will split nearly equally between commercial and defense products and between domestic and international markets. “We didn’t have to do this,” O’Brien said. But the combination “makes for a really resilient company through all cycles. If you’re in it for the long haul, why wouldn’t you want that?” Kennedy said he’s not concerned about a slowdown in defense spending in the near-term, given governments’ continuing concerns about geopolitical turmoil. He pointed to backing from both the U.S. House of Representatives and the Senate for more increases in the Defense Department’s budget for research, development, test and evaluation. The deal with United Technologies will help Raytheon compete more aggressively for the next generation of military franchises by giving it new technological capabilities, Kennedy and O’Brien said. The potential for advancements in compact, high-energy power generation, thermal management and hypersonics is intriguing, and the combined company’s $8 billion annual R&D budget will give it an exorbitant amount of money to play with. But revenue synergies are notoriously more fungible than cold hard cost cuts. So the companies’ willingness to share about half of the $1 billion-plus in annual cost savings they’re targeting with the U.S. government may prove the bigger competitive advantage.The synergies number struck analysts as quite low at only about 1% of the combined company’s $74 billion in sales. O’Brien acknowledged the figure is conservative but said the deal was light on integration work because the Raytheon businesses will continue largely as their own units rather than having their contents strewn about between existing United Technologies operations. While that limits the cost savings, it also makes it harder for United Technologies to foul up the deal as it juggles the Raytheon purchase with the continuing integration of Rockwell Collins Inc. and a pending three-way split. With plenty of time and opportunity for something to go wrong here, United Technologies’ wager on scale is relatively untested and GE and Honeywell aren’t so sure that a bigger aerospace and defense company is necessarily going to be a better one. Both argue they have technology advantages that will keep them competitive. But GE again made interesting noises about possible M&A, with aviation head David Joyce noting that he didn’t feel compelled to act by the United Technologies-Raytheon tie-up but “wouldn’t rule out anything.” SOMETHING TO PROVEWith the United Technologies-Raytheon merger looming large and questions mounting about cash flow for GE’s aviation unit, Joyce used the Paris Air Show to strike back at critics. GE Aviation and its CFM engine joint venture tallied $55 billion orders for engines and services at the event. Not all of that was technically new, but the haul was anchored by a legitimately impressive $20 billion order for Leap engines and services from Indian budget carrier IndiGo, which had previously relied exclusively on United Technologies jet engines to power its Airbus A320neo fleet. Joyce also laid out the most in-depth road map for a unit’s free cash flow that I’ve ever seen GE provide. But in what has become an unfortunate pattern for GE, what was probably a well-intentioned attempt at transparency sparked only more questions. Analysts continued to pick apart whether the aviation unit’s $4.2 billion in free cash flow last year reflects the full tax, pension and overhead cost burden it would bear if the business were to stand alone. While GE hasn’t voiced any plans to spin off the aviation unit — and I’m highly doubtful it would be able to do that given continuing challenges in the power and long-term care insurance operations — many investors rely on a sum-of-the-parts analysis to determine the stock’s appropriate valuation. So the legitimacy of that $4.2 billion number as the basis for an independent aviation unit is at the crux of the debate over where the share price goes from here. After walking through the numbers with GE, I feel more comfortable about how they arrived at the $4.2 billion number. But no one knows for sure how all the numbers would shake out if aviation was ever detached from the mothership and the financial benefits inherent in that structure. United Technologies is taking about 18 months to split itself into three parts, and its structure is arguably less difficult to untangle. So I don’t think this debate is going away.QUICK NOTE ON GECASGE’s jet-lessor arm announced a deal to lease 15 additional Boeing 737-800 converted cargo aircraft to Amazon.com Inc., expanding on an earlier agreement to provide the retail giant with five planes. Amazon aims to have 70 aircraft flying on its network by 2021 in just the latest reminder that its logistics aspirations are a real and growing threat to FedEx Corp. and United Parcel Service Inc. In a presentation announcing the latest deal with Amazon, GECAS executives said it costs about $8 million to convert a Boeing 737-800 into a cargo plane. In a separate conversation, Sarah Rhoads, the director of Amazon Air, said the company put out requests for proposals to other lessors and that its ultimate choice had to be cost-effective. She said she felt good about partnering with GECAS. In a meeting with analysts this week, Alec Burger, who heads GECAS, acknowledged that the forecast for the air-cargo market was flat in 2019 amid escalating trade tensions but said the continuing shift to online shopping will continue to support demand in the long term and he’s looking to “modestly grow” the share of the lessor’s portfolio that’s devoted to that market. He said Amazon is not a “must-win account.”DEALS, ACTIVISTS AND CORPORATE GOVERNANCECrane Co. is following through on its threat to take its $45-a-share takeover offer directly to Circor International Inc.’s shareholders. It’s rare to see a true hostile tender offer, so for the M&A nerd in me, this is exciting. Circor’s board said on Monday that it would review the offer and make a recommendation to shareholders within 10 business days. It had previously rebuffed Crane’s offer as opportunistic and said it undervalued the company, a point of view that some shareholders pushed back on, given the choppy — and lately lower — stock price. Mario Gabelli, whose Gamco Investors Inc. is the largest shareholder of Circor, has also criticized the company’s lack of transparency in disclosing Crane’s interest. We are still awaiting the release of a business plan that Circor promised would show a path to greater valuation creation, but Crane’s willingness to go hostile forces Circor into an even tighter corner. Delta Air Lines Inc. bought a 4.3% stake in Hanjin Kal Corp., the largest shareholder in Korean Air Lines Co. Delta and Korean Air have a trans-Pacific joint venture that allows the two carriers to coordinate on flights in Asia and the U.S. Delta expects to boost its stake to 10% over time. The stake purchase is the latest in a string of similar deals with other partners including Brazil’s Gol Linhas Aereas Inteligentes SA and China Eastern Airlines Corp. But the deal also puts Delta in the middle of an activist shareholder’s campaign to push Hanjin Kal to provide more transparency and improve corporate governance. Shares of Hanjin Kal, whose operations also span logistics services, plunged on news of Delta’s investment in an apparent sign that investors see the company’s stake as a roadblock to the activists’ goals. Mitsubishi Heavy Industries Ltd. appears to be moving forward with its interest in acquiring Bombardier Inc.’s CRJ regional jet program. A takeover “would make a lot of sense,” Steve Haro, vice president in charge of global marketing and strategy at Mitsubishi Aircraft Corp., told Bloomberg News at the Paris Air Show. He said news about “new strategic partnerships” would be forthcoming. Recall that Nikkei had reported earlier this month that Mitsubishi wanted to only carve out the aircraft maintenance network of the CRJ program, but Bombardier had insisted on the unit being sold in its entirety.BONUS READING New York Fed Factory Gauge Drops by Record to Two-Year Low Siemens to Cut 2,700 Jobs at Energy Unit Due for Listing Fight for Survival on Doomed Jet Came Down to Two Cockpit Wheels Southwest Pilots to Seek Recovery of 737 Max Costs From Boeing Airbus Says It Must Slash A350 Costs to Win Wide-Body Price War Craft Breweries Are Booming Even as Americans Drink Less BeerIf you’d like to get these weekly industrial insights delivered to your inbox, please email me directly at firstname.lastname@example.org, and ask to join the list. Thanks!(1) Stallard excludes announcements for options or future purchase rights and planes that will be taken throughaircraft lessors.To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The U.S. air taxi market is heating up: Aeronautics industry giant Airbus will be among the companies operating on-demand air travel service in 2019 in American skies, FastCompany reports. Airbus' Voom on-demand helicopter shuttle operation will set up shop in the U.S. starting this fall, after previously providing service exclusively in Latin America. Uber announced its own Uber Copter service earlier this month, which will provide service from Manhattan to JFK airport starting in July, and Blade also already offers similar service between New York City and its three area airports, as well as Bay Area air shuttle routes.
(Bloomberg) -- Rolls-Royce Holdings Plc’s Warren East said he’s keen to lead the engine maker into a new age of electrically powered aircraft after spending years focused on costs cuts and restructuring.The CEO, recruited by Rolls from semiconductor developer ARM Holdings Plc, said his enthusiasm for leading the U.K. engineering giant is undimmed by the saga of firings, disposals and internal realignments, and that he wants to stay at the helm through a new phase of expansion and technological change.“I didn’t join Rolls-Royce to do restructuring,” East, who has been chief executive for four years next month, said in an interview at the Paris Air Show. “I’m not a turnaround person. Once you’ve made it a more competitive business you want to resume the journey of growing market share.”East took over after Rolls had been rocked by a run of profit warnings and a corruption probe. Things got worse before they got better, with the CEO saying problems were more deep-seated than he’d realized and ordering thousands of job cuts. Technical faults with the Trent 1000 engine that powers Boeing Co.’s 787 also forced the group to focus on emergency repairs when it should have been preoccupied with a production ramp-up vital to future earnings.Rolls-Royce’s margins are still behind those of other major aero-engine manufacturers and East said he needs to close that gap and make the London-based company more competitive before he can return to expansion.Electric FutureThe upheaval that would come with a switch to hybrid and electrical propulsion could play to Rolls’s advantage, the CEO said, with the “discontinuity” creating an opportunity to grab a higher market share in a wholly new market.A move away from jet propulsion had been regarded as decades away, but Airbus SE is now actively studying the introduction of an electric-hybrid design with its next narrow-body plane, and such technology has been a hot topic at this week’s aviation expo in the French capital.“A few years ago there wasn’t this noise at an air show about electric propulsion, you really had to look hard for it, if at all,” East said.Rolls put down a marker at the show with the purchase of a Siemens AG business that formed part of a venture with Airbus to build a small regional hybrid aircraft, and the CEO said the greater potential of electric planes is clear, with performance improvements of no more than 1% a year being eked out from gas turbines, compared with a 10% jump in battery energy density.East said cutting so many jobs has been tough, but that his aim is to position Rolls to be competitive for the next 50 years and beyond.“It’s obviously uncomfortable for some people who are either going to lose their job themselves, or they know somebody who is going to lose their job,” he said. “But it’s getting them to understand that we’re not some hard-man management that is just doing this so we can line the pockets of investors.”To contact the reporter on this story: Benjamin Katz in Paris at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Christopher Jasper, Andrew NoëlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
GE Aviation and and its CFM joint venture won a record $55 billion in new orders and commitments at the Paris Air Show, topping Boeing and Airbus. GE rose, along with Boeing and Airbus.
(Bloomberg Opinion) -- Aviation has long been considered General Electric Co.’s crown jewel, but with the company’s free cash flow turning negative this year, “crown jewel” is a relative term and the business is coming under increasing scrutiny. Some of it is deserved; some isn’t.GE Aviation CEO David Joyce seemed to be on a mission at this year’s Paris Air Show to prove his division’s worth. He arrived armed with more financial detail than GE had ever previously provided for the business, came out swinging against suggestions he was sacrificing price to score revenue wins, and announced some notable orders. And yet questions remain about what the business’s true financial profile would be if it was reconstituted as a stand-alone company and cut off from the tax and working-capital benefits that have historically come with being part of the mother ship. That matters, because many investors continue to value GE based on the sum of its parts, the argument being that the aviation unit alone can offset trouble spots in GE’s power, renewables and long-term care insurance operations and support a higher valuation for the stock.First, the positives: GE Aviation and its CFM International engine joint venture with Safran SA booked $55 billion in orders for engines and services at the Air Show, exceeding the $35 billion target Joyce laid out at a media briefing at the start of this week.(2) Like most order tallies from the event, not all of that is technically new business. The number includes an order from AirAsia that had initially been announced in 2016 and entails 200 of GE’s LEAP engines. The purchase was finalized at this year’s event and AirAsia also expanded a servicing agreement, bringing the total value of the deal to $23.1 billion before customary discounts. But there was also a significant new win: Indian budget carrier IndiGo agreed to a $20 billion order for Leap engines, spares and overhaul support.The deal is a blow to United Technologies Corp.’s Pratt & Whitney arm, which had been the sole provider of engines for IndiGo’s Airbus SE A320neo jets. As with Boeing Co.’s face-saving win of an order for its embattled 737 Max jet, some analysts have wondered what GE had to give up in order to convince IndiGo to abandon Pratt. They were encouraged in this thinking by comments from Pratt President Bob Leduc, who said “GE was willing to be more aggressive than we were” on pricing. That may just be Leduc talking his book, though.(4) Unlike in the depressed gas turbine market, where every revenue win likely comes at a cost to GE’s margins, GE shouldn’t need to sacrifice profit to chase market share in aviation – both in general and in the case of this particular deal. Pratt’s GTF engine has had a series of glitches that ultimately proved fixable and relatively minor, but as one of the largest buyers, IndiGo has borne the brunt of the fallout, including in-flight engine shutdowns and grounded planes. Earlier this year, India mandated weekly inspections of certain engine parts and restricted some operations for Airbus planes powered by the GTF. GE has engine headaches of its own. Boeing’s CFO Greg Smith put GE on the hot seat earlier this month, saying its GE9X engine was holding up the aerospace giant’s new 777X plane. At a media briefing this week, Joyce said GE discovered a part of the engine was showing more wear than anticipated and because of the extensive testing required to prove it had fixed the issue, the 777X’s first flight likely won’t happen until the fall. Investors are understandably jittery over any product setbacks after the uncovering of durability issues with GE’s flagship H-class gas turbine. But given the GTF’s history of bugs, I find it hard to fault GE for making tweaks to its engine. In the wake of the voluminous criticism directed at Boeing and the FAA for not realizing the potential impact of a software system linked to the Max’s two fatal crashes, rigorous testing – before the planes start flying – would seem to be in everyone’s best interest.GE has argued it has a technology advantage that will continue to give it an edge even as United Technologies increases its R&D budget through a blockbuster merger with defense contractor Raytheon Co. That remains to be seen, and I don’t think GE’s order wins at the Air Show tilt the scale one way or another. A smart R&D budget is worth more than a big one, but United Technologies will have a lot of money to work with and that will make it difficult for GE and others to stand pat. GE Aviation’s ability to respond to that competition ultimately boils down to how much cash flow it generates – and that’s where confusion continues to reign supreme. At Tuesday’s analyst event, Joyce laid out the various inputs behind the unit’s reported $4.2 billion in free cash flow last year. It was a sign the company is taking investors’ demands for more transparency seriously, although it remains disappointing that these disclosures come in fits and starts. There were some positive takeaways: Citigroup Inc. analyst Andrew Kaplowitz noted the improvement in inventory turns in 2018 even as GE ramped up production of the Leap. But one sticking point was the allocation of corporate costs including pension, interest and taxes, with JPMorgan Chase & Co. analyst Steve Tusa and Gordon Haskett’s John Inch debating whether the unit was carrying its fair share.On the subject of taxes, GE didn't do itself any favors as far as illuminating what's really happening in the aviation unit. The presentation included a line that indicated taxes and other operating expenses deducted $100 million from the aviation unit’s cash flow, which seems quite low on the face of it. But the aviation unit actually pays more than that in taxes. And GE isn't hiding that burden from its calculation of the free cash flow. You just have to know where to look for it.The starting point for GE’s explanation of how it calculated the aviation unit’s free cash flow – $5.8 billion in net earnings after adjusting for depreciation and amortization – had already been adjusted for taxes accrued, based on its operations, according to a company representative. GE confirmed the aviation unit pays a tax rate in the low 20% range that CFO Jamie Miller has guided to for the entire company. The $100 million number for taxes and other operating expenses in the Air Show presentation is something different. That is the difference between taxes paid and accruals in 2018. Are you still with me?The fact that this is all so confusing underscores one of the issues I’ve had with GE’s efforts to be more transparent. Disclosures come in fitfully and often leave people with only more questions. I don’t think GE always does this on purpose; it’s partly a reflection of the fact that this remains an incredibly complex company and any given number is going to require a half-hour explanation. But you can’t have it both ways. Is GE Aviation a crown jewel? Yes. Is GE very good at explaining that? It could use some work in that department. (1) The total doesn't include engines for the 200 737 Max jets that British Airways owner IAG SA ordered at the Air Show. CFM is the sole engine provider for that plane.The list price for those engines is $5.8 billion.(2) The flip side of Leduc's comments was Rolls-Royce Holdings Plc CEO Warren East's description of GE as a "very savvy commercial operator."To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The industry portion of the 2019 Paris Air Show is winding down, but after a slow start Boeing and Airbus racked in orders roughly in line with prior show averages.
(AIR) seems to have gotten the upper hand over (BA) at the biennial air show in Paris, yet a closer look at the playing field shows aerospace investors are the true winners. Aerospace analyst Rob Stallard from Vertical Research Partners points out that Airbus (ticker: FR:AIR) secured 320 new orders while Boeing (BA) took in 270. William Blair analyst Nicholas Heymann declared Airbus and (GE) (GE) the dual victors. But none of that means Boeing is in trouble.
Airbus confirmed on Thursday that it had not been offered a chance to bid for a surprise aircraft order announced by British Airways owner IAG at the Paris Airshow, involving 200 of the grounded 737 MAX. Airbus said that it nevertheless wanted a chance to bid for business at that airline company. The company's sales chief, Christian Scherer, made the comment at a news conference after announcing a total of 363 orders and commitments so far at the Paris Airshow, including 226 for the newly launched A321XLR.
“We would like to bid for this business,” said Christian Scherer, Airbus chief commercial officer, adding that IAG had not issued a formal tender for the order. Guillaume Faury, Airbus chief executive, added: “We hear it’s a letter of intention. has given Boeing’s best-selling aircraft a much-needed boost despite its global grounding since an Ethiopian Airlines Max crashed in March, which followed another crash last October.
Airbus and French aircraft maker Dassault Aviation unveiled a mock-up of their new-generation fighter jet at the Paris air show this week. It is intended to replace France’s Rafale jet and Germany’s Eurofighter Typhoon from around 2040 and ensure the EU retains the technical knowhow and industrial skills to produce its own fighter aircraft rather than depend on American or even Chinese weaponry.
Airbus retook the lead from Boeing with a flurry of A321XLR orders and teased a “big number” for end of the Paris Air Show.
American Airlines is betting on Airbus SE for its next jet shipment, ordering 50 new A321XLR passenger jets from the French aerospace company. The order includes 20 new A321XLR planes and the conversion of 30 existing A321neo orders.