Boeing's net loss for the first quarter of 2023 was $425 million....

The Boeing Company has recorded first-quarter revenue of $17.9 billion,  primarily reflecting 130 commercial deliveries.  The aerospace firm says its total backlog amounts to  $411 billion which includes over 4,500 commercial aircraft, yet the net loss was $424 million. 

"We delivered a solid first quarter and are focused on driving stability for our customers," said Dave Calhoun, Boeing president and chief executive officer. "We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term. Demand is strong across our key markets and we are growing investments to advance our development programs and innovate strategic capabilities for our customers and for our future."

Commercial Aeroplanes' first-quarter revenue increased to $6.7 billion driven by higher 737 and 787 deliveries, partially offset by 787 customer considerations (Table 4). An operating margin of (9.2) percent also reflects abnormal costs and period expenses, including research and development.

On the 737 programmes, earlier this month the program's fuselage supplier notified Boeing that a non-standard manufacturing process was used on two fittings in the aft fuselage section of certain 737 aeroplanes. This is not an immediate safety of flight issue and the in-service fleet can continue operating safely. While near-term deliveries and production will be impacted as the program performs necessary inspections and rework, the program still expects to deliver 400-450 aeroplanes this year. On production, the supplier master schedule remains unchanged including anticipated production rate increases, which will result in higher inventory levels. The company expects final assembly production to recover in the coming months with plans to increase to 38 per month later this year and 50 per month in the 2025/2026 timeframe.

The 787 program is producing at three per month 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, Commercial Airplanes secured net orders of 107. Also during the quarter, the company secured commitments from Air India for 190 737 MAX, 20 787, and 10 777X airplanes and from Riyadh Air and Saudi Arabian Airlines for up to 121 787 airplanes. Commercial Airplanes delivered 130 aeroplanes during the quarter and the backlog included over 4,500 aeroplanes valued at $334 billion.

Defense, Space & Security first-quarter revenue was $6.5 billion. First-quarter operating margin of (3.2) percent primarily reflects a $245 million pre-tax charge on the KC-46A Tanker program largely driven by the previously shared supplier quality issue resulting in factory disruption and rework. Results also include the continued operational impact of labor instability and supply chain disruption on other programs.

During the quarter, Defense, Space & Security captured awards from the U.S. Army for 184 Apaches and from the U.S. Air Force for 15 KC-46A Tankers and the initial E-7 development contract. Backlog at Defense, Space & Security was $58 billion, of which 30 percent represents orders from customers outside the U.S.

Global Services first-quarter revenue of $4.7 billion and operating margin of 17.9 percent reflect higher commercial volume and favorable mix.

During the quarter, Global Services committed to set up the first Boeing Converted Freighter line in India in collaboration with GMR Aero Technic, delivered AerCap's 50th 737-800 Boeing Converted Freighter and broke ground on a new component operations facility in Jacksonville, Florida.

Table 1. Summary Financial Results						First Quarter
(Dollars in Millions, except per share data)						2023						2022						Change
Revenues						$17,921						$13,991						28 %
GAAP
Loss From Operations						($149)						($1,162)						NM
Operating Margin						(0.8)		%				(8.3)		%				NM
Net Loss						($425)						($1,242)						NM
Loss Per Share						($0.69)						($2.06)						NM
Operating Cash Flow						($318)						($3,216)						NM
Non-GAAP*
Core Operating Loss						($440)						($1,445)						NM
Core Operating Margin						(2.5)		%				(10.3)		%				NM
Core Loss Per Share						($1.27)						($2.75)						NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

Building a hydrogen aeroplane.....KLM starts collaboration with AeroDelft student team.

On 1 April 2023, KLM Royal Dutch Airlines starts a collaboration with the AeroDelft student team to work on its Project Phoenix: building a hydrogen-powered aircraft. Developing and testing a hydrogen-powered aircraft will generate important insights into how hydrogen could be applied in aviation, including the design of liquid hydrogen tanks and crucial safety features. This puts KLM at the forefront of the development of new aviation technologies.

KLM and AeroDelft share the idea that air travel is essential for people and various sectors, but that innovation in aviation is vital. KLM is starting a collaboration with the AeroDelft student team in order to become part of various ecosystems around the technologies of the future, such as flying on hydrogen.

With this initiative, KLM and AeroDelft want to contribute to the development of hydrogen technology and the associated preconditions. This could include certification, regulations, and infrastructure. The technologies currently under development still face many challenges, such as the distribution and transport of liquid hydrogen.

About Project Phoenix

The aim of AeroDelft's Project Phoenix is to build a hydrogen-powered aircraft. The project involves developing a drone, the Phoenix-Prototype, which will serve as a steppingstone in the development of the first, manned, liquid hydrogen-electric aircraft, the Phoenix Full-Scale.

The Phoenix Prototype runs on an electric motor powered by liquid hydrogen and fuel cell technology. The drone has already completed its first flight, making an important contribution to AeroDelft's experience with hydrogen-powered flying. This involved testing whether the drone could fly on liquid hydrogen and if it could be controlled from the ground.

Vagner Finelli will join Howmet Aerospace from the start of next month

Vagner Finelli will join Howmet Aerospace as President, Howmet Fastening Systems (HFS) from 1st May this year.  In this role, Vagner will have responsibility for all HFS employees and locations globally. Vagner will be based in Torrance, CA, and will report directly to John Plant, Executive Chairman and Chief Executive Officer.

Vagner was most recently with Sigma Engineered Solutions as President and CEO. Sigma is a global manufacturer of complex metal castings and stampings, serving multiple industries including fluid motion and controls, aerospace, automotive, and medical. Prior to Sigma, he worked for Precision Castparts as President of different divisions including Engineered Products, Fasteners, Forgings, Aerostructures, and Industrial Products. He also worked for the automotive industry including Lear Corporation for 14 years in roles of increased responsibility from Plant Manager up to Managing Director of the South America region. During his tenure at Lear Corporation, he worked in different areas including Operations, Engineering, Program Management, Sales, and Supply Chain. Before joining Lear, he held various positions in manufacturing and supply chain management for Textron and Unilever.

Vagner holds a Bachelor’s degree in Mechanical Engineering from São Paulo State University and a Master’s degree in Business Administration from Michigan State University, with honours from the Beta Gamma Sigma Society.

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Reliable Robotics and NASA complete first-of-its-kind flight tests to advance aviation safety

One of the leaders in safety-enhancing aircraft automation systems - Reliable Robotics, and the National Aeronautics and Space Administration (NASA), have this week announced the completion of flight tests to substantiate the use of existing Federal Aviation Administration (FAA) primary surveillance radar (PSR) data to improve the safety of the National Airspace System (NAS). Reliable Robotics has been working with NASA’s Advanced Air Mobility National Campaign since 2021 to advance the safe, secure and efficient integration of remotely piloted aircraft systems. Of note – the FAA granted NASA limited access to PSR data for these specific flights conducted by Reliable Robotics – a step towards utilizing existing radar infrastructure for Detect and Avoid (DAA) systems.

As part of the campaign, Reliable Robotics coordinated encounters of two of its aircraft in California while data was being collected by FAA ground-based radars as well as a commercial air-to-air radar. These flights will help NASA analyze and characterize the accuracy of surveillance radars, which will be used to develop a comprehensive safety case for DAA systems that utilize existing PSR data.

“We appreciate the close collaboration with the FAA and Reliable Robotics to collect meaningful data from flights to improve our collective understanding of using radar for DAA,” said Brad Snelling, Partner Chief Engineer for the AAM National Campaign at NASA. “These landmark flights will help the entire AAM industry further their understanding and future use of PSR data to enhance aviation safety.”

Making high quality PSR data available to pilots in the cockpit, along with certified alerting and guidance features, will significantly improve situational awareness and prevent mid-air collisions. Automatic Dependent-Surveillance Broadcast (ADS-B) technology will continue to play an important role in the safe integration of uncrewed aircraft systems (UAS) in the NAS, but it requires that all aircraft install and operate equipment. Secure access to the FAA’s medium and long-range PSR network will expand these safety benefits and provide accurate position data on aircraft, even for those without ADS-B.

“We believe PSR data can save lives today,” said Robert Rose, Co-Founder and CEO of Reliable Robotics. “We are honoured to partner with NASA on a campaign focused on making the airspace safer for everyone.”

Andaz Nanjing Hexi celebrates official opening

Hyatt Hotels in association with Sun Hung Kai Properties have confirmed the opening of Andaz Nanjing Hexi, the fourth Andaz property in the region. It is located in the rapidly developing Hexi central business district area and is ideal for exploring the city and local area. 

Andaz Nanjing Hexi boasts stunning views of the city and Yangtze River from its prime position atop Nanjing Metro Yuantong station of Line2 and Line10. As part of the most sought-after landmark Nanjing IFC, the hotel, together with two super grade-A office towers and the luxury shopping mall with top-notch international brands in the complex, create a one-stop destination of premium business, shopping, dining, entertaining and living experiences. With its perfect blend of Nanjing’s eclectic spirit, rich culture, and the vibrant character of the modern neighbourhood the property resides in, Andaz Nanjing Hexi serves as an exciting new destination for curious travellers and locals to explore and experience.

“SHKP has always been committed to developing and operating premium landmark projects. As an integral part of the Group’s flagship project Nanjing IFC, the newly opening Andaz Nanjing Hexi, along with two world-class office towers and the luxury IFC mall in the complex, will further reshape the business dynamics and economic vitality of the city, renewing a sense of glamour to this culturally rich destination,” says Albert Lau, Executive Director of Sun Hung Kai Properties.

“We are very pleased to have an Andaz hotel join our hotel portfolio. It is a new-generation luxury brand created for the young and the young at heart. We believe the hotel will inject color and vibrance to the whole IFC complex and Hexi as we welcome people from all over China and the world to spend a memorable time in Nanjing,” says Tasos Kousloglou, CEO - Hotel division of Sun Hung Kai Properties Limited.

“We are thrilled by this introduction of the vibrant Andaz brand to the Hexi CBD area,” said Stephen Ho, president of growth and operations for Asia Pacific, Hyatt. “This location is perfect for our inspiring Andaz brand, providing guests the opportunity to experience Nanjing’s rich culture. We sincerely appreciate our hotel owner, Sun Hung Kai Properties, for their support with entrusting Hyatt for this new hotel.”

Contemporary Design Rooted in Local Culture

Special Air Canada and Dreams Take Flight Departs Halifax

                                   This morning, the first Air Canada and Dreams Take Flight from Atlantic Canada since 2019 took off from Halifax International Airport with 144 children to Orlando to experience the trip-of-a-lifetime. Thanks to the numerous Air Canada employee volunteers, support of the Air Canada Foundation and the work by the Dreams Take Flight organization, eight flights operate annually, providing over 1000 children each year with an unforgettable day at a theme park in Florida or California.

The flight from Halifax left in the early hours of the morning and transported 144 kids to Orlando, accompanied by a crew of current and retired Air Canada employee volunteers focused on creating the most magical experience possible. By generously donating their time, pilots, flight attendants, maintenance engineers, and numerous other employees on the ground and behind the scenes offer children facing mental, physical, or social adversity the chance to take a break from their everyday to make memories and see new possibilities.

Vmo Aircraft Leasing and H55 to collaborate on developing leasing programmes for electric aircraft

Vmo Aircraft Leasing and H55, an innovator in the field of electric propulsion technology for aviation, announced against the backdrop of the Revolution Aero Dublin 2023 conference their commitment to working together to develop leasing solutions for new clean aviation products.

As part of the envisaged collaboration, teams from both companies are engaged in providing leasing programs targeted to support the nascent market for financing electric aircraft, battery storage energy and management systems.

Vmo and H55 share the same vision: reducing the air transport industry’s environmental footprint and enabling it to reach net zero emissions by 2050. Vmo provides liquidity and fleet solutions to airlines, lessors and OEMs, with the goal of increasing operational and capital efficiency. H55 is uniquely positioned with its product and service offerings, combining propulsion, energy storage and management, controls, and integration services. With H55’s 20 years of experience in electric aviation (well advanced in terms of reaching certification) and Vmo’s decades of expertise in aircraft leasing, this partnership brings together complementary competencies and has all the right prerequisites for accelerating the adoption of clean aviation technologies.

“Technology and innovation are rapidly changing the aviation industry’s landscape, with emission-free aircraft designs on track to revolutionize airline fleets. With the giant addressable market, lessors will play a key role in financing electric and hybrid-electric aircraft,” said Robert Brown, Executive Chairman of Vmo Aircraft Leasing. “We’re thrilled to be at the forefront of this exciting industry development. Working together with H55 to explore bespoke leasing models will enable us to pursue fast-growing business opportunities in the burgeoning field of clean aviation technologies and bolster our leadership position with regards to sustainability.”

Hongyuan Group partners with cargo.one in a landmark deal to offer its capacity online

Hongyuan Group and cargo.one today announced a partnership that will see Hongyuan capacity available for instant booking on the market-leading air cargo marketplace. Hongyuan Group is rapidly becoming an important operator for air cargo services between destinations in China and across Europe and South America. Partnering with the established, go-to marketplace for thousands of active freight forwarders will enable Hongyuan Group to boost sales and gain valuable ground rapidly in its digitalization of sales processes.

With over 20 years of professional cargo logistics service experience, Hongyuan Group is well known to freight forwarders globally for its high-frequency air cargo flights between China, Europe and the United States. In addition to its self-owned capacity resources such as B747-8F and A330-200F, Hongyuan is significantly expanding its available capacity for the coming years to meet future air cargo demand.

Hongyuan Group kick-starts digital distribution by marketing to thousands of freight forwarders globally using cargo.one

Hongyuan Group can now rapidly broaden its reach, achieve an industry-leading digital offering and accelerate its multichannel progress

For the first time, thousands of freight forwarders will gain real-time digital access to Hongyuan’s routes and rates, with the new choice of instantly bookable offers and confirmation, all within a few minutes. For example, due to its front-loaded aircraft, Hongyuan Group offers forwarders the exciting option of booking up to 6 meter shipments - soon with cargo.one’s digital booking speeds. 

Customers using cargo.one also benefit from valuable booking management and collaboration functionality, combined with cargo.one’s renowned expert customer support. The addition of Hongyuan Group capacity reflects cargo.one’s strong diversity of supply options for all important air cargo markets.