DIRS.INFO The most relevant business & tech news

☆ Bombardier quarterly profit beats estimates on demand for business jets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christinne Muschi/File PhotoMONTREAL, Aug 3 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday reported better-than-expected quarterly profit and higher revenue despite supply chain pressures, helped by demand for flying and maintaining private planes. The Montreal-headquartered business jet maker reported a second-quarter profit of $10 million from continuing operations, compared with a loss of $109 million a year earlier. CEO Eric Martel told analysts that despite "pressure points" such as smaller suppliers, the supply chain is improving and will "remain a key area of focus for the foreseeable quarters". Last month, Gulfstream jet maker Textron Inc (TXT.N) raised its full-year profit forecast on strong jet pricing. On a per share basis, quarterly adjusted profit was 72 cents, compared with a loss of 48 cents a year earlier.

Persons: Christinne, Eric Martel, Refinitiv, Allison Lampert, Abhijith, Saumyadeb Chakrabarty, Jan Harvey Organizations: Bombardier Global, REUTERS, MONTREAL, Bombardier Inc, Gulfstream, Textron Inc, Bombardier, Thomson Locations: Montreal, Quebec, Canada, Bengaluru

NEW YORK, July 7 (Reuters) - Private equity firms Blackstone Inc (BX.N) and Veritas Capital Fund Management LLC are competing against large defense companies to acquire the aerospace business of Ball Corp (BALL.N), according to people familiar with the matter. The unit, which accounted for 13% of Ball's consolidated net sales in 2022, provides aerospace and national defense hardware, such as sensors and antennas. In June, Ball said it was considering options for its aerospace unit, after Reuters reported on the sale process. Blackstone owns Arka Group, an aerospace and defense technologies firm whose clients include the U.S. military, while Veritas owns companies including CAES Space Systems, which is a supplier of advanced electronic systems for aerospace and defense. Ball could incur a hefty tax bill of over $1 billion if the aerospace unit is sold for $5 billion or more, according to analysts at Jefferies.

Persons: Ball, Blackstone, David Carnevali, Mike Stone, Daniel Wallis Organizations: YORK, Blackstone Inc, Veritas Capital Fund Management, Ball Corp, BAE Systems, General Dynamics Corp, Textron Inc, Reuters, Blackstone, Veritas, Arka Group, U.S ., CAES, Systems, Bae Systems, Textron, General Dynamics, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Jefferies, Thomson Locations: New York, Washington

☆ US GAO denies Lockheed protest of Textron $7 bln Army helicopter deal
▼ + stars: | 2023-04-06 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

WASHINGTON, April 6 (Reuters) - The U.S. Government Accountability Office on Thursday denied Lockheed Martin Corp's (LMT.N) protest of the Army contract for the Future Long Range-Assault Aircraft worth as much as a $7.1 billion, awarded to Textron Inc's (TXT.N) Bell helicopter unit over Lockheed's Sikorsky unit. The initial contract award was for $232 million, but the first batch of helicopters in low rate production will be worth $7.1 billion. Ultimately, the contract is potentially worth around $70 billion - over decades - depending on how many the Army and U.S. allies order, the Army has said. In the FLARAA competition was Bell's V-280 "Valor," a tiltrotor aircraft that has reached speeds in excess of 340 mph (547 kph) according to the Army. “We remain confident the Lockheed Martin Sikorsky and Boeing team submitted the most capable, affordable and lowest-risk Future Long-Range Assault Aircraft solution.

Jekta's electric-motor PHA-ZE 100 will generate zero emissions, according to the company. Gayo intends to use the planes for sustainable luxury travel and transport to remote areas, Gayo Chairman Gisle Dueland told Reuters. United Airlines (UAL.O) and Air Canada (AC.TO) have both said they would buy electric planes from Swedish start-up Heart Aerospace. United Nations Secretary General Antonio Guterres on Monday urged developed countries to commit to reaching net zero emissions by 2040 instead of 2050. Carbon dioxide emissions from tourism are expected to grow 25% by 2030 from 2016 levels if there are no changes, according to the U.N. World Tourism Organization.

☆ Bombardier jet deliveries to rise in 2023 on private flying boost
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] An attendee exits the Bombardier Global 6500 business jet at the National Business Aviation Association (NBAA) exhibition in Las Vegas, Nevada, U.S. October 21, 2019. REUTERS/David Becker/File PhotoFeb 9 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday forecast higher business jet deliveries for 2023, after strong demand for private flying drove its quarterly results above expectations despite persistent supply-chain snags. Cessna jet maker Textron Inc (TXT.N) had also offered a strong 2023 forecast last month. It forecast 2023 revenue of more than $7.6 billion, compared with estimates of $7.69 billion, according to Refinitiv data. Free cash flow is expected to be over $250 million, compared with last year's $735 million.

Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.

Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

☆ U.S. private jet buyers seek distressed planes in early sign of turbulence
▼ + stars: | 2023-01-24 | by ( Allison Lampert | ) www.reuters.com time to read: +5 min

[1/2] A Gulfstream logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) at Geneva Airport, Switzerland May 28, 2018. From preowned planes selling more gradually to flattening business jet traffic, demand is beginning to moderate, aviation lawyers, brokers and analysts said. Investors will be watching for clues when Gulfstream-maker General Dynamics Corp (GD.N) and Cessna business jet maker Textron Inc (TXT.N) report earnings on Wednesday. Planemakers rarely disclose cases of distressed planes, but argue they can easily resell unwanted models. Some buyers also scrambled late last year to find distressed planes to qualify for favorable taxation rules.

☆ Lockheed Martin Protests Loss of Military Helicopter Contract
▼ + stars: | 2022-12-29 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

Black Hawk helicopters, made by Lockheed Martin’s Sikorsky arm, flying near the U.S. military base in Mosul, Iraq, in a 2006 photo. Lockheed Martin Corp. said it has filed a protest against the Army’s decision to award Textron Inc. with the contract to build a new fleet of helicopters that analysts estimate could be worth up to $80 billion. The Army’s Future Long Range Assault Aircraft program is one of the Pentagon’s top priorities, aiming to replace hundreds or even thousands of UH-60 Black Hawk helicopters made by Lockheed’s Sikorsky arm.

☆ Lockheed's Sikorsky seeks review of Black Hawk replacement contract
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Lockheed Martin Corp's (LMT.N) Sikorsky unit on Wednesday sought a review of the U.S. Army's decision to award a contract for its next-generation helicopter to Textron Inc's (TXT.N) Bell unit. The company, which filed its protest with the U.S. Government Accountability Office (GAO), said it had partner Boeing Co's (BA.N) support. Earlier this month, the Army ended a years-long competition aimed at finding a replacement for the Black Hawk utility helicopter after it assigned the contract to Textron's unit. The filing of a protest by Lockheed and Boeing triggers a formal legal review from the GAO and requires a decision within 100 days, the agency said. The Army acknowledges Sikorsky's decision to file for protest and will comply with GAO's requirements, said a spokesperson for U.S. Army Program Executive Office - Aviation.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead. The S&P banks index (.SPXBK) was down 2.6%, with Bank of America leading declines with a 5.6% drop. Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong data on jobs and the services sector in recent days. "If economic growth continues to be better than what people are expecting, there are chances that the Fed would have to continue to be hawkish," said Rusty Vanneman, chief investment strategist at Orion Advisor Solutions.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Concerns about a steep increase in borrowing costs have boosted the dollar, while weighing on equities and bond markets this year, with the S&P 500 down 17.5%. The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings. The bank sector index (.SPXBK) fell 2.1%, with Bank of America leading declines with a 4.9% drop. The S&P index recorded three new 52-week highs and eight new lows, while the Nasdaq recorded 30 new highs and 191 new lows.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. The lender's chief executive said the bank's research predicted three quarters of mild negative growth next year. JPMorgan Chase and Co's (JPM.N) top boss Jamie Dimon also warned of a mild to more pronounced recession ahead. As of Dec. 2, analysts expected S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. The S&P index recorded three new 52-week highs and six new lows, while the Nasdaq recorded 15 new highs and 109 new lows.

WASHINGTON, Dec 5 (Reuters) - The U.S. Army on Monday awarded the contract for its next-generation helicopter to Textron Inc's (TXT.N) Bell unit, ending a years-long competition for the technology that will replace the Black Hawk utility helicopter. The Army's "Future Vertical Lift" competition is aimed at finding a replacement as the Army looks to retire more than 2,000 medium-class UH-60 Black Hawk utility helicopters built by Sikorsky since the 1970s. The Army was looking for an aircraft capable of moving about a dozen troops 400 nautical miles. Ultimately, the contract is potentially worth around $70 billion - over decades - depending on how many the Army and U.S. allies order, the Army told reporters on Monday evening. In the FLARAA competition was Bell's V-280 "Valor," a tiltrotor aircraft that has reached speeds in excess of 340 mph (547 km) according to the Army.

Nov 30 (Reuters) - Industrial conglomerate General Electric Co (GE.N) and defense contractor L3Harris Technologies Inc (LHX.N) are among those competing to acquire rocket maker Aerojet Rocketdyne Holdings Inc (AJRD.N), according to people familiar with the matter. Aircraft producer Textron Inc (TXT.N) and private equity firm Veritas Capital are also vying to acquire El Segundo, California-based Aerojet, which has a market value of about $4 billion, the sources said. Aerojet has been running a process to sell itself after its $4.4 billion sale to Lockheed Martin Corp (LMT.N) was thwarted by antitrust regulators in February, Reuters has previously reported. Spokespeople for Aerojet, General Electric, Textron and Veritas Capital did not respond to requests for comment. Its customers include the Pentagon, Boeing (BA.N), Lockheed Martin and Raytheon Technologies Corp (RTX.N).

☆ Surf Air confidentially files for direct listing after ending SPAC deal
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility said on Wednesday it had confidentially filed for a direct listing in the United States after terminating its $1.42 billion merger deal with a blank check firm. This comes as shares of several companies that listed through special purpose acquisition companies (SPAC), including Grab Holdings Ltd (GRAB.O) and BuzzFeed Inc (BZFD.O), have slumped this year as economic conditions worsen. The deal with SPAC Tuscan Holdings Corp II (THCA.O), which would have fetched Surf Air $467 million in cash proceeds, was called off mutually, the companies said. A special purpose acquisition company (SPAC) is a listed company lacking an inherent business model, formed solely to take other companies public via mergers. Reporting by Anirban Chakroborti and Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Textron Inc"

16 mentions found