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Companies Harley-Davidson Inc FollowJune 8 (Reuters) - Motorcycle maker Harley-Davidson (HOG.N) has temporarily halted production at its York, Pennsylvania, assembly plant for the second time in just over 12 months due to a parts shortage, the company said. Production at the facility, its largest with nearly 1,000 union employees, will resume on June 13, it noted in an emailed statement. Harley-Davidson did not specify the parts involved. Production was halted in May 2022 due to a brake hose problem from a third-party supplier, the company said later. Reporting by Aishwarya Nair in Bengaluru and Bianca Flowers in Chicago; Editing by Anil D'Silva and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Davidson, Harley, Aishwarya Nair, Bianca Flowers, Anil D'Silva, Richard Chang Organizations: Davidson, Harley, Thomson Locations: York, Pennsylvania, North America, Bengaluru, Chicago

The judge asked for weekly updates, and said he would reschedule the trial if an agreement is not reached within 21 days. 3M spokesperson Sean Lynch said in a statement the parties are "making material and significant progress toward a resolution of this matter." [1/2] The 3M Global Headquarters in Maplewood, Minnesota, U.S. is photographed on March 4, 2020. It has said in court documents that PFAS have not been linked with health problems at the levels being discovered in drinking water. Bloomberg News reported last Friday that 3M had struck a tentative $10 billion deal with U.S. cities and towns to resolve the PFAS water pollution lawsuits it is facing.

Persons: Stuart, Richard Gergel, Paul Napoli, Sean Lynch, Nicholas Pfosi, Maria Ponnezhath, Clark Mindock, Juby Babu, Akanksha Khushi, Aishwarya Nair, Kim Coghill, Sonali Paul, Sriraj, Devika Syamnath, Alexia Garamfalvi, Marguerita Choy Organizations: 3M, District, Napoli, 3M Global, REUTERS, Bloomberg News, Environmental Protection Agency, DuPont de Nemours Inc, Corteva Inc, Thomson Locations: U.S, Florida, Charleston , South Carolina, South Carolina, Stuart , Florida, Maplewood , Minnesota, Bengaluru, New York

☆ United Airlines CFO to retire in 2024
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 31 (Reuters) - United Airlines Holdings Inc (UAL.O) said on Wednesday its Chief Financial Officer Gerry Laderman had announced plans to retire from the carrier in 2024. Reporting by Aishwarya Nair in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Gerry Laderman, Aishwarya Nair, Rashmi Organizations: United Airlines Holdings Inc, Thomson Locations: Bengaluru

May 19 (Reuters) - Deere & Co (DE.N) on Friday topped Wall Street profit expectations on strong sales of its tractors and precision agriculture equipment, and raised its net income forecast for the rest of the year as its order books remain robust. Shares in the world's largest farm equipment maker were up 3.6% in premarket trading after the company reported a 36% rise in second-quarter profit. Net income increased to $2.86 billion from $2.1 billion a year ago. Farmers' demand for new equipment and parts to repair aging machinery has bolstered Deere's sales. Total net sales and revenues rose 30% to $17.39 billion for the second quarter.

Shares in the world's largest farm equipment maker were up 4% in premarket trading after the company reported a 36% rise in quarterly profit. Net income increased to $2.86 billion from $2.1 billion a year ago. Deere expects 2023 net income in the range of $9.25 billion to $9.50 billion, higher than the $8.75 billion to $9.25 billion forecast earlier. Farmers' demand for new equipment and parts to repair aging machinery has bolstered Deere's sales. Total net sales and revenues rose 30% to $17.39 billion for the second quarter.

☆ Investor Edenbrook Capital says Absolute Software's take-private deal undervalues company
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Investment advisory firm Edenbrook Capital sent a letter to the board of Canada's Absolute Software Corp (ABST.TO) saying the deal for the company to be taken private by Crosspoint Capital Partners "significantly undervalues" the firm. Edenbrook, which has a stake of 10.4% in Absolute Software, said on Thursday the "transaction is unfair to public shareholders". Last week, Absolute Software agreed to be bought by Crosspoint for $657 mln and said its shareholders will receive $11.50 per share in cash. Absolute Software and Crosspoint did not immediately respond to requests for comment. Shareholders are set to vote on the acquisition at a special meeting expected to be held in late June.

☆ Delta considers large Airbus wide-body order for long-haul flights - Bloomberg
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - Delta Air Lines Inc (DAL.N) is in talks with Airbus SE (AIR.PA) for a large wide-body aircraft order, Bloomberg News reported on Monday, citing people familiar with the matter. The talks cover both A350 and A330neo twin-aisle jets but an agreement isn't assured, the report added. There has been a rebound in long-haul flying as easing of pandemic restrictions has led airlines to boost their fleet ahead of a busy summer travel season. Delta and Airbus did not immediately respond to Reuters' requests for comments. Reporting by Aishwarya Nair in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Twilio forecasts weak second-quarter revenue, shares slip
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Twilio Inc (TWLO.N) on Tuesday forecast second-quarter revenue below estimates on shrinking demand for cloud services, sending the company's shares tumbling nearly 13% in extended trading. It expects second-quarter revenue in the range of $980 million to $990 million, compared with analysts' average estimate of $1.05 billion, as per Refinitiv data. However, it reported a rise in active customer accounts, more than 300,000 in the first quarter ended March 31, 2023, compared with over 268,000 a year earlier. It reported adjusted net income of $0.47 per share, beating analysts' average estimate of $0.21. Reporting by Aishwarya Nair in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Carvana expects to record core profit in second quarter; shares jump
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Carvana Co (CVNA.N) said on Thursday that it expects to post a profit in the current quarter and plans to further bring down excess used-car inventory as the retailer sharpens its focus on cutting costs, sending its shares surging 26% in aftermarket trading. The company also reported a smaller-than-expected loss, benefiting from cost cuts. The debt-laden company cut its inventory and slashed advertising expenses to inch closer to profitability and attain positive free cash flow. Carvana said its adjusted earnings before interest, taxes, depreciation, and amortization, (EBITDA) are expected to be positive in the second quarter. "It is clear our strategy and execution are working as evidenced by our 61% increase in gross profit per unit, the best first quarter GPU in company history," said Garcia.

☆ Booking Holdings beats profit estimates on strong travel demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Booking Holdings Inc (BKNG.O) reported a better-than-expected profit for the first quarter on Thursday, as the online travel agency benefited from pent-up demand that drove consumers to book flights and hotels despite worries of an imminent recession. While experts in the industry largely remain confident about demand in the near-term, high inflation and concerns around a potential slowdown, however, threaten consumer spending. Last month, U.S. hotel operator Hilton Worldwide Holdings Inc (HLT.N) signaled signs of travel demand weakening in the second half of the year after it raised its full-year profit outlook. Booking reported an adjusted profit of $11.60 per share in the quarter ended March 31, compared to analysts' estimate of $10.61 per share, as per Refinitiv data. Reporting by Priyamvada C and Aishwarya Nair in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Ford hits production issue on F-150 trucks due to missing door handles
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowMay 3 (Reuters) - Ford Motor Co (F.N) is facing another production snag building its popular F-150 pickup trucks due to missing door handles, according to a source familiar with the matter. Ford temporarily halted factory work at three plants over the weekend where it makes both gasoline and electric versions of the F-150 pickup truck, according to the Wall Street Journal, which first reported the news. In February, the automaker halted production of its electric truck F-150 Lightning after a battery fire. read moreFord on Tuesday posted robust first-quarter revenue and profit, thanks to strong demand for trucks and SUVs. The automaker is sticking with plans to boost Lightning production to a rate of 150,000 vehicles a year by the end of this year.

The Biden administration's infrastructure legislation encouraged spending in the construction sector, spurring demand for the machinery maker's excavators, bulldozers and trucks. Caterpillar's construction division recorded a 10% rise in total sales on the back of solid demand in North America which increased 33% year-over-year. Cost control measures that led the company to raise prices across its machinery lines over the past two years have buoyed top-line growth. Healthy demand, coupled with strong pricing, helped Caterpillar navigate higher material and freight costs amid ongoing supply challenges. Caterpillar's sales and revenue for the quarter through March 31 rose to $15.9 billion from $13.6 billion a year ago.

☆ Alaska Air posts bigger-than-expected loss as costs mount
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Alaska Air Group (ALK.N) on Thursday reported a bigger-than-expected quarterly loss as higher expenses related to labor and fuel dented the carrier's margins. Earlier this month, American Airlines Group Inc (AAL.O) forecast first-quarter profit below market expectations, joining rival United Airlines Holdings Inc (UAL.O) in signaling a hit from increasing costs. In January, Alaska Air warned that it would face pressures from higher labor costs and expenses related to pilot training as it phases out Airbus SE (AIR.PA) jets in favor of Boeing Co (BA.N) planes. Shares of Alaska Air fell 1.49% in premarket trading on Thursday after the company forecast second-quarter cost per available seat mile (CASM), excluding fuel, to rise between 1% and 3%. Reporting by Aishwarya Nair in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ GE's largest union ratifies 2-year contract extension with wage hike
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - General Electric Co's (GE.N) workers have ratified a two-year contract extension that provides for a 12% rise in wages, their union said on Wednesday. The contract extension, which covers about 3,000 American workers of GE, will also ensure labor protections after the spinoff of the company's aerospace and energy divisions, according to the International Union of Electric Workers - Communications Workers of America (IUE-CWA). GE is set to separate its aerospace and energy businesses in early 2024 to become GE Aerospace and GE Vernova, respectively. The contract extension will take effect on July 1 and continue through June 22, 2025. Separately, eight local unions that together cover about 400 employees also ratified contract extensions with the company, GE said on Tuesday.

REUTERS/Jim VondruskaApril 18 (Reuters) - Southwest Airlines Co's (LUV.N) said a technology failure caused a one-hour nationwide stoppage of its flights on Tuesday, another snafu for the carrier after a software problem over the Christmas holiday stranded thousands. The Dallas-based carrier's flights resumed after a vendor-supplied computer network firewall went down Tuesday morning and connection to some operational data was "unexpectedly" lost. Data from flight tracker FlightAware showed 47% of Southwest's flights were delayed as of late afternoon on Tuesday. "This is another demonstration that Southwest Airlines needs to upgrade their systems and stop the negative impacts to individual travelers,” said Senator Maria Cantwell in a statement. The FAA had to halt flights nationwide in January due to a systems outage.

☆ Boeing shares tumble as some MAX deliveries halted, airlines fret over impact
▼ + stars: | 2023-04-14 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

April 14 (Reuters) - Boeing Co (BA.N) shares closed down 5.6% on Friday after the planemaker halted deliveries of some 737 MAX jets due to quality-related problems in certain components made by one of its main suppliers. Boeing, together with Spirit, will have to undertake inspections of the affected MAX 7, MAX 8 and MAX 8200 airplanes and fuselages. "Unlike the recent 787 delivery pause in Q1 ... this issue relates to actual non-conforming parts, which will need to be inspected (at minimum) or reworked. "We see more negative financial exposure to this news at Spirit than at Boeing," J.P. Morgan analyst Seth Seifman said. Southwest Airlines (LUV.N) expects the issue to impact its current delivery schedule, while American Airlines (AAL.O) said it was working with Boeing to understand the effect.

☆ Boeing shares tumble as parts issue halts deliveries of some 737 MAXs
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Boeing Co's (BA.N) shares fell 4.5% in premarket trading on Friday after the U.S. planemaker halted deliveries of some 737 MAXs due to a new supplier quality problem by Spirit AeroSystems (SPR.N). Spirit, which manufactures fuselage, thrust reversers, engine pylons and wing components for the 737 MAX airplanes, slumped more than 11.7%. The latest quality issue pertains to aft fuselage fittings supplied by Spirit and is believed to date back to 2019, Boeing disclosed on Thursday. "We see more negative financial exposure to this news at Spirit than at Boeing," said J.P. Morgan analyst Seth Seifman. Boeing warned that the issue will likely affect a "significant" number of undelivered 737 MAX airplanes both in production and in storage, and could result in lowered 737 MAX deliveries in the near term.

CHICAGO, April 13 (Reuters) - Delta Air Lines (DAL.N) on Thursday posted weaker-than-expected earnings in the first quarter, hit by a severe winter storm that drove up operational expenses for the carrier. CEO Bastian said on a post earnings call that Delta expects to bring down non-fuel costs in the second half of the year. For the June quarter, Delta expects its revenue to rise 15% to 17% from a year earlier on capacity growth of 17%. "We're growing supply at that level and not seeing a deterioration in the overall revenue," Bastian said. Delta expects an adjusted profit of $2.00 to $2.25 per share in the second quarter, with an operating margin of 14% to 16%.

☆ American Airlines profit forecast disappoints; shares tumble
▼ + stars: | 2023-04-12 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining rival United Airlines (UAL.O) in signaling a hit from persistently high labor and fuel costs. "We had expected American to come in towards the better end in a similar manner as JetBlue's guidance update provided in mid-March," Syth added. Airlines' shares in 2023The airline industry has been able to survive the broader economic slowdown in the United States, thanks also to tight airline capacity due to shortages of aircraft and spare parts. On an adjusted basis, it forecast a quarterly per-share profit of between 1 cent and 5 cents, compared with its previous forecast of a near break-even. Southwest Airlines Co (LUV.N) closed down 1.4%, United was down 6.5% and Delta was down 2.4%.

☆ American Airlines signals profit hit from rising labor, fuel costs
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines (UAL.O) to signal a hit from persistently high labor and fuel costs. The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Higher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses. American had in January said that its fuel price has increased by nearly 70%. However, on an adjusted basis, it forecast quarterly profit per share between 1 and 5 cents compared to analysts' expectation of 6 cents, according to Refinitiv data.

☆ Pentagon probes lapse in Boeing security credentials for Air Force One
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

On March 14, Boeing discovered that "Yankee White" credentials for about 250 employees who work on the Air Force One planes had lapsed, the Air Force and Boeing confirmed. All of the workers involved have retained current top secret clearances, according to the Air Force and Boeing. However, the additional Yankee White clearance is required for individuals working on matters connected to the presidential aircraft. "When Boeing discovered this administrative issue, we quickly notified the Air Force, and, in coordination with the Air Force, we temporarily suspended access to the VC-25A and VC-25B areas for those Boeing employees who were affected," a Boeing spokesperson said. On March 19, "the vast majority of employees" with lapsed Yankee White credentials were approved to begin working in the secured areas where Air Force One planes are built and maintained, the Air Force said.

☆ Used-car retailer Carvana expects smaller core loss, shares jump
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

Companies Carvana Co FollowMarch 22 (Reuters) - Carvana Co (CVNA.N) said on Wednesday it expects a smaller core loss in the current quarter due to a raft of cost-cut measures it implemented amid falling used-car sales, sending its shares up nearly 28% before the bell. Carvana expects first-quarter core loss between $50 million and $100 million, down from a core loss of $348 million a year earlier. The used-car retailer, known for its automated car vending machines, allows users to buy cars online and offers home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes. The offer would be for a principal amount of up to $1 billion in notes, with a condition that at least $500 million existing notes be validly tendered. Reporting by Aishwarya Nair in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Boeing expects 2023 aircraft financing to reach pre-pandemic levels
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - Boeing Co (BA.N) said in a report on Wednesday that it expects commercial aircraft financing to reach near pre-pandemic levels in 2023, highlighting strong industry fundamentals. The carrier released its outlook amid increased signs of distress in the banking sector as shares of Credit Suisse (CSGN.S) slumped on funding concerns. Banks have already been under pressure following the recent collapse of the Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). The planemaker did not immediately respond when asked if its outlook takes into account the stress in the banking sector. Boeing, which annually reviews aircraft financing trends, said it sees increased interest from aircraft financiers and investors to aid commercial airplane deliveries.

☆ Shareholders of Canada's Ritchie Bros support deal with IAA
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday its shareholders voted in favor of its $7 billion acquisition of U.S. auto retailer IAA Inc (IAA.N), according to a preliminary tally. IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own. Upon completion of the deal, IAA stockholders will own 37.2% of the combined company and Ritchie Bros shareholders the remaining 62.8%. For Ritchie Bros, which auctions and sells used heavy industrial equipment, the acquisition is intended to diversify its customer base, giving it a bigger footprint in vehicle re-marketing, and help cut costs. On Tuesday, shares of IAA were up 1.8% at $40.9, while U.S.-listed stock of Ritchie Bros was up 0.7% at $54.8.

☆ Southwest to upgrade crew-scheduling software, hire more staff during winter
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Southwest Airlines Co (LUV.N) said on Tuesday it would upgrade its crew scheduling software and hire more staff in the winter, as the airline attempts to address problems that had led to large-scale cancellations during the holiday season. The Dallas-based carrier has come under fire ever since bad weather during the Christmas holidays left staff stranded across the country, which overwhelmed its crew scheduling software, disrupting travel plans for two million customers. The three-part plan was developed by the airline with inputs from aviation consultancy Oliver Wyman, which was hired to investigate the disruption. The plan looks at bolstering operations during the winter season, when chances of weather-related disruptions to travel-related services are high. "Work is well underway in implementing action items to prepare for next winter - with some items already completed," Jordan said.

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