Connect with us

Business

United Airlines (UAL) 1Q 2024 earnings

Published

on


A United Airlines Boeing 737 Max 9 aircraft lands at San Francisco International Airport.

Justin Sullivan | Getty Images

United Airlines on Tuesday cut its aircraft-delivery expectations for the year as it grapples with delays from Boeing, the latest airline to face growth challenges because of the plane-maker’s safety crisis.

United expects to receive just 61 new narrow-body planes this year, down from 101 it said it had expected at the beginning of the year and contracts for as many as 183 planes in 2024.

“We’ve adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver,” CEO Scott Kirby said in an earnings release. “And, we’ll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs.”

United said it plans to lease 35 Airbus A321neos in 2026 and 2027, turning to Boeing’s rival for new planes as the U.S. manufacturer faces caps on its production and increased federal scrutiny. In January, United said it was taking Boeing’s not-yet-certified Max 10 out of its fleet plan. The airline said it has converted some Max 10 planes for Max 9s.

It lowered its annual capital expenditure estimate to $6.5 billion from about $9 billion.

United is also facing a Federal Aviation Administration safety review, which has prevented some of its planned growth. A spokeswoman told CNBC earlier this month that the carrier will have to postpone its planned service from Newark, New Jersey, to Faro, Portugal, and service between Tokyo and Cebu, Philippines.

United earlier this month postponed its investor day, which was scheduled for May, “because our entire team is focused on cooperating with the FAA to review our safety protocols and it would simply send the wrong message to our team to have an exciting investor day focused primarily on financial results.”

The airline said it would have reported a profit for the quarter if not for a $200 million hit from the temporary grounding of the Boeing 737 Max 9 in January.

The FAA temporarily grounded those jets after a door plug blew out minutes into an Alaska Airlines flight, sparking a new safety crisis for Boeing and slowing deliveries of its planes to customers including United, Southwest and others.

The airline posted a net loss of $124 million, or a loss of 38 cents a share, in the first quarter compared with a $194 million loss, or 59 cents, a year earlier. Revenue rose nearly 10% in the first quarter compared with the year-earlier period to $12.54 billion, with capacity up more than 9% on the year.

Here’s what United reported in the first quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:

  • Loss per share: 15 cents adjusted vs. a loss of 57 cents expected
  • Revenue: $12.54 billion vs. $12.45 billion expected

The airline expects to post earnings of between $3.75 and $4.25 in the second quarter, ahead of analysts’ estimates of about $3.76 a share. Airlines make the bulk of their profits in the second and third quarters, during peak travel season.

The carrier also reiterated its full-year earnings forecast of between $9 and $11 a share.

United’s shares were up more than 4% in after-hours trading on Tuesday.

United executives will hold a call with analysts at 10:30 a.m. ET on Wednesday.

Don’t miss these exclusives from CNBC PRO



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Paris Olympics lift off with extravagant opening ceremony

Published

on


The Paris Olympics kicked off with an extravagant opening ceremony on Friday night when an armada of boats carried 10,500 athletes along the Seine — the first outdoor version of the spectacle that was expected to be watched by a billion people.

Earlier, a shadow was cast over the event by an act of criminal sabotage that hit France’s high-speed rail network in the early hours of the morning causing nationwide transport chaos. Heavy rain then began to fall about 30 minutes into the three-hour show, a nightmare scenario for the planners of the theatrical performance that featured a massive cast of dancers, two orchestras and a clutch of pop stars, including Lady Gaga doing a cabaret-tinged song.

Before the ceremony, interior minister Gérald Darmanin said: “We are ready for this magnificent event,” adding that no specific threats had been detected. The railway sabotage would “not have direct consequence on the Olympics or the ceremony”. 

Lady Gaga performs the opening number on the riverbank © Sina Schuldt/dpa

By mid-afternoon long queues had formed for ticket holders to get into the highly secured perimeter along the Seine river where 320,000 spectators were expected along the medieval-era cobblestone quays. The format of the event required heavy security: 45,000 police were deployed on the ground and in the air, using helicopters, drones and snipers positioned on roofs. 

The weather also tested the dozens of experienced ship captains powering the parade, who navigated at precisely the right speed to keep the show on line. Some spectators fled the quays for cover as rain poured down.

President Emmanuel Macron hosted more than 100 heads of state at Trocadero plaza across the river from the Eiffel tower where the athletes disembarked for a final parade and a performance by francophone favourite Céline Dion. Jill Biden, wife of the US president, and other leaders attended a reception at the Elysée palace beforehand. 

Map showing the route of the boat parade along the Seine river for the opening ceremony of the Paris Olympics

The idea for such an ambitious opening was the brainchild of one man, Thierry Reboul, an event specialist known for punchy marketing stunts, but pulling it off it needed more than 15,000 performers, technicians and firework specialists.

The performance featured ballet dancers on the roof of the Louvre, while hundreds of modern dancers and breakdancers performed along the quays and on some of the boats. Performers were clad in handmade outfits stitched by French couturiers, and LVMH’s Louis Vuitton trunk suitcases were prominently displayed in a lengthy segment. Bernard Arnault’s LVMH was an Olympics sponsor.

Organisers had to scale back some elements, such as BMX riders set to do tricks on a ramp because rain made it too slippery.

Floriane Issert, wearing the Flag of the International Olympic Committee (IOC), is seen on a Metal Horse on the River Seine during the opening ceremony © Getty Images

When Reboul pitched the idea for the river ceremony to Tony Estanguet, head of the Paris organising committee, the two-time gold medal winner reacted with stupor that quickly became enthusiasm. “It will be ambitious, audacious and totally crazy,” said Estanguet, recalling the moment. 

Reboul said the idea came to him on a walk along the Seine, the snaking river whose banks were chosen by a Gallic tribe called the Parisii to found a settlement about two thousands years ago. He told himself: “It should be here, of course it should be here, and nowhere else.”

The organisers hired Thomas Jolly, a 42-year-old theatre director known for a musical called Starmania, who started imagining how to convey the spirit of France from literature and culture to history. “I’m used to designing performances on a stage, and this time the entire city was my canvas,” he told reporters earlier this week. 

Zinedine Zidane, former French football player and manager, hands the Olympic Torch to Spanish tennis player Rafael Nadal © Getty Images

Jolly hired a team he has long worked with — a musical director, choreographer and a costume designer, all renowned in their fields — and also included author Leila Slimani, scriptwriter Fanny Herrero, who created the show Call My Agent!, and others to help him write the 12 tableaux that make up the ceremony.

Before they started writing, they took long walks along the Seine for inspiration and researched the history of its bridges, such as the oldest, Pont Neuf, finished under King Henry IV in 1607, and the Pont d’Austerlitz, commissioned by Napoleon Bonaparte, from which the parade will begin.

“We drew on the past of each site and monuments: almost each stone tells something about our history of France, of the history of Paris, a history which is connected to the world,” he said. 

But Jolly and Estanguet did not want the theatrics to overshadow the athletes, instead putting them at the centre of it by giving them the best spots to view the show — the decks of the boats on the river. 

“The athletes are the heroes of the show,” said Estanguet.

Although officials remained vague about the price, French media reported that the ceremony cost about €120mn, roughly four times that of the opener of the London 2012 Games. The overall cost for the Paris Games, which was pitched as a greener edition because little new infrastructure was built, is expected to reach €9-10bn, according to the national auditor. About one-third of that will be paid for by sponsors.

Jolly’s show was filled with memorable, kitschy moments: a hooded figure leaping across the zinc roofs of Paris, drag queens dancing to electro, beheaded royals of the French revolution set against heavy metal music, and a silver horse with an armour-clad rider gliding down the Seine.

Céline Dion closes the show with Edith Piaf’s ‘Hymne à l’amour’ © POOL/Olympic Broadcasting Services/AFP via Getty Images

Cheers rose when France’s beloved footballer Zinedine Zidane passed the torch to tennis champion Rafel Nadal.

The spectacle climaxed with an elaborate light show beaming out from the Tour Eiffel before a final flame relay to the Louvre led to a hot air balloon ascending into the night sky bearing a fiery Olympic cauldron.

Framed by the Eiffel tower, Canadian singer Céline Dion, in her first performance in years because of illness and wearing a white, beaded dress featuring 500m of fringe custom made by Dior, belted out Edith Piaf’s Hymne à l’amour.

“I declare the Paris games open,” said Macron.

Additional reporting by Adrienne Klasa



Source link

Continue Reading

Business

How to watch, stream the Opening Ceremonies of the Paris Olympics live online free without cable

Published

on



On the heels of low ratings for the coronavirus pandemic-marred Tokyo and Beijing OlympicsParis may not do much better among U.S. viewers, a poll from Gallup released Thursday found.

Simone Biles and women’s gymnastics are poised to be a bright spot, with those surveyed selecting it as their most anticipated sport.

But according to the poll, 30% of respondents said they will not watch any of the Games, 34% said they will not watch much and 35% said they would watch at least a fair amount. That last figure is down from the 48% measured before the 2016 Olympics in Rio de Janeiro. Gallup did not measure viewing intentions for the Tokyo Olympics, which were delayed a year.

NBC’s prime-time coverage of the Tokyo Olympics mostly drew about half the audience of its Summer Games predecessor. The Beijing Olympics had the lowest-ever U.S. audience for a Winter Games. Both Games were held under severe restrictions, limiting spectators and dampening the typical fanfare. NBC, which holds the U.S. broadcasting rights through 2032, is trying to turn around that trend by enlisting a slew of entertainers and non-Olympian athletes in its coverage.

The last three Olympics, including the 2018 Pyeongchang Games, were held in time zones that limited how much live action NBC could air in prime time.

The network did not immediately respond to The Associated Press’ request for comment on the poll. Biles and the rest of the U.S. gymnastics squad could bring in high ratings, though, with Gallup finding in general that women’s sports were as anticipated as men’s. Forty-two percent chose women’s gymnastics as their most anticipated sport, while around two-thirds of respondents ranked it in their top three. That competition begins with qualifying on Sunday.

Recommended Newsletter: The Fortune Next to Lead newsletter is a must-read for the next generation of C-suite leaders. Every Monday, the newsletter provides the strategies, resources, and expert insight needed to claim the most coveted positions in business. Subscribe now. Sign up for free.



Source link

Continue Reading

Business

MMM, DXCM, SG, TXRH and more

Published

on




Source link

Continue Reading
Advertisement

Trending

Copyright © 2024 World Daily Info. Powered by Columba Ventures Co. Ltd.