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 * Aerospace & Defense


SLIDING AIRLINE PROFITS AND PLANE DELAYS CAST SHADOWS AT AIR SHOW

By Joanna Plucinska and Allison Lampert
July 22, 20247:05 PM GMT+2Updated 5 days ago
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The Farnborough Airshow kicked off Monday with the industry facing a host of
challenges.


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 * Summary
 * Companies

 * Ryanair warns ticket prices falling as travel boom fades
 * Boeing gets order boost for 777X from Korean Air
 * UK PM stresses importance of fighter jets amid defence review

FARNBOROUGH, England, July 22 (Reuters) - A plunge in Ryanair's (RYA.I), opens
new tab quarterly profits cast a shadow over the opening of the Farnborough
Airshow on Monday, where aviation leaders were already fretting about supply
chain snags, aircraft delays and floundering plans to cut emissions.
Boeing (BA.N), opens new tab announced a bumper order from Korean Air
(003490.KS), opens new tab for 20 777X jets and 20 787s, worth $7 billion
according to estimated delivery prices from Cirium Ascend, in a boost for the
U.S. planemaker's long-delayed 777X programme.
Advertisement · Scroll to continue

But many delegates at the July 22-26 gathering of aviation leaders were not
expecting the traditional deluge of deals as Airbus (AIR.PA), opens new tab
struggles to reach output goals and Boeing adopts a low-key posture amid its
safety crisis, which was triggered by a panel flying off a 737 MAX jet in
January.
Aviation was hit hard by the pandemic which saw air travel collapse only to
bounce back sharply. That left many firms scrambling to resolve labour and parts
shortages.
Advertisement · Scroll to continue

The situation has been exacerbated by a spiralling crisis at Boeing, which has
had to slow production of its best-selling 737 MAX plane following the panel
blowout.
Delays in delivering planes have hampered airlines' efforts to capitalise on the
post-pandemic surge in travel and inflated costs, and signs are growing that
they are struggling to pass those costs on to consumers as demand starts to
normalise.

Ryanair, Europe's biggest budget airline, reported on Monday an almost halving
in quarterly profit, with fares plunging 15% and management warning of more
pressure to come on prices.
CEO Michael O'Leary added there had been some improvement on deliveries from
Boeing, but that there were still delays and he was getting a little concerned
about deliveries due next year.
Separately, flydubai said its fleet expansion plans had been hit by delays in
Boeing deliveries, while the boss of Air India said it was having to rob parts
from some of its other aircraft to keep planes flying amid industry supply chain
snags.

"The big question for the airlines here at Farnborough is what has happened to
the halo effect of demand after the pandemic - has that recovery stalled?" said
veteran aviation journalist Mark Pilling, who was due to host a panel of CEOs.
Pegasus Airlines (PGSUS.IS), opens new tab CEO Guliz Ozturk told reporters that
customers were going "back to basics" seeking lower fares.
"We have started seeing the normalisation of demand. What does it mean? I mean,
the demand is there, but now the travellers are looking for, as before the
pandemic, for the most affordable, the lowest, the best price for their travel."
Hot on the heels of Ryanair's warning, Air Canada (AC.TO), opens new tab cut its
full-year core profit forecast, blaming over-capacity in some markets and weaker
pricing power on international routes.
Item 1 of 7 Attendees view the GCAP (Global Combat Air Programme) concept model
fighter plane at the BAE Systems pavilion at the Farnborough International
Airshow, in Farnborough, Britain, July 22, 2024. REUTERS/Toby Melville
[1/7]Attendees view the GCAP (Global Combat Air Programme) concept model fighter
plane at the BAE Systems pavilion at the Farnborough International Airshow, in
Farnborough, Britain, July 22, 2024. REUTERS/Toby Melville Purchase Licensing
Rights, opens new tab

Its shares fell nearly 4% in early trading. Airline stocks were among the
biggest fallers in Europe (.STOXX), opens new tab, with Ryanair down 16% at 1600
GMT, easyJet (EZJ.L), opens new tab down 7.5%, TUI (TUI1n.DE), opens new tab off
4.6% and BA-owner IAG (ICAG.L), opens new tab 3.5% lower.
However, Boeing's vice president of commercial marketing, Darren Hulst, said
there was no sign of a weakening in demand for planes and suggested the warnings
from airlines were just a sign of a "little bit more reality in the
marketplace".


FIXING SUPPLY CHAINS

With dealmaking expected to be limited, the focus at the air show is likely to
fall on how manufacturers are tackling supply chain blockages.
Asked about flydubai's complaints, Hulst conceded that Boeing had "disappointed
our customers ... over and over again, in many cases," but that the work the
company was doing this year was focused on ensuring that wouldn't happen again.
Airbus CEO Guillaume Faury also said on Sunday that the European planemaker was
making progress ramping up production of its top passenger jets.
Some deals will get over the line, delegates said.
Japan Airlines (9201.T), opens new tab said it had ordered 10 Boeing 787-9s and
agreed options for 10 more, while Vietnamese budget carrier VietJet (VJC.HM),
opens new tab firmed up a deal for 20 Airbus A330neos.
Industry sources said Virgin Atlantic was close to placing a top-up order for
Airbus A330neos and Saudi low-cost carrier Flynas was poised to order up to 30
of the same widebody aircraft. The companies declined to comment.
Turkish Airlines (THYAO.IS), opens new tab, however, said engine talks were
still holding up a potential big order with Boeing.
This week’s air show will be peppered with sustainability panels and workshops
as aerospace giants and airlines seek to emphasise their commitment to reducing
carbon emissions, even as they plan to massively expand global air travel.
On the defence side, the focus will be on Ukraine, possible delays to America's
future F-22 fighter replacement, code-named NGAD, and a defence review by
Britain's new Labour government.
At the show, British Prime Minister Keir Starmer stressed the importance of the
UK's fighter jet capability, but stopped short of guaranteeing its next
generation combat air programme with Japan and Italy would not be affected by
the review.

Make sense of the latest ESG trends affecting companies and governments with the
Reuters Sustainable Switch newsletter. Sign up here.

Additional reporting by Joe Brock, Tim Hepher and David Shepardson; Editing by
Mark Potter and Josephine Mason

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Purchase Licensing Rights
Joanna Plucinska

Thomson Reuters

Joanna reports on airlines and travel in Europe, including tourism trends,
sustainability and policy. She was previously based in Warsaw, where she covered
politics and general news. She wrote stories on everything from Chinese spies to
migrants stranded in forests along the Belarusian border. In 2022, she spent six
weeks covering the war in Ukraine, with a focus on the evacuation of children,
war reparations and evidence that Russian commanders knew of sexual violence by
their troops. Joanna graduated from the Columbia Journalism School in 2014.
Before joining Reuters, she worked in Hong Kong for TIME and later in Brussels
reporting on EU tech policy for POLITICO Europe.

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