Asia-Pacific Aerospace Briefs Today
April 24th 2024
Today's briefs report news from Cathay Pacific, GE Aerospace and UPS. Read More »
Cathay Pacific has announced Hong Kong-born swimming star, Siobhan Haughey, who won two silver medals at the Tokyo Olympics, is the airline's new brand ambassador.
GE Aerospace reported operating profit improved 24%, to US$1.5 billion in the three months to March 31 against the same months in 2023. Adjusted revenue was up 15%, to US$8.1 billion, GE Aerospace said in a regulatory filing. The company lifted its operating profit forecast to between US$6.2 billion and US$6.6 billion, an increase from its February estimate of US$6 billion to US$6.5 billion. “At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter,” GE Aerospace CEO, Lawrence Culp, Jr., said. “Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance.”
UPS has reported its net profit dropped 41.3%, to US$1.1 billion, in the three months to March 31 from a net profit of US$1.9 billion in the previous corresponding quarter. Revenue declined 5.3%, to US$21.7 billion, UPS said in a regulatory filing. The company reaffirmed its previous forecast for full-year revenue of US$92.0 billion to US$94.5 billion. “Our financial performance in the first quarter was in line with our expectations and average daily volume in the U.S. showed improvement through the quarter,” UPS CEO, Carol Tomé, said. “Looking ahead, we expect to return to volume and revenue growth.”
