Airbus nears deal for 100 jets to Nigerian carrier

European plane maker Airbus SE is close to securing a 100 aircraft order from a Nigerian startup airline that previously announced plans to buy Boeing Co. 737 MAX jets, according to people familiar with the plans.

The deal between Airbus and Green Africa Airways could be announced as soon as Thursday, one of the people said. The carrier would buy Airbus A220 planes, which seat about 130 passengers.

Boeing in December 2018 said it had a commitment from the carrier for 100 737 MAX jets. That agreement came before the 737 MAX fleet was grounded last March after two fatal crashes. The MAX fleet has been idled since, as Boeing works on fixes to the plane.

Write to Benjamin Katz at [email protected] and Alison Sider at [email protected]

Kia Carnival first drive and review

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Qatar ready to re-route oil, gas cargoes to China due to spread of virus: minister

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Taliban peace deal story attributed to Fox Business withdrawn

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Thyssenkrupp net loss bigger than expected, but backs guidance

Thyssenkrupp AG on Thursday posted a wider loss than expected in the first quarter due to restructuring costs and economic headwinds, but it backed its guidance for the full fiscal year.

The German industrial conglomerate TKA, -1.30% reported a net loss of 372 million euros ($405.5 million) for the quarter ending Dec. 31, compared with a profit of EUR60 million the same period a year earlier.

Analysts expected Thyssenkrupp, which makes steel, elevators and auto components, to report a net loss of EUR85 million, according to a consensus forecast provided by Vara Research.

Quarterly sales fell to EUR9.67 billion from EUR9.74 billion, while orders declined 4% to EUR9.66 billion for the period.

The company said its adjusted earnings before interest and taxes, one of the company’s key figures, dropped to EUR50 million from EUR217 million.

Analysts expected Thyssenkrupp to post sales of EUR9.67 billion and adjusted EBIT of EUR48.8 million, according to a consensus forecast provided by Vara Research.

“The latest figures are not great. But we are convinced that we are on the right track,” the company’s Chief Executive Martina Merz said.

The company backed its view for its fiscal year 2020, expecting adjusted EBIT to be at the prior-year level, free cash flow before M&A below the prior-year level and a significantly higher net loss than in the previous year.

Airbus, Government Of Quebec Buy Bombardier’s Remaining Stake In Airbus Canada

Airbus SE (EADSF.PK,EADSY.PK) announced Thursday that Bombardier Inc. (BBD.B.TO) transferred its remaining shares in Airbus Canada Limited Partnership, responsible for the A220 programme, to Airbus and the Government of Quebec. The transaction is effective immediately.

With the transaction, Bombardier will receive a consideration of $591 million from Airbus, net of adjustments. Of this amount, $531 million was received at closing and $60 million will be paid over the 2020-21 period.

The agreement brings the shareholdings in Airbus Canada to 75 percent for Airbus and 25 percent for the Government of
Quebec, respectively.

Bombardier reportedly was holding 34% stake in the two companies’ joint A220 commercial jet program.

The Government’s stake is redeemable by Airbus in 2026 – three years later than before. As part of this transaction, Airbus, through its unit Stelia Aerospace, has also acquired the A220 and A330 work package production capabilities from Bombardier in Saint-Laurent, Quebec.

Since Airbus took majority ownership of the A220 programme on July 1, 2018, total cumulative net orders for the aircraft have increased by 64 percent to 658 units at the end of January 2020.

Airbus swung to loss in 2019, sets 2020 guidance

Airbus said Thursday that it swung to a loss in 2019 and set new targets for 2020.

Airbus AIR, -1.01% said its full-year net loss was 1.36 billion euros ($1.48 billion) compared with a net profit of EUR3.05 billion in 2018.

The company was hit by EUR3.6 billion in penalties related to a corruption probe settlement. The loss included “a negative impact from the financial result, mainly driven by the revaluation of financial instruments,” Airbus said.

Sales rose 11% at EUR70.48 billion.

Airbus’s more closely watched adjusted earnings before interest and taxes rose 19% to EUR6.95 billion from EUR5.84 billion. For its fourth quarter, adjusted EBIT came in at EUR2.81 billion.

The Toulouse, France-based company said deliveries would rise again in 2020, with a guidance of roughly 880 planes handed over this year after delivering 863 in 2019. Airbus overtook Boeing Co. last year as the world’s largest aircraft manufacturer.

The aerospace giant expects an adjusted EBIT of roughly EUR7.5 billion this year.

Airbus declared a dividend of EUR1.80 a share for 2019.