CAE GROWS FULL-YEAR REVENUES
Training specialist CAE said its results for the year ended 31 March were buoyed by a recovering civil aviation market and robust defence revenues. It reported net earnings of C$49.7 million ($50.7 million) for the fourth quarter, compared with C$40.5 million in the same period last year. Net earnings for the full year amounted to C$169.8 million, compared with C$144.5 million the year before. Revenue for the quarter totalled C$464.4 million, 17% higher than the C$395.9 million accrued in the fourth quarter last year. For the full year, revenue was C$1.63 billion, against C$1.53 billion in the previous 12 months.
UMECO CONCENTRATES ON COMPOSITES
Aerospace engineering firm Umeco has sold its supply chain operation Pattonair to private equity firm Exponent for £109 million ($175.7 million). Umeco said this will enable it to concentrate on its specialist composites business that supplies the aerospace and defence sector. It believes the restructure will offer better long-term value for the company.
BOEING AND SPIRIT SETTLE ON 787-8 COSTS
Spirit AeroSystems has completed an amendment to its formal contract with Boeing regarding claims associated with the development and production of the 787-8. The specific terms of the agreement were not disclosed. As a supplier, Spirit was initially entitled to payment at the time of the first 787 delivery, originally scheduled for May 2008. Meanwhile, Spirit has signed a deal with Scandinavian Airlines for a spare parts supply agreement for the carrier's Boeing 737 fleet.
C-130J NACELLE PRODUCTION RISES at GKN
GKN will deliver a total of 158 nacelles this year, including spares, to Lockheed Martin for its C-130J airlifter. Lockheed installed the 1,000th GKN-made nacelle earlier this month on an aircraft destined for the Qatari air force. GKN Aerospace has been the sole source supplier to Lockheed Martin of the integrated nacelle system for the C-130J since December 1993.
BUSINESS BRISK AT MENZIES DESPITE HEADWINDS
Menzies Aviation has reported revenues for the first four months of the year 11% ahead of the same period in 2010, despite the "headwinds" affecting the sector. An interim management statement from parent company John Menzies said cargo tonnes were up 5% and aircraft turnarounds rose by 7%. It made "good progress" on contract renewals and was a "net winner" of new contracts, it said.
L-3 BUOYED BY $300M US CONTRACTS
The US Navy and US Air Force have awarded contracts with a total potential value of more than $300 million over five years to L-3 Communications's System Field Support division to provide logistics services to their respective fleets of Beechcraft C-12 twin-turboprops. The initial contracts are valued at $32.9 million.
GOODRICH WINS MI-34C1 UPGRADE DEAL
Goodrich has been selected by Russian Helicopters to provide the main rotor actuator and hydraulic power supply for its upgraded Mi-34C1 light helicopter. The deal includes R&D, original equipment supply and aftermarket support. Flight-test prototypes have already been produced by Goodrich's actuation systems business. Service entry is planned for 2012.