Cost-saving initiatives aid Gol Linhas' (GOL) Q1 results amid coronavirus woes. The company anticipates a 70% decline in Q2 and Q3 revenues.
Boeing Co recorded zero orders for the second time this year in April and customers canceled another 108 orders for its grounded 737 MAX plane compounding its worst start to a year since 1962. For Boeing, which delivered four 787 Dreamliners, one wide-body 777 jet and an older version of the 737 MAX in April, the outbreak worsened a crisis following the second of two fatal crashes that led to the grounding of the 737 MAX last year. Boeing had its worst year for orders in decades in 2019, leading to the first halt in 737 production in 20 years in January and the departure of Chief Executive Officer Dennis Muilenburg in December last year.
Brazil airline Gol Linhas Aereas Inteligentes (GOL) entered into an agreement with Boeing Co (BA) to get up to 2.4 billion reais ($412 million) from the planemaker as compensation for the grounding of the 737 MAX plane, in a mix of cash and credits, Reuters reported.Gol said that Boeing already paid close to 500 million reais in cash. In addition, the Brazilian airline expects to receive up to 1.9 billion reais in credits that can be used for new aircraft acquisitions, and to reduce interest and depreciation expenses.The 737 MAX aircraft has not flown in more than a year after two deadly crashes forced regulators to scrutinize the safety of its design. Brazil’s largest airline is one of Boeing’s biggest customers and had ordered more than 100 Boeing 737 MAX planes. Those orders have already been reduced and Gol said it will not make new aircraft payments to Boeing for the next two years.Commercial airline travel has fallen off a cliff due to coronavirus-induced lockdown restrictions forcing many airlines around the world to ground the majority of their fleets and suspend aircraft deliveries. Boeing reported this week that it did not receive a single order in April, while it was also grappling with 108 order cancelations for its grounded 737 MAX plane.The April cancellations of its 737 MAX jets were from clients including China Development Bank Financial Leasing Co and General Electric’s (GE) aircraft unit GECAS.According to the agreement with Gol the compensation amount is the maximum and is subject to certain undisclosed conditions. Gol said it may receive less than that.The planemaker’s stock dropped 3% to $121.50 in U.S. trading on Wednesday, taking its year-to-date plunge to more than 64%.TipRanks data shows that overall Wall Street analysts are sidelined on Boeing shares. The Hold consensus is based on 11 Holds and 6 Buys and 1 Sell. The $163.18 average price target implies 34% upside potential in the stock in the next 12 months. (See Boeing’s stock analysis on TipRanks).Related News: Boeing Gets No Orders in April, Customers Cancel 737 MAX Jets Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes Qantas Said to Halt Plane Deliveries From Boeing, Airbus Amid Travel Freeze More recent articles from Smarter Analyst: * Amarin Down 10% in Pre-Market On Generic Approval * Alibaba Scores Earnings Beat With Revenue Surging 22% Y/Y * Foot Locker Earnings Miss On All Counts; Stock Down 6% In Pre-Market * Netflix Will Now Automatically Cancel Inactive Accounts
Brazil airline Gol Linhas Aereas Inteligentes said on Wednesday its planes were nearly as full in April as they were a year ago in spite of the coronavirus crisis, bucking an industry trend of empty planes. Gol said in its monthly traffic report that its planes had been 80% occupied on average during the month, compared with 81% in April 2019. Like most airlines around the world, Gol is a shadow of its former self, operating minimal flights while keeping most of its fleet grounded.
GOL earnings call for the period ending March 31, 2020.
The suppressed air-travel demand hits Gol Linhas' (GOL) April traffic statistics.
Brazil's state development bank BNDES said on Friday that the country's top three airlines had accepted a $680 million aid package, but two carriers said they were still discussing terms. Brazilian airlines are clamoring for help as the COVID-19 pandemic ravages the travel industry, but negotiations were deadlocked for over a month until a formal proposal was issued by the Brazilian government this week. "What we can say is true: We sent a proposal to the airlines this week and yesterday they all accepted," BNDES President Gustavo Montezano told reporters on Friday.
Investors need to pay close attention to GOL Linhas (GOL) stock based on the movements in the options market lately.
Brazilian state development bank BNDES on Wednesday offered airlines a 4 billion reais ($680 million) rescue package, less than half of what was initially anticipated, a source with knowledge of the matter said. Under the terms of this plan, BNDES will provide 60% of the rescue line, while private banks will contribute with 10% and the remaining part will come from capital markets investors. The rescue plan will be offered to Brazil's top three airlines, Gol Linhas Aereas Inteligentes SA, Latam Airlines Group and Azul SA. It may still change, depending on how talks with airlines evolve, the source said.
Brazil's infrastructure minister said on Monday the country still wants to privatize 43 airports through 2022, even as the COVID-19 pandemic ravages the air transportation industry. Minister Tarcisio Freitas also said the government's plan to revive economic activity after the pandemic forecasts 30 billion reais ($5.5 billion) in public investment in infrastructure. The licenses to operate 22 airports were initially expected to be auctioned this year, but private investors asked for a delay in the process to try to estimate future demand, he said.
MSCI's index of Latam currencies fell 0.2%. Its stocks counterpart slid 2.8%, with Chile's main index dropping 2.3% and Mexico's slipping nearly 2%. In Brazil, data showed manufacturing activity contracted at its fastest pace on record last month.
Coronavirus-led demand slump and depreciation of the Brazilian real weighed on Azul's (AZUL) Q1 performance. Despite adversities, passenger revenues rose in the quarter.
First stage of ESG reporting will inform setting of targets in areas of Health, Safety, & Security; Environmental Impact; Energy Efficiency & Innovation; People &.
GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, today provides an Investor Update for April. As the pandemic situation develops, GOL will continue to provide monthly updates of results and liquidity to its constituents and stakeholders in the spirit of transparency. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.
Ryanair's (RYAAY) revenues see year-over-year decline in the fourth quarter of fiscal 2020 due to the coronavirus-led drop in air travel demand.
LATAM Airlines Group, the region's largest carrier, will lay off 1,400 employees, the company said on Friday, marking the first instance of a major Latin American airline laying off staff because of the coronavirus crisis. LATAM confirmed the layoffs, representing about 3% of the company's workforce, after Reuters reported on an internal video that was sent to employees. "Unfortunately, we have concluded that we have no other option but to downsize the company," CEO Roberto Alvo said in the video.
Golar LNG's 1st Quarter 2020 results will be released before the NASDAQ opens on Thursday May 28, 2020. Due to high Covid-19 related demand for their services, our platform providers highly recommended that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the event via the conference call dial-in information below.
* Mexican peso among few gainers * Factory activity in Mexico and Brazil crumbles * Chile's peso eyes worst day in over two weeks (Adds comment, updates prices) By Susan Mathew and Ambar Warrick May 4 (Reuters) - Brazil's real led declines in Latin American currencies on Monday as a swathe of dire manufacturing data and rising China-U.S. tensions dented risk sentiment. MSCI's index of Latam currencies fell nearly 0.3%. Factory activity in Latin America's largest economies sank in April as lockdowns to stem the coronavirus outbreak shut factories and flattened demand.
Brazil airline Gol Linhas Aereas Inteligentes
GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, announces today preliminary air traffic figures for the month of April 2020, compared to the same period in 2019.