Air Transport

MILITARY SALES OFFSET MOOG CIVIL DOWNTURN

Operating profit at Moog's aircraft controls unit was down 5% to $52.4 million for its year to 27 September on sales down 1.4% to $663.5 million. Fourth quarter sales were flat at $177 million and for the year sales to military programmes were up 5%. Full-year commercial aircraft sales dropped 21%, partly owing to the late-2008 Boeing strike, and business jet sales dropped 38%.

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STRIKE EFFECT WORKS THROUGH AT SPIRIT

Spirit AeroSystems claims to have recovered from the disruption of last year's Boeing machinists' strike to post a 16% rise in third quarter pre-tax profit to $121.5 million on a 3% hike in revenue to $1.1 billion. For the nine months to 1 October, profit dropped 42% to $201 million on revenue 4% lower at $3 billion.

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BUSINESS JET DECLINE HITS ASTRONICS

At lighting and power systems maker Astronics, aerospace segment operating profit in its third quarter to 3 October was up 2% to $4.7 million despite a 3.5% fall in sales, to $39 million. Commercial transport market sales dipped 13.7%, military sales were up nearly 22% to $9.2 million and "a severe decline in business jet production" depressed sales there by 30%, to $4.9 million.

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KAMAN BEARING UP UNDER ECONOMIC STRAIN

Bearings and aerostructures maker Kaman posted a 5% decline in aerospace segment operating profit to $19.9 million; sales were down 3% to $127 million. Chief executive Neal Keating says aerospace sales declined less than expected.

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RECEIVERS CALLED IN AT AERO INVENTORY

Parts management firm Aero Inventory has been placed into receivership, following the refusal of its banks to extend short-term funding after London trading of its shares was suspended following revelation of stock accounting issues. Managers including chief executive Rupert Lewin were dismissed earlier this month.

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COSTS PUSH GENESIS INTO RED

Genesis Lease swung to a $3 million loss for the three months ended 30 September. This compares with an $11.4 million profit for the year-earlier period on the impact of $2.5 million in costs associated with the all-share deal that will see it merge with AerCap, and a non-cash charge of $7.7 million related to a reduced credit facility. Excluding those charges, net income was $6.1 million.

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LATECOERE HIT BY SALES SLUMP

Nine-month aerostructures revenue was down 28% to €200 million at Latécoère owing to slowdowns in deliveries of Embraer and Dassault aircraft. Latécoère expects full-year turnover down 25%, with the decline continuing before sales pick up in 2011.

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ALITALIA MAKES PROFIT UNDER NEW MANAGEMENT

Alitalia achieved a first under its new management, with a quarterly operating profit of €15 million ($22.3 million) in the three months to 30 September. Over the nine months since privatisation it lost €258 million on revenues of €2.12 billion

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CHINA'S AVIC TO GO PUBLIC

AVIC Aircraft, the main business of state-owned AVIC, will have a public shares listing by 2011, general manager Hu Xiaofeng told the state-run China Daily.

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