Shares in Rolls-Royce (OTCPK:RYCEY) are up 6% in London after the aero-engine maker settled a long-running bribery probe for £671M and said that 2016 profit would beat expectations.
The news came as a boost to the firm after an eighteen month period of cost-cutting and restructuring led by CEO Warren East, who was brought in to stabilize the company in mid-2015 following a series of profit warnings.
Rolls-Royce Corp. of Indianapolis, Indiana, a unit of Rolls-Royce Holdings (OTCPK:RYCEY), has been awarded a $408M modification to a contract to provide maintenance support for V-22 AE1107C engines for the U.S. Marine Corps and Air Force.
Airbus (OTCPK:EADSF, OTCPK:EADSY) has delayed delivery plans for its A330 widebody planes, CEO Fernando Pitno tells WSJ, marking the latest in a string of setbacks that have hit the world’s no. 2 airplane maker behind Boeing (NYSE:BA).
Airbus's first A330neo will not arrive until March 2018, the CEO says, as it upgrades the plane with new Rolls-Royce (OTCPK:RYCEF, OTCPK:RYCEY) engines that promise greater fuel efficiency and range; Airbus initially had promised the plane would be delivered around the end of next year.
Airbus is struggling to meet a target to deliver more than 670 planes this year, and must deliver at least a record 94 planes this month to achieve its promise to shareholders.
Airline president Tim Clark says the engine problem involved a “higher intervention rate” in maintaining the Rolls engines due to unanticipated levels of wear to fan blades stemming from their deployment in Dubai’s desert climate.
Emirates is due to take receipt of 50 of the planes equipped with Rolls-Royce engines after switching from the competing GP7000 turbine manufactured by an alliance of GE and Pratt & Whitney, which powered its first 90 aircraft.
Emirates is having some technical issues with new Rolls-Royce (OTCPK:RYCEY) engines for its A380 jets that are coming up for delivery.
"We want the engines as prescribed," said Tim Clark, the Dubai-carrier's president. "We have made no hard and fast decisions about fleeting draw down. We're hoping to get resolution to this very quickly."
Emirates has $112B of aircraft on order, including 55 A380s.
Rolls-Royce (OTCPK:RYCEY) CEO Warren East is replacing his finance chief in a move that amplifies the scale of the shake up under way at the company since a series of profit setbacks and a dividend cut.
Stephen Daintith, current CFO at Daily Mail & General Trust, will replace finance chief David Smith, who is set to leave the firm next year after a transition period.
Japan's ANA Holdings says it will replace all 100 Rolls-Royce (OTCPK:RYCEF, OTCPK:RYCEY) engines on its fleet of Boeing (BA -1%) 787 Dreamliner jets following three engine failures this year caused by corrosion and cracking of turbine blades.
ANA says all 50 of its 787s will receive engines fitted with new blades, a process that could take up to three years.
Rolls-Royce says it will swap out existing blades for new ones on ANA's planes in the short term ahead of a new blade design that will be ready by year-end.
"All hands on deck" may soon be a thing of the past. Ship designers, their operators and regulators are gearing up for a future in which cargo vessels sail the oceans autonomously with minimal or even no crew.
British engine maker Rolls-Royce (OTCPK:RYCEY) is among those leading the pack, with its Advanced Autonomous Waterborne Applications initiative involving other companies and universities. It predicts unmanned shipping to cut transport costs by 22%.
ANA Holdings, Japan's largest airline and the world’s biggest operator of Boeing’s (BA -0.5%) Dreamliner jet, says it has canceled nine flights with the jets scheduled for Friday and may have to scrap an additional 300 or more through the end of September.
ANA is checking the Rolls-Royce (OTCPK:RYCEF, OTCPK:RYCEY) engines on its fleet of 787s after investigating a February incident when an aircraft had to shut down a power plant and return to the airport.
The issue came to the fore after ANA found corrosion on the turbine blades; the airline's entire fleet of 787s is powered by Rolls-Royce engines.