Wed, Apr. 22, 4:22 AM
- Following several profit misses and investor discontent, Rolls-Royce (OTCPK:RYCEY) has announced Chief Executive John Rishton will retire in July, to be succeeded by Warren East, the former leader of Britain's ARM Holdings.
- In February, Rolls-Royce warned that profits could fall as much as 13% in 2015, and discussed plans last year to eliminate about 2,600 jobs as it grappled with its first sales drop in a decade.
Fri, Apr. 17, 7:58 AM
- After a long year of profit warnings, Emirates has picked Rolls-Royce (OTCPK:RYCEY) to supply engines valued at $9.2B for its next batch of 50 Airbus A380s, marking the British company's largest order in history.
- It is the first time the Gulf carrier has ordered Rolls-Royce engines for its super jumbo fleet, the rest of which are powered by Engine Alliance, a joint venture between GE and Pratt & Whitney.
- Previously: Emirates to pick Roll-Royce engines for new A380s (Apr. 16 2015)
Thu, Apr. 16, 7:35 AM| Comment!
Thu, Mar. 12, 7:20 AM
- BAE Systems (OTCPK:BAESY) has been awarded £257M to fund final design work on a new class of submarines (Successor) to replace the ageing Vanguard vessels that carry Britain's nuclear deterrent.
- The latest award is part of a wider £285M deal to support the work on the new vessels, with £22M going to Babcock & Wilcox (NYSE:BWC) and £6M to Rolls-Royce (OTCPK:RYCEY), which will build the submarine’s nuclear reactors.
Tue, Feb. 17, 7:31 AM
- Rolls-Royce (OTCPK:RYCEY) will cooperate with Brazilian authorities if they press ahead with an investigation into allegations that it paid bribes to win a contract from Petrobras (NYSE:PBR).
- The British engineering firm has been accused by a former Petrobras executive of paying bribes via an agent in exchange for a $100M contract to provide "modules of energy generation" for the oil company’s platforms.
- "We will take all necessary action to ensure compliance, including cooperating with authorities in any country," announced Rolls-Royce.
Fri, Feb. 13, 7:39 AM
- Rolls-Royce (OTCPK:RYCEY) cut its profit forecast for the year again and reported its first fall in annual revenues in a decade as a slide in oil prices dented customer demand.
- Underlying pretax profit at the engine maker fell 8% to £1.62B, while underlying revenues dropped 6% to £14.6B.
- Rolls-Royce expects profits to fall to £1.4B-£1.55B in 2015, on revenues of £13.4B-£14.4B.
Mon, Feb. 9, 7:30 AM
Nov. 21, 2014, 3:58 AM
- Following Delta's (NYSE:DAL) $14B order for 50 wide-bodied Airbus jets yesterday, Rolls-Royce (OTCPK:RYCEY) has landed a contract to supply the engines to power them.
- The $5B contract includes Trent XWB engines to power 25 Airbus A350s and Trent 7000 engines to power 25 Airbus A330neo aircraft.
- Previously: Delta places $14B jet order with Airbus
Nov. 13, 2014, 7:16 AM
- Rolls-Royce (OTCPK:RYCEY) expects to complete the sale of its energy gas turbine business to Siemens (OTCPK:SIEGY) by the end of the year, paving the way for a £1B ($1.58B) share repurchase.
- The company also affirmed its full-year earnings guidance which it had lowered last month when it announced a major cost cutting drive to boost profitability.
- Previously: Siemens unveils overhaul, confirms $1.3B deal for Rolls-Royce energy business
Nov. 4, 2014, 10:21 AM
- After issuing a major profit warning nearly three weeks ago, Rolls-Royce (OTCPK:RYCEY +1.7%) now says it will cut 2,600 jobs over the next 18 months in a battle to reduce costs.
- The layoffs will mainly come from the company's aerospace division, costing £120M pounds ($192M) over the next two years, before reducing spend by around £80M once the changes have been fully implemented.
- Rolls-Royce has also promoted David Smith from aerospace finance director to become the group's CFO, replacing Mark Morris who leaves after 27 years.
Oct. 17, 2014, 7:50 AM
- Shares of Rolls-Royce (OTCPK:RYCEY, OTC:RRCEF) are in a deep dive in London trading after the company issued a profit warning.
- A revenue decline of 3.5% to 4.0% is now forecast for the year compared to the flat growth guidance issued by Rolls-Royce just a few months ago.
- Trade sanctions made against Russia have been a factor this year.
Sep. 1, 2014, 10:17 AM
- As the U.S. military explores ways to cut costs of its V-22 Osprey aircraft, Rolls-Royce (OTC:RRCEF) may lose its place as the program's sole engine provider.
- "The V-22 Program is continually investigating ways to reduce the life cycle costs of the aircraft," announced the U.S. Navy by email. "Knowing that more than 90% of the operational use of the V-22 is in the future, coupled with budget pressures, it is prudent to investigate alternatives to existing systems and the engine is no exception."
- Each V-22 is currently powered by two Rolls-Royce AE1107C engines.
- The U.S. Marine Corp is in the process of acquiring 360 MV-22s, while the Pentagon this fiscal year is acquiring the last CV-22s for the Air Force. The aircraft are also attracting several overseas buyers.
Jun. 19, 2014, 3:26 AM
- Rolls-Royce (RYCEY) has announced it will repurchase $1.7B shares, due to no major acquisitions being seen in the near future.
- "As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders," says CEO John Rishton.
- The company sold its industrial gas turbine business to Siemens (SIEGY) in May for £785M. The transaction should be completed this year.
- Rolls-Royce's stock has plunged -19% this year.
Jun. 11, 2014, 3:46 AM
- Airbus (EADSF) has received a major blow after Dubai's Emirates airline cancelled its entire purchase of 70 Airbus A350 jets. The cancellation also stung engine maker Rolls-Royce (RYCEY), the sole engine maker for the A350.
- The deal, which closed in 2007, was worth around $16B ($22B based on the current price catalog). Rolls-Royce commented that the cancellation will result in a £2.6B ($4.4B) loss from its order book.
May. 6, 2014, 5:28 PM
- Siemens (SI) announces a corporate overhaul which will reorganize the company into nine divisions, see its healthcare business managed separately, and its audiology activities publicly listed; SI also confirms it is buying Rolls-Royce's (RYCEY) energy business.
- The £785M ($1.32B) purchase, plus £200M as part of a 25-year development services agreement, aims to strengthen SI's power generation and transmission business.
- Nine divisions will replace SI's four sectors, with healthcare being added an additional unit; the company expects the moves to help boost productivity by ~$1.5B, fully effective by the end of FY 2016.
May. 1, 2014, 8:46 AM
- Iran would purchase 400 new aircraft over 10 years if sanctions were lifted, the country's top aviation official reportedly says. The country has been banned from purchasing new Western airliners since the 1970s.
- Of Iran's 250 commercial planes, about 150 are flying and the rest are "not functional" because of a lack of spare parts. The average age of the nation's commercial fleet is 22 years.
- Under the recent deal with the international community over its nuclear program, Iran is allowed to acquire spare parts and services on a limited basis.
- Companies that could benefit from Iran being allowed to buy aircraft include Boeing (BA), Airbus (EADSY), Bombardier (BDRAF), Embraer (ERJ), GE (GE) and Rolls-Royce (RRCEF).
RYCEY vs. ETF Alternatives
Rolls Royce Group is a provider of power for use on land, at sea and in the air. Co. operates through its offices, service centers or manufacturing facilities in 50 countries. Through its subsidiaries and joint ventures, Co. operates in the following business segments: Civil Aerospace, Defense,... More
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