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China Eastern Airlines announced it will officially launch a new direct flight between Shanghai and Marseille, France on July 2 this year.
The new Shanghai-Marseille service will be operated by Shanghai Airlines, a subsidiary of China Eastern Airlines, with three round-trip flights per week on Tuesdays, Fridays, and Sundays.
The flight numbers are FM871 from Shanghai to Marseille and FM872 for the return leg. The estimated flight time is around 12 hours. The new route will offer gate-to-gate internet service for passengers aboard.
Avianca Airlines presents new features in its Business Class product, both in twin-aisle aircraft (Boeing 787) and single-aisle aircraft (A320 family).
Moving forward, the Executive Cabin of the double-seat aircraft will be known as Avianca Insignia, which operates routes to and from Europe.
Those traveling in this cabin will be able to enjoy flatbed chairs, which recline completely, as well as a welcome drink, menu with starter, breakfast, lunch or dinner options with dessert, unlimited snacks and a selection of spirits, hot and cold drinks.
In addition, passengers have comfort elements at their disposal such as a blanket, mattress pad and an amenity kit with collectible cases designed by Mola Sasa in collaboration with the Gunadule indigenous community, made from recycled PET bottle fabric, a proposal that promotes sustainability and inclusion, as well as the formulations of Loto del Sur, a beauty brand that celebrates and captures the richness of Colombian culture, elevating the onboard experience.
“Avianca Insignia represents the consolidation of a superior experience in our Boeing 787, one of the most modern aircraft in the world,” said Manuel Ambriz, Avianca’s chief commercial officer. “And these Bogotá to Europe flights also feature a unique design, gastronomy and wellness selection representing the best of Colombia: a menu by chef Álvaro Clavijo—one of the top 35 in the world—and a leading brand amenity kit.”
A Renewed Business Class for Flying on Single-Aisle Aircraft:
Additionally, starting July 1, a new version of the Business Class experience will be available in the first three rows of single-aisle airplanes on flights from Bogotá to Santiago de Chile, São Paulo, Buenos Aires, Montevideo, Rio de Janeiro, Miami, Washington, New York, Boston, Toronto and Mexico City.
This offering includes a main meal (breakfast, lunch or dinner), drinks, a snack service and comfort elements (blanket, pillow and amenity kit).
Added Ambriz: “We are thrilled to have renewed the ‘Business Class’ experience on flights to the Americas’ main capitals,, thereby offering our customers multiple options on how they want to fly.”
IndiGo, India’s most preferred airline, is further defining its long-term future by strengthening its fleet with the introduction of wide-body aircraft to its fleet. Since inception in 2006, IndiGo has been successfully building its position and is now defining its future further on the path of becoming a global aviation player.
IndiGo agreed to place an order for 30 firm A350-900 aircraft, which will enable IndiGo to spread its wings further and expand its network. From the various Indian metros, IndiGo will be able to connect to the world.
The aircraft will be powered by Rolls Royce’s Trent XWB engine. The mission capability of this aircraft coupled with the efficiency of the Trent XWB engine will offer IndiGo unprecedented optionality as it embarks on the next stage of its wonderful journey of addressing the rapidly evolving needs of the Indian customer and our nation.
Currently, IndiGo operates over 350 aircraft. Last year, in June 2023, IndiGo placed the largest ever single aircraft order by any airline for 500 aircraft with Airbus. With that, the outstanding orderbook of A320 Family aircraft stands at almost 1,000 aircraft which are yet to be delivered well into the next decade.
This IndiGo order-book comprises a mix of A320NEO, A321NEO and A321XLR aircraft.
The exact configuration of the aircraft will be decided at a later stage, and the deliveries are expected to start from 2027.
In addition to the 30 firm A350-900 order, IndiGo has Purchase Rights for an additional 70 Airbus A350 Family aircraft, at its discretion, for possible future needs under certain conditions.
In calendar year 2023, IndiGo welcomed 100 million customers onboard its flights and as such, the airline is, quite literally, giving wings to our nation. IndiGo is amongst the fastest growing airlines in the world, and this order will allow it to strengthen its growth trajectory.
Before the end of this decade, the Indian economy is expected to grow from being the world’s 5th largest today to being the 3rd largest. Specifically in aviation, the Indian government has stated its mission to ensure that by 2030 India comes into her own on the world stage of aviation leadership by building cutting-edge infrastructure and developing the country into a global aviation hub.
Condor has taken delivery of its first Airbus A320neo (D-ANCZ) on lease from Avolon following an event in Toulouse.
The new aircraft is part of the airline’s ongoing fleet modernization which already includes the A330neo for long-haul routes. By operating aircraft from the A320 and the A330neo families, Condor will fully benefit from the advantages of commonality between these two aircraft family types.
Condor has operated the A320 family on its European route network for more than 20 years. With the introduction of the A320neo, Condor is building on this wealth of experience and benefiting from additional efficiency and comfort advantages the A320neo offers.
The new A320neo fleet will be powered by Pratt & Whitney engines and offer passengers maximum comfort with Airbus’ unique Airspace cabin. At the end of March 2024, the A320neo family had won more than 10000 orders from over 130 customers.
Brussels Airlines and Tomorrowland proudly present “Amare”, the newest Belgian Icon. Amare represents unity for people all over the world. The brand-new Airbus A320neo’s livery features augmented reality, a world-first. Both partners also ramp-up efforts to make the Tomorrowland-flights more sustainable.
During an event in Brussels Airlines’ Maintenance & Engineering hangar, the new livery was presented to media, guests, and employees. The new Belgian Icon is a tribute to the world-famous music festival Tomorrowland and demonstrates once more the Belgitude of Brussels Airlines, whereby the airline brings the world to Belgium and brings the best of Belgium to the world.
The design is a world premiere: Amare is the first aircraft to feature augmented reality in its livery as the bird comes to life when scanned through specific Social Media channels such as Instagram and TikTok. This feature provides The People of Tomorrow a first augmented storytelling behind the world-famous magical creature Amare, which symbolizes unity and transcending time and space. The whole design process of the livery took about 15 months and great attention has been given to details, from the feathers of the bird to the sparkles of the fireworks transitioning into the Brussels Airlines’ logo.
The Tomorrowland experience will of course continue inside the aircraft where passengers will enjoy the impressive sound system and special mood lighting in the cabin.
Exploring the world in a more responsible way Both partners are aware of their environmental impact and have been working to reduce it over the past few years. The new Amare is the second brand-new A320neo (with registration number OO-SBB) having joined Brussels Airlines’ fleet in December 2023.
The neo emits up to 20% less CO2 and up to 50% less noise than its predecessors. The new Amare is thus a tangible example of how Brussels Airlines and Tomorrowland are aiming to reduce their ecological impact.
Furthermore, all Global Journey Packages Brussels Airlines and Tomorrowland sell together will from now on be Green Fares, which compensate the flight emissions with Sustainable Aviation Fuel (20%) and thanks to the investment into qualitative CO2-reducing programmes (80%). To top it off, Tomorrowland and Brussels Airlines signed an agreement to invest in the purchase of SAF to compensate the total carbon emissions of all party flights that will be operated.
“Brussels Airlines has been a proud partner of Tomorrowland since 2012 and I am happy to announce that we will extend this partnership until 2028. We have many things in common such as the passion to explore the world and connecting cultures, but also the awareness of our environmental footprint and our willingness to take the necessary steps to reduce our impact.These shared values make this partnership such a success.” – Dorothea von Boxberg, CEO, Brussels Airlines
First maiden flight Amare will not only bring the festivalgoers to Tomorrowland but will be operating commercial flights as from 26 April 2024. It will leave on its “maiden voyage” on 26 April 2024 to Tenerife, at 1.20pm, flight number SN3781.
About the design of Amare Amare is a Tomorrowland icon symbolizing bringing people together and is actually synonymous with Unity. In the Tomorrowland Universe, the bird is the only one able to travel through different Tomorrowland worlds via Paperworld (the magical parallel spectrum that connects the different worlds).So from this line of thought, Amare was visualized as if the magical bird was traveling through the “spectrum of space” by having him fade out towards the back. This also conveys a stronger sense of motion and makes the aircraft even more dynamic and modern. This also emphasizes the very iconic head of Amare that is now known by many. Furthermore, the new visualization also exudes a tremendous power in magic through energy lines and particles that are in the direction of motion, this to further emphasize that Amare is a magical being that is constantly in motion with the purpose of bringing people together.
About Brussels Airlines’ Belgian Icons Brussels Airlines first Belgian Icon, Rackham, was introduced in 2015 and pays tribute to Tintin, the world-famous Belgian comic.Several other Belgian Icons followed to showcase the best of Belgium around the world: - Magritte was part of the fleet between 2016 and 2021. The aircraft was a homage to René Magritte, the Belgian surrealistic painter. - Also in 2016, Trident joined the fleet. The official plane of the Belgian Red Devils, the Belgian national soccer team. In 2021 a new Trident was presented, this time also proudly representing the Belgian Red Flames, the female soccer team. - Together with long-esteemed partner Tomorrowland, Amare was introduced in 2017. - Aerosmurf smurfed the fleet between 2018 and 2023. - Flemish painter Pieter Bruegel the Elder, a Belgian icon from the 16th century, traveled the world between 2019 and 2023.The idea behind the Belgian Icons is to introduce the best of Belgium to the world. The Belgian Icons are known all over the world and make flying even more fun.
American Airlines Group Inc. (NASDAQ: AAL) today reported its first-quarter 2024 financial results, including:
Record first-quarter revenue of approximately $12.6 billion.
First-quarter net loss of $312 million, or ($0.48) per diluted share. Excluding net special items1, first-quarter net loss of $226 million, or ($0.34) per diluted share.
Generated operating cash flow of $2.2 billion and free cash flow2 of $1.4 billion in the first quarter.
Reduced total debt3 by nearly $950 million in the first quarter. The company is now more than 80% of the way to its 2025 total debt reduction goal.
“The American Airlines team continues to build a reliable, efficient and resilient airline,” said American’s CEO Robert Isom. “While we aren’t satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets. Our team is running a fantastic operation, driving revenue through our commercial initiatives, efficiently managing costs, and producing free cash flow to further strengthen our balance sheet.”
Resources
Operational performance
American is running the best operation in its history because of a steadfast commitment to operational excellence and strong collaboration across the entire airline. The company produced its best-ever first-quarter completion factor and improved its mishandled baggage rate year over year. American achieved these results despite air traffic control challenges and significant weather events across its network during the quarter.
Financial performance
American produced results within previously guided ranges for each of its operating metrics despite a significant increase in the cost of fuel in the quarter. The company generated record first-quarter revenue of approximately $12.6 billion and a GAAP operating margin of 0.1%. Excluding the impact of net special items1, American produced an operating margin of 0.6% in the first quarter.
Balance sheet
Strengthening the balance sheet remains a top priority for American. In the first quarter, the company reduced total debt3 by nearly $950 million and has now achieved more than $12 billion, or over 80%, of its goal of reducing total debt3 by $15 billion by the end of 2025.
Guidance and investor update
Based on present demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its second-quarter 2024 adjusted earnings per diluted share4 to be between $1.15 and $1.45. The company continues to expect its full-year adjusted earnings per diluted share4 to be between $2.25 and $3.25.
Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information and the calculation of free cash flow.
The company recognized $86 million of net special items in the first quarter after the effect of taxes, which included operating net special items of $70 million, principally related to one-time charges resulting from the ratification of a new collective bargaining agreement for its passenger service team members represented by the CWA-IBT, as well as nonoperating net special items of $46 million for charges associated with mark-to-market net unrealized losses on certain equity investments.
Please see the accompanying notes for the company’s definition of free cash flow, which is a non-GAAP measure.
All references to total debt include debt, finance and operating lease liabilities and pension obligations.
Adjusted earnings per diluted share guidance excludes the impact of net special items. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.
American AIrlines aircraft photo gallery (Boeing):
Southwest Airlines Company today reported its first quarter 2024 financial results:
Net loss of $231 million, or $0.39 loss per diluted share
Net loss, excluding special items1, of $218 million, or $0.36 loss per diluted share
Record first quarter operating revenues of $6.3 billion
Liquidity2 of $11.5 billion, well in excess of debt outstanding of $8.0 billion
Bob Jordan, President and Chief Executive Officer, stated, “While it is disappointing to incur a first quarter loss, we exited the quarter with healthy profits and margins in the month of March. We are focused on controlling what we can control and have already taken swift action to address our financial underperformance and adjust for revised aircraft delivery expectations. I want to thank our more than 74,000 Employees for their continued Warrior Spirit to maintain a reliable and resilient operation as we adapt to aircraft delivery constraints and adjust to slower than planned growth for this year and next.
“Our first quarter 2024 revenue performance, while shy of our prior aspirations, resulted in record first quarter operating revenues, record first quarter passengers carried, and a solid sequential improvement in nominal unit revenue when compared with seasonal norms. The sequential improvement was driven by an acceleration in managed business revenues as well as benefits from network adjustments, which started in earnest with the March schedule. While costs remain a headwind, we are realizing benefits from our ongoing cost reduction actions and remain focused on enhancing productivity and controlling discretionary spending. We also have certainty with labor rates, having ratified agreements with 11 of our labor groups in the past 18 months, including the agreement ratified yesterday for our Flight Attendants.
“Achieving our financial goals is an immediate imperative. The recent news from Boeing regarding further aircraft delivery delays presents significant challenges for both 2024 and 2025. We are reacting and replanning quickly to mitigate the operational and financial impacts while maintaining dependable and reliable flight schedules for our Customers.
“To improve our financial performance, we have intensified our network optimization efforts to address underperforming markets. Consequently, we have made the difficult decision to close our operations at Bellingham International Airport, Cozumel International Airport, Houston’s George Bush Intercontinental Airport, and Syracuse Hancock International Airport. I want to sincerely thank our Employees, the airports, and the communities for all their incredible support over the years.
“Additionally, we are evaluating options to enhance our Customer Experience as we study product preferences and expectations, including onboard seating and our cabin. And, we are implementing cost control initiatives, including limiting hiring and offering voluntary time off programs. We now expect to end 2024 with approximately 2,000 fewer Employees as compared with the end of 2023.
“We are focused on achieving our financial prosperity goals and creating value for our Shareholders, while we adjust to changes in our aircraft delivery plans, Customer travel patterns and preferences, higher fuel prices, and other cost pressures. We are excited and optimistic with a robust set of strategic initiatives that are well underway. They are comprehensive and aimed at enhancing the Customer Experience; delivering operational excellence; creating new and meaningful revenue opportunities; expanding margins; and achieving return on invested capital well above of our weighted average cost of capital. We look forward to sharing these plans at our Investor Day in September.”
(a) Operating revenue per available seat mile (“RASM” or “unit revenues”).
(b) Available seat miles (“ASMs” or “capacity”). The Company’s flight schedule is published for sale through March 5, 2025. The Company expects third quarter 2024 capacity to increase in the low-single digits and fourth quarter 2024 capacity to decrease in the low- to mid-single digits, resulting in capacity growth in the range of flat to down low-single digits in second half 2024, all on a year-over-year percentage basis.
(c) Operating expenses per available seat mile, excluding fuel and oil expense, special items, and profitsharing (“CASM-X”).
(d) Aircraft on property, end of period. The Company now plans for approximately 20 Boeing 737-8 (“-8”) aircraft deliveries and 35 aircraft retirements in 2024, comprised of 31 Boeing 737-700s (“-700”) and four Boeing 737-800s (“-800”). This is compared with its previous plan for approximately 46 -8 deliveries and 49 aircraft retirements. The delivery schedule for the Boeing 737-7 (“-7”) is dependent on the Federal Aviation Administration (“FAA”) issuing required certifications and approvals to The Boeing Company (“Boeing”) and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and Boeing may continue to experience manufacturing challenges, so the Company offers no assurances that current estimations and timelines will be met.
Revenue Results and Outlook:
First quarter 2024 operating revenues were a first quarter record $6.3 billion, a 10.9 percent increase, year-over-year
First quarter 2024 RASM was flat, year-over-year—at the low end of the Company’s previous guidance range
The Company had record first quarter revenue performance driven by strong demand trends and record first quarter passenger and ancillary revenue, passengers carried, and new Rapid Rewards® Members. The Company’s first quarter 2024 RASM came in at the low end of its expectations primarily due to lower-than-expected close-in leisure passenger volume, including lower-than-expected maturation of development markets. Still, nominal sequential RASM in first quarter 2024 was ahead of normal seasonal trends. First quarter 2024 managed business revenues strengthened sequentially, as expected, finishing roughly flat when compared with first quarter 2019 levels, and up approximately 25 percent, year-over-year. Network optimization adjustments, implemented with the March schedule, were accretive and supported the profitability inflection point and strong margins for the month of March 2024.
Based on current booking trends, the Company continues to expect an all-time quarterly record for operating revenue in second quarter 2024. Second quarter 2024 RASM is expected to decrease in the range of 1.5 percent to 3.5 percent, on capacity growth of 8 percent to 9 percent, both year-over-year. The comparison includes just over one point of year-over-year headwind from the combined impact of Easter and 4th of July timing. Once again, the Company currently expects nominal second quarter 2024 sequential RASM trends to exceed normal seasonal trends. This anticipated sequential improvement includes expected benefits from revenue initiatives—most notably a full quarter of network optimization.
Significant challenges presented by Boeing aircraft delivery delays, and the related reduction in second half 2024 capacity, negatively impact the Company’s previous expectation for double-digit year-over-year operating revenue growth for full year 2024. As such, the Company now expects full year 2024 year-over-year operating revenue growth approaching high-single digits when adjusted for current trends and planned reductions for post-summer schedules. While the Company remains committed to the goal of earning its cost of capital, these new challenges, combined with current trend pressures, make it more realistic to expect that to occur beyond 2024. The Company is working on further optimization of its network with the goal to improve unit revenue performance and operating margins5. To that end, the Company has made the difficult decision to cease operations at Bellingham International Airport, Cozumel International Airport, Houston’s George Bush Intercontinental Airport, and Syracuse Hancock International Airport on August 4, 2024, and significantly restructure other markets, most notably by implementing capacity reductions in both Hartsfield-Jackson Atlanta International Airport and Chicago O’Hare International Airport.
The Company’s initiatives, which include the estimated benefit of network changes, are expected to contribute between $1.0 billion and $1.5 billion in 2024 year-over-year pre-tax profits, compared with its initial plan of roughly $1.5 billion. The estimated value has been updated for first quarter actual performance, development market adjustments, and capacity changes in the second half of the year. Furthermore, the Company will continue to evaluate its network and work on its robust set of new strategic initiatives, including revenue generating opportunities.
Fuel Costs and Outlook:
First quarter 2024 economic fuel costs were $2.92 per gallon1—slightly below the Company’s previous expectations primarily as a result of lower-than-expected refinery margins—and included $0.08 per gallon in premium expense and $0.04 per gallon in favorable cash settlements from fuel derivative contracts
First quarter 2024 fuel efficiency improved 2.5 percent, year-over-year, primarily due to more -8 aircraft, the Company’s most fuel-efficient aircraft, as a percentage of its fleet
As of April 18, 2024, the fair market value of the Company’s fuel derivative contracts settling in second quarter 2024 through the end of 2026 was an asset of $270 million
The Company’s multi-year fuel hedging program continues to provide protection against spikes in energy prices. The Company’s current fuel derivative contracts contain a combination of instruments based on West Texas Intermediate and Brent crude oil, and refined products, such as heating oil. The economic fuel price per gallon sensitivities3 provided in the table below assume the relationship between Brent crude oil and refined products based on market prices as of April 18, 2024.
Estimated economic fuel price per gallon, including taxes and fuel hedging premiums
Average Brent Crude Oil price per barrel
2Q 2024
2024
$70
$2.45 – $2.55
$2.50 – $2.60
$80
$2.65 – $2.75
$2.70 – $2.80
Current Market (a)
$2.70 – $2.80
$2.70 – $2.80
$90
$2.80 – $2.90
$2.85 – $2.95
$100
$3.00 – $3.10
$3.05 – $3.15
$110
$3.10 – $3.20
$3.15 – $3.25
Fair market value of fuel derivative contracts settling in period
$27 million
$109 million
Estimated premium costs
$39 million
$158 million
(a) Brent crude oil average market prices as of April 18, 2024, were $87 and $84 per barrel for second quarter and full year 2024, respectively.
In addition, the Company is providing its maximum percentage of estimated fuel consumption6 covered by fuel derivative contracts in the following table:
Period
Maximum fuel hedged percentage (a)
2024
58 %
2025
47 %
2026
26 %
(a) Based on the Company’s current available seat mile plans. The Company is currently 55 percent hedged in second quarter 2024 and 58 percent hedged for second half 2024.
Non-Fuel Costs and Outlook:
First quarter 2024 operating expenses increased 12.2 percent, year-over-year, to $6.7 billion
First quarter 2024 operating expenses, excluding fuel and oil expense, special items, and profitsharing1, increased 16.5 percent, year-over-year
First quarter 2024 CASM-X increased 5.0 percent, year-over-year—better than the Company’s previous expectations
The Company’s first quarter 2024 CASM-X increased 5.0 percent, year-over-year, approximately one point better than prior guidance primarily due to favorable airport settlements and higher-than-expected participation in voluntary time off programs. The majority of the first quarter CASM-X increase, year-over-year, was attributable to higher 2024 overall labor cost increases, as well as pressure from planned maintenance expenses.
The Company continues to expect similar cost pressures throughout the year, driving second quarter 2024 CASM-X to an expected increase in the range of 6.5 percent to 7.5 percent, year-over-year. The Company expects full year 2024 CASM-X to increase in the range of 7 percent to 8 percent, based on a reduction of roughly 2 points of lower than previously expected capacity, on a year-over-year basis.
First quarter 2024 net interest income, which is included in Other expenses (income), increased $18 million, year-over-year, primarily due to a $16 millionincrease in interest income driven by higher interest rates.
Fleet, Capacity, and Capital Spending: During first quarter 2024, the Company received five -8 aircraft and retired three -700 aircraft, ending first quarter with 819 aircraft. Given the Company’s discussions with Boeing and expected aircraft delivery delays, the Company plans for approximately 20 -8 aircraft deliveries in 2024, a reduction from the Company’s previous expectation of 46 -8 aircraft deliveries, which differs from its contractual order book displayed in the table below. Consequently, to support fleet flexibility for 2025, the Company plans to retire approximately 35 aircraft in 2024 (31 -700s and four -800s), a reduction from its previous expectation of 49 (45 -700s and four -800s). This will result in a fleet of roughly 802 aircraft at year-end 2024. As a result of Boeing’s delivery delays, the Company has conservatively re-planned its capacity and delivery expectations for the remainder of this year and next. However, there is no assurance that Boeing will meet this most recent delivery schedule.
The Company’s flight schedule is published for sale through March 5, 2025. In light of the Company’s lower aircraft delivery expectations, the Company estimates second quarter 2024 capacity to increase in the range of 8 percent to 9 percent; third quarter 2024 capacity to increase in the low-single digits; fourth quarter 2024 capacity to decrease in the low- to mid-single digits; and full year 2024 capacity to increase approximately 4 percent, all on a year-over-year percentage basis. While the Company continues to adjust and re-optimize schedules for the second half of the year, the current expectation is for aircraft seats and trip frequency to decline in the third and fourth quarters of 2024, both on a year-over-year basis. The Company currently plans for capacity growth beyond 2024 to be at or below macroeconomic growth trends until the Company reaches its long-term financial goal to consistently achieve after-tax return on invested capital (“ROIC”)7 well above its weighted average cost of capital (“WACC”).
The Company’s first quarter 2024 capital expenditures were $583 million, driven primarily by aircraft-related capital spending, as well as technology, facilities, and operational investments. The Company now estimates its 2024 capital spending to be roughly $2.5 billion, which includes approximately $1.0 billion in aircraft capital spending, assuming approximately 20 -8 aircraft deliveries in 2024 and continued progress delivery payments for the Company’s contractual 2025 firm orders.
Last week, the Company entered into a Supplemental Agreement with Boeing relating to its contractual order book for -7 and -8 aircraft. This Supplemental Agreement addresses updates related to the continued -7 delay in certification and supports the Company’s continued focus on fleet modernization. The Supplemental Agreement formalized the conversion of 19 2025 -7 firm orders into -8 firm orders as of March 31, 2024, and shifted one 2025 -8 option into 2026 as of April 2024. The following tables provide further information regarding the Company’s contractual order book and compare its contractual order book as of April 25, 2024, with its previous order book as of January 25, 2024. The contractual order book as of April 25, 2024 does not include the impact of delivery delays and is subject to change based on ongoing discussions with Boeing.
Current 737 Contractual Order Book as of April 25, 2024:
The Boeing Company
-7 Firm Orders
-8 Firm Orders
-7 or -8 Options
Total
2024
27
58
—
85
(c)
2025
40
19
14
73
2026
59
—
27
86
2027
19
46
25
90
2028
15
50
25
90
2029
38
34
18
90
2030
45
—
45
90
2031
45
—
45
90
288
(a)
207
(b)
199
694
(a) The delivery timing for the -7 is dependent on the FAA issuing required certifications and approvals to Boeing and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and the Company therefore offers no assurances that current estimations and timelines are correct.
(b) The Company has flexibility to designate firm orders or options as -7s or -8s, upon written advance notification as stated in the contract.
(c) Includes five -8 deliveries received year-to-date through March 31, 2024. Given the Company’s continued discussions with Boeing and expected aircraft delivery delays, the Company is currently planning for approximately 20 -8 aircraft deliveries in 2024.
Previous 737 Order Book as of January 25, 2024 (a):
The Boeing Company
-7 Firm Orders
-8 Firm Orders
-7 or -8 Options
Total
2024
27
58
—
85
2025
59
—
15
74
2026
59
—
26
85
2027
19
46
25
90
2028
15
50
25
90
2029
38
34
18
90
2030
45
—
45
90
2031
45
—
45
90
307
188
199
694
(a) The ‘Previous 737 Order Book’ is for reference and comparative purposes only. It should not be relied upon. See ‘Current 737 Contractual Order Book’ for the Company’s current aircraft order book.
Liquidity and Capital Deployment:
The Company ended first quarter 2024 with $10.5 billion in cash and cash equivalents and short-term investments, and a fully available revolving credit line of $1.0 billion
The $921 million reduction in cash and cash equivalents during first quarter 2024 was driven primarily by the $1.35 billion payout of the Pilot contract ratification bonus
The Company continues to have a large base of unencumbered assets with a net book value of approximately $17.2 billion, including $14.4 billion in aircraft value and $2.8 billion in non-aircraft assets such as spare engines, ground equipment, and real estate
The Company had a net cash position8 of $2.5 billion, and adjusted debt to invested capital (“leverage”)9 of 47 percent as of March 31, 2024
The Company returned $215 million to its Shareholders through the payment of dividends during first quarter 2024
The Company paid $8 million during first quarter 2024 to retire debt and finance lease obligations, consisting entirely of scheduled lease payments
Awards and Recognitions:
Named to FORTUNE’s list of World’s Most Admired® Companies; ranked #39 overall
Named Domestic Carrier of the Year by the Airforwarders Association
Named the #2 domestic airline by the 2024 Elliot Readers’ Choice Awards
Recognized by Newsweek as one of America’s Most Responsible Companies
Earned Top Score in Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index
Designated one of the 25 Best Companies for Latinos to Work 2024 by Latino Leaders Magazine
Received the following 2024 designations from Viqtory: Military Friendly Employer, Military Spouse Employer, and Military Friendly Supplier Diversity Program
Environmental, Social, and Governance (“ESG”):
Announced the launch of Southwest Airlines Renewable Ventures (“SARV”), a wholly-owned subsidiary of Southwest Airlines® dedicated to creating more opportunities for Southwest to obtain scalable sustainable aviation fuel (“SAF”), a critical component in the success of the carrier’s goal to replace 10 percent of its total jet fuel consumption with SAF by 2030
Announced the acquisition of SAFFiRE Renewables, LLC (“SAFFiRE”) as part of the SARV investment portfolio. SAFFiRE expects to utilize technology developed at the Department of Energy’s National Renewable Energy Laboratory (“NREL”) to convert corn stover, a widely available agricultural residue feedstock in the U.S., into renewable ethanol
Announced a $30 million investment in LanzaJet, Inc., a SAF technology provider and producer with the world’s first ethanol-to-SAF commercial plant, as part of the SARV investment portfolio
Joined the Hawai’i Seaglider Initiative to explore the feasibility of 100 percent electric, zero direct emissions technology
Published the Southwest Airlines Climate Advocacy statement
Celebrated Black History Month and Women’s History Month throughout February and March 2024, respectively. Southwest highlighted its Employee Resource Groups and encouraged Employees to get involved and learn more about cultural, heritage, and pride months
Highlighted National Human Trafficking Prevention Month to educate Employees and Customers on ways to help combat this issue. Southwest is proud to support multiple nonprofit organizations whose efforts help with the rescue, recovery, and restoration of human trafficking survivors
Launched applications for the Southwest Scholarship Program, which includes two scholarship opportunities. The Southwest Airlines® Community Scholarship seeks to build a diverse talent pipeline, while inspiring future generations to find careers within the airline industry. The Southwest Airlines® Founders Scholarship was established for eligible dependents of Southwest Airlines Employees to pursue higher education
Celebrated the fifth anniversary of Southwest’s service to Hawaii by announcing a partnership with the Council for Native Hawaiian Advancement (“CNHA”) as Presenting Sponsor of the community’s beloved and revitalized Kilohana Hula Show
Visit southwest.com/citizenship for more details about the Company’s ongoing ESG efforts
Because of the Boeing delivery delays, Southwest will drop service to four destinations on August 4, 2024:
Alaska Airlines is expanding service at two of its major hubs in Southern California with new routes and additional capacity to popular West Coast destinations as part of the carrier’s ongoing commitment to growth in the state.
Starting this fall, we’re adding our 39th nonstop destination from San Diego with service to Las Vegas. We’re also starting new service between Los Angeles and Pasco, as well as bringing back guest favorite Los Angeles to Reno. Guests can now book these new, nonstop routes on alaskaair.com with service beginning Oct. 1, 2024.
Alaska also announced it is adding more flights to destinations already serve out of Los Angeles International Airport, increasing capacity by more than 25%, including to Boise, Medford, Portland, San Jose, Santa Rosa and Seattle/Tacoma.
In Los Angeles, we’ll start to fly our expanded schedule on Oct. 1, 2024 when we’ll offer the most daily flights to West Coast destinations of any airline from LAX.
Alaska AIr Fuel Douglas C-54D-DC (DC-4) registered as N3054V crashed shortly after takeoff on Tuesday from Fairbanks International Airport. The two crew members on board did not survive the crash. The pilots reported there was a fire on board.
🚨#BREAKING: New Security footage has captured the moment when a Douglas C-54D-DC Skymaster, plane operated by Alaska Air Fuel, crashed soon after takeoff from Fairbanks International Airport in Alaska. Both pilots were killed and the aircraft was destroyed pic.twitter.com/t1MQd3wgB9
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