Latest news with #ANPI
Al Bawaba
20-05-2025
- Business
- Al Bawaba
Turkish Airlines Announces First Use of Sompo AXIS Aviation Finance Insurance (SAAFI) Product for New Aircraft Deliveries
Turkish Airlines, a leading global airline, has mandated the first financing structure to use the Sompo AXIS Aviation Finance Insurance (SAAFI), Aviation Non-Payment Insurance (ANPI) product. This transaction, sealed at a signing ceremony in Tokyo, Japan, marks a significant milestone in aviation financing insurance as it is the first time SAAFI has been mandated following its launch earlier this year. Under the terms of the mandate, JP Lease will arrange equity and Sumitomo Mitsui Banking Corporation (SMBC) will provide the debt to Turkish Airlines for the delivery of one A350-900 and one A321-271NX aircraft (both expected in 2026). SMBC's loan is supported 100% with an ANPI policy provided by the SAAFI insurers, Sompo and AXIS. This use of the SAAFI ANPI product in connection with a Japanese Operating Lease with Call Option (JOLCO) structure has allowed Turkish Airlines to significantly lower its all-in cost of financing. The policy was brokered by Willis, a WTW business (NASDAQ: WTW). "We are pleased to be the launching customer of 'SAAFI' with the support of our valued insurers Sompo and AXIS, Insurance broker Willis, our long-term business partners SMBC and JP Lease. As Turkish Airlines, we are committed to participate in the development of innovative solutions that support our growth and fleet renewal strategies. With financing models like SAAFI, we not only enhance our financial flexibility and resilience but also reinforce our leadership in the industry,' said Assoc. Prof. Murat Şeker, Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee. Tim Gaul, Financial and Political Risks Underwriter at Sompo said: 'Sompo is honoured to have been mandated by our long-term partner Turkish Airlines to launch the SAAFI product on its inaugural financing of two Airbus aircraft. Sompo has extensive experience in the Aviation Non-Payment Insurance market having been involved in the financing of more than 120 aircraft globally over the past eight years. We believe our partnership with AXIS through SAAFI will be a welcome addition to our current suite of aviation financing products available to our customers, with Turkish Airlines the first of many who will benefit from our additional capacity.' Richard Jelf, Senior Underwriter at AXIS said: 'AXIS is proud to be bringing the SAAFI product to the aircraft finance market alongside Sompo and thrilled to have Turkish Airlines as our first customer. Building on our extensive experience in the aviation sector, SAAFI is an important addition to our product offerings in the Aircraft Non-Payment Insurance space. Through this initiative, AXIS can partner with new and existing customers, playing an important role in both their growth as well as that of the airline industry.' Stuart Ashworth, Managing Director of Financial Solutions, Willis, a WTW business, added: "We are delighted to be able to assist Turkish Airlines and SMBC with this financing. This is also our first SAAFI mandate from Turkish Airlines; an innovative financing solution supporting an innovative, dynamic and forward-thinking airline."
Yahoo
06-05-2025
- Business
- Yahoo
BWX Technologies Inc (BWXT) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and ...
Revenue: $682 million, up 13% year-over-year. Adjusted EBITDA: $130 million, up 13% year-over-year. Adjusted Earnings Per Share (EPS): $0.91, up 20% from $0.76 last year. Government Operations Revenue Growth: 14% increase. Government Operations Adjusted EBITDA Margin: 21.1%. Commercial Operations Revenue: $128 million, up 10% year-over-year. Commercial Operations Adjusted EBITDA Margin: 10.9%, down 100 basis points. Free Cash Flow: $17 million for the quarter. Capital Expenditures: $33 million or 4.9% of sales. Backlog: $1.3 billion in commercial operations, up 78% year-over-year. Adjusted Effective Tax Rate: 18.3% for the quarter. Warning! GuruFocus has detected 3 Warning Signs with BWXT. Release Date: May 05, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. BWX Technologies Inc (NYSE:BWXT) reported double-digit year-over-year growth in revenue, adjusted EBITDA, and adjusted earnings per share for the first quarter of 2025. The company achieved a robust bookings performance, with a commercial operations backlog of $1.3 billion, up 78% year-over-year. BWXT secured significant contracts, including the management and operations contract for the Department of Energy's Strategic Petroleum Reserve and a sole-source contract for domestic uranium enrichment. The company is expanding its nuclear services portfolio through the pending acquisition of Connectrix and increasing capacity at its Cambridge manufacturing plant. BWXT's medical segment experienced double-digit revenue and adjusted EBITDA growth, driven by its pet diagnostic product lines, and remains on track for over 20% full-year revenue growth. BWXT faced negative EACs (Estimate at Completion) of about $11 million, impacting both government and commercial operations. The company experienced heightened inflation for specialized raw materials in its Candu fuel business line, affecting margins in the first half of the year. There is uncertainty around the ANPI program, with unclear funding and potential outcomes, despite BWXT being selected as an eligible supplier. The zirconium cost impact due to geopolitical factors and tariffs poses a challenge, although BWXT has mechanisms to manage this risk. The timeline for FDA approval of BWXT's moly product remains uncertain, with potential delays into early 2026, affecting the company's entry into contracted sales. Q: Robb, it looks like there were some negative EACs this quarter of about $11 million based on what's in the 10-Q. Were those EACs all at government operations? Can you share in more detail what the offsets were that allowed the segment to deliver strong margins despite that headwind? A: Robb LeMasters, CFO: No, it wasn't all in government operations. It's about half and half between the commercial and the government business. The commercial operations were impacted by zirconium costs in the fuel business, which we will start to recover in the second half and into 2026. The government operations had various smaller impacts with no significant positive offsets. Q: Rex, in terms of the recent funds appropriated to support the shipbuilding industry, do you see BWXT as in line to get any of that funding? A: Rex Geveden, CEO: Not much for us in the continuing resolution. However, the reconciliation bill is interesting with potential funding for domestic defense enrichment and DoD nuclear reactors, which could be beneficial for us. Q: Rex, can you elaborate on the reconciliation package and its potential impact on BWXT, particularly regarding NASA and shipbuilding? A: Rex Geveden, CEO: The reconciliation bill includes funding for accelerating defense enrichment and DoD reactors, which is promising for us. The shipbuilding office setup is positive, emphasizing nuclear shipbuilding. Regarding NASA, there's interest in nuclear thermal propulsion, which aligns with our capabilities. Q: Robb, regarding the raw material issue at commercial operations, will the second quarter still be your highest margin quarter despite the impact? A: Robb LeMasters, CFO: The second quarter will not have the typical high margins due to the zirconium issue and other mix items. However, we expect margins to pick up in the second half with a better schedule of projects. Q: Rex, you mentioned perfecting the process on moly. Can you provide an update on the timeline for approval and contracting for 2026? A: Rex Geveden, CEO: We hope for approval in 2025, but it could extend into early 2026. We didn't forecast sales for 2025, but we might enter the spot market. We're addressing technical items from the FDA application and are nearing the finish line. Q: Can you discuss the enrichment contract and the LEU market for US reactor owners? A: Rex Geveden, CEO: We're in the conceptual stage for a pilot plant with NNSA. The LEU market requires unobligated materials, and the program could evolve with commercial sources or NNSA building the capability. It's too early to determine the exact path. Q: Robb, is there any reason to think free cash flow seasonality this year is markedly different than previous years? A: Robb LeMasters, CFO: No, we expect a typical pattern with CapEx building over the year and the fourth quarter being the most significant for free cash flow. Q: Rex, regarding the ANPI program, what are the expected revenues and cadence? A: Rex Geveden, CEO: The ANPI program is uncertain with eight participants, including us. We're negotiating OTAs, but funding and potential are unclear. We're eligible and hope to secure business. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
25-04-2025
1 killed and 2 injured as driver loses control during a parade in an Italian town
ROME -- A man was killed and two women injured when a driver lost control of his car in Italy's central town of Lanciano on Friday during celebrations for Italy's 80th Liberation Day, local media and rescuers said. The driver, an 80-year-old man, reportedly fell ill before hitting the crowd, firefighters said. An investigation was underway. An 81-year-old man died immediately after being hit by the car, while two women were injured and transferred to the hospital, local media reported. Italy celebrates its Liberation Day, known as 'Festa della Liberazione,' with a national public holiday on April 25. In addition to the closure of schools, public offices and most shops, the day is marked with parades and demonstrations across the country. The accident in Lanciano happened at the end of the local parade organized by ANPI, the Italian partisans' association that preserves the memory of the Resistance movement against the Fascists. The ceremonies are held in commemoration of the end of the Fascist rule and the Nazi occupation during World War II, as well as the victory of Italy's partisans movement. This year the 80th anniversary of the liberation coincides with the five-day period of national mourning for the death of Pope Francis, with the right-wing government urging organizers to carry out celebrations with due 'sobriety.'
Toronto Star
25-04-2025
- Toronto Star
1 killed and 2 injured as driver loses control during a parade in an Italian town
ROME (AP) — A man was killed and two women injured when a driver lost control of his car in Italy's central town of Lanciano on Friday during celebrations for Italy's 80th Liberation Day, local media and rescuers said. The driver, an 80-year-old man, reportedly fell ill before hitting the crowd, firefighters said. An investigation was underway. An 81-year-old man died immediately after being hit by the car, while two women were injured and transferred to the hospital, local media reported. ARTICLE CONTINUES BELOW Italy celebrates its Liberation Day, known as 'Festa della Liberazione,' with a national public holiday on April 25. In addition to the closure of schools, public offices and most shops, the day is marked with parades and demonstrations across the country. The accident in Lanciano happened at the end of the local parade organized by ANPI, the Italian partisans' association that preserves the memory of the Resistance movement against the Fascists. The ceremonies are held in commemoration of the end of the Fascist rule and the Nazi occupation during World War II, as well as the victory of Italy's partisans movement. This year the 80th anniversary of the liberation coincides with the five-day period of national mourning for the death of Pope Francis, with the right-wing government urging organizers to carry out celebrations with due 'sobriety.'
Winnipeg Free Press
25-04-2025
- Winnipeg Free Press
1 killed and 2 injured as driver loses control during a parade in an Italian town
ROME (AP) — A man was killed and two women injured when a driver lost control of his car in Italy's central town of Lanciano on Friday during celebrations for Italy's 80th Liberation Day, local media and rescuers said. The driver, an 80-year-old man, reportedly fell ill before hitting the crowd, firefighters said. An investigation was underway. An 81-year-old man died immediately after being hit by the car, while two women were injured and transferred to the hospital, local media reported. Italy celebrates its Liberation Day, known as 'Festa della Liberazione,' with a national public holiday on April 25. In addition to the closure of schools, public offices and most shops, the day is marked with parades and demonstrations across the country. The accident in Lanciano happened at the end of the local parade organized by ANPI, the Italian partisans' association that preserves the memory of the Resistance movement against the Fascists. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. The ceremonies are held in commemoration of the end of the Fascist rule and the Nazi occupation during World War II, as well as the victory of Italy's partisans movement. This year the 80th anniversary of the liberation coincides with the five-day period of national mourning for the death of Pope Francis, with the right-wing government urging organizers to carry out celebrations with due 'sobriety.'
