Latest news with #PrattandWhitney
RTÉ News
5 days ago
- Business
- RTÉ News
Wizz Air profit slumps on grounded planes, shares tumble
Budget carrier Wizz Air's grounded planes that are awaiting engine repairs took their toll on annual profits today, sending the shares down 23%. Wizz Air had 37 aircraft grounded as of May 9. By the end of the first half of its 2026 financial year, it expects 34 aircraft to remain grounded, with a repair shop visit expected at around 300 days. The planes have been affected by problems with RTX-owned Pratt and Whitney engines, limiting the airline's ability to increase capacity. It has issued two profit warnings in the past year. "You look at the performance of the supply chain, of the industry, and there are cracks all over the place," Chief Executive Jozsef Varadi told Reuters in an interview. Varadi previously said he expected the airline to be impacted by the engine repair issues for another two to three years. "We have the benefit of more than a year of experience operating under these unique circumstances – conditions airlines would never experience when demand exceeds supply," he said in the statement today. Operating profit for the financial year ended March 31 fell 61.7% from a year ago to 167.5 million euros missing the 246 million euros projected by analysts polled by LSEG. The London-listed shares fell 26% to 1,227p at 9.10am (GMT), having dropped 48% year-on-year to continue the carrier's streak as the worst stock performer among European airlines. Wizz Air has subsidiaries in Hungary, Britain, Abu Dhabi and Malta. That appeared to weigh on other airlines, with Lufthansa, easyjet and British Airways-owner IAG down 1.5% to 2.7%. European airlines have warned of longstanding delivery delays and uncertainty around maintaining a boom in post-COVID demand amid economic turmoil tied to US President Donald Trump's tariff threats. The sector has, however, benefited from lower fuel prices. Wizz said ticket prices were slightly lower than last year. Analysts have pointed to other potential rising costs. In particular, costs due to the retiring of Wizz's A320ceo fleet projected for next year. The company said it would not provide guidance for 2026 at this stage of the year, citing limited visibility.
24-05-2025
- Business
Jet engine maker Pratt & Whitney reaches tentative agreement with striking machinists
EAST HARTFORD, Conn. -- Jet engine maker Pratt & Whitney announced Friday that it reached a tentative agreement with the union representing about 3,000 machinists in Connecticut who've been on strike since May 4 demanding improved job security and better wages, retirement benefits and health care coverage. Members of the International Association of Machinists and Aerospace Workers are scheduled to vote May 27 on the revised contract offer. The company said the tentative agreement, reached after the two sides resumed talks on Thursday, addresses 'key points of interest among union members." It did not provide details. In a post on Facebook, the union said it was bringing 'an improved" tentative agreement to the unionized workers for a vote. 'It's in our membership's hands to decide if Pratt and Whitney's offer meets their needs so they can get back to work building the most capable engines in the world!' the post said. Union members began picketing at Pratt's manufacturing locations in East Hartford and Middletown after about 77% of nearly 2,100 union members voted to approve their first strike since 2001. 'Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,' David Sullivan, the union's eastern territory vice president, said in a statement at the time. 'This offer does not address the membership concerns, and the membership made their decision — we will continue to fight for a fair contract.' The company, a subsidiary of Arlington, Virginia-based RTX Corp., had called its earlier wage and retirement proposal competitive, and said its workforce is among the most highly compensated in the region and industry. The strike has come as RTX faces a potential $850 million hit on profits this year because of tariffs imposed by President Donald Trump, if the tariff rates remain the same through the year. During its first-quarter earnings call on April 22, the company said its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariffs hit. RTX is predicting $83 billion to $84 billion in adjusted sales companywide in 2025. The company's first-quarter earnings were $1.5 billion. Pratt & Whitney's adjusted operating profit in the quarter was $590 million. The company said its earlier contract proposal included an immediate 4% wage increase, followed by a 3.5% increase in 2026 and a 3% increase in 2027. It also included a $5,000 contract ratification bonus and enhanced pension and 401k plan benefits. Pratt & Whitney makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military's F-35 Lightning II fighter aircraft fleet. Democratic U.S. Sen. Richard Blumenthal, who joined the workers on the picket line, called the tentative agreement 'a solid step forward for Pratt's highly skilled machinists, and I hope for a fair settlement soon.'
Winnipeg Free Press
23-05-2025
- Business
- Winnipeg Free Press
Jet engine maker Pratt & Whitney reaches tentative agreement with striking machinists
EAST HARTFORD, Conn. (AP) — Jet engine maker Pratt & Whitney announced Friday that it reached a tentative agreement with the union representing about 3,000 machinists in Connecticut who've been on strike since May 4 demanding improved job security and better wages, retirement benefits and health care coverage. Members of the International Association of Machinists and Aerospace Workers are scheduled to vote May 27 on the revised contract offer. The company said the tentative agreement, reached after the two sides resumed talks on Thursday, addresses 'key points of interest among union members.' It did not provide details. In a post on Facebook, the union said it was bringing 'an improved' tentative agreement to the unionized workers for a vote. 'It's in our membership's hands to decide if Pratt and Whitney's offer meets their needs so they can get back to work building the most capable engines in the world!' the post said. Union members began picketing at Pratt's manufacturing locations in East Hartford and Middletown after about 77% of nearly 2,100 union members voted to approve their first strike since 2001. 'Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,' David Sullivan, the union's eastern territory vice president, said in a statement at the time. 'This offer does not address the membership concerns, and the membership made their decision — we will continue to fight for a fair contract.' The company, a subsidiary of Arlington, Virginia-based RTX Corp., had called its earlier wage and retirement proposal competitive, and said its workforce is among the most highly compensated in the region and industry. Monday Mornings The latest local business news and a lookahead to the coming week. The strike has come as RTX faces a potential $850 million hit on profits this year because of tariffs imposed by President Donald Trump, if the tariff rates remain the same through the year. During its first-quarter earnings call on April 22, the company said its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariffs hit. RTX is predicting $83 billion to $84 billion in adjusted sales companywide in 2025. The company's first-quarter earnings were $1.5 billion. Pratt & Whitney's adjusted operating profit in the quarter was $590 million. The company said its earlier contract proposal included an immediate 4% wage increase, followed by a 3.5% increase in 2026 and a 3% increase in 2027. It also included a $5,000 contract ratification bonus and enhanced pension and 401k plan benefits. Pratt & Whitney makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military's F-35 Lightning II fighter aircraft fleet. Democratic U.S. Sen. Richard Blumenthal, who joined the workers on the picket line, called the tentative agreement 'a solid step forward for Pratt's highly skilled machinists, and I hope for a fair settlement soon.'
Yahoo
23-05-2025
- Business
- Yahoo
Jet engine maker Pratt & Whitney reaches tentative agreement with striking machinists
EAST HARTFORD, Conn. (AP) — Jet engine maker Pratt & Whitney announced Friday that it reached a tentative agreement with the union representing about 3,000 machinists in Connecticut who've been on strike since May 4 demanding improved job security and better wages, retirement benefits and health care coverage. Members of the International Association of Machinists and Aerospace Workers are scheduled to vote May 27 on the revised contract offer. The company said the tentative agreement, reached after the two sides resumed talks on Thursday, addresses 'key points of interest among union members." It did not provide details. In a post on Facebook, the union said it was bringing 'an improved" tentative agreement to the unionized workers for a vote. 'It's in our membership's hands to decide if Pratt and Whitney's offer meets their needs so they can get back to work building the most capable engines in the world!' the post said. Union members began picketing at Pratt's manufacturing locations in East Hartford and Middletown after about 77% of nearly 2,100 union members voted to approve their first strike since 2001. 'Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,' David Sullivan, the union's eastern territory vice president, said in a statement at the time. 'This offer does not address the membership concerns, and the membership made their decision — we will continue to fight for a fair contract.' The company, a subsidiary of Arlington, Virginia-based RTX Corp., had called its earlier wage and retirement proposal competitive, and said its workforce is among the most highly compensated in the region and industry. The strike has come as RTX faces a potential $850 million hit on profits this year because of tariffs imposed by President Donald Trump, if the tariff rates remain the same through the year. During its first-quarter earnings call on April 22, the company said its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariffs hit. RTX is predicting $83 billion to $84 billion in adjusted sales companywide in 2025. The company's first-quarter earnings were $1.5 billion. Pratt & Whitney's adjusted operating profit in the quarter was $590 million. The company said its earlier contract proposal included an immediate 4% wage increase, followed by a 3.5% increase in 2026 and a 3% increase in 2027. It also included a $5,000 contract ratification bonus and enhanced pension and 401k plan benefits. Pratt & Whitney makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military's F-35 Lightning II fighter aircraft fleet. Democratic U.S. Sen. Richard Blumenthal, who joined the workers on the picket line, called the tentative agreement 'a solid step forward for Pratt's highly skilled machinists, and I hope for a fair settlement soon.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
IAM, Pratt & Whitney fail to find solution, strike continues
EAST HARTFORD, Conn. (WTNH) — IAM Union workers at Pratt & Whitney continued their strike on Wednesday as the union said contract negotiations failed to address their concerns of job security, retirement and wage security. The strike started on May 4. State leaders to advocate for employees as Pratt & Whitney strike enters fifth day IAM President Wayne McCarthy released the following statement: 'On May 4th, 80% of our members rejected the company's last, best, and final offer. It is now incumbent upon Pratt and Whitney and the RTX executives to address our 3 core issues. Job Security, Retirement Security, and Wage Security. This year, we are celebrating the 100th anniversary of Pratt and Whitney's founding in the state of Connecticut. Our members look forward to securing a fair agreement so that we can return to work. Then, we can all celebrate together as we deliver on our Military and Commercial Airline customers unprecedent demand for the Engines and parts that we produce right here in Connecticut. The Union's negotiating committee stands ready to have substantive discussions with the company's negotiating team. Our committee can be ready within an hours' notice. That puts the ball squarely into the company's court.' In response to the strike, Pratt & Whitney announced that striking employees will not be eligible for pay or benefits, but that the company is extending benefits coverage for two weeks. Striking employees received their final full paycheck on May 8. Pratt & Whitney strike enters second day Pratt & Whitney released the following statement: 'Connecticut IAM-employees rejected the Company's final contract offer and voted to strike. Striking employees aren't eligible for pay or benefits. However, Pratt & Whitney extended benefits coverage for two weeks to allow for employees to make alternate arrangements. We look forward to resuming negotiations for a mutually beneficial new contract that continues to secure these high paying, high-skilled manufacturing jobs here in Connecticut.' A full letter sent to IAM Union members can be read below: PrattLetterDownload Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
