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United takes 24 Boeing 777s out of service as the FAA orders inspections following engine failure

United says it’s voluntarily taking 24 Boeing 777s out of service after one of the planes suffered an engine failure shortly after takeoff from Denver on Saturday.

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Residents take pictures of debris fallen from a United Airlines airplane’s engine on the neighborhood of Broomfield, outside Denver, Colorado, on Feb. 20, 2021. A United Airlines flight suffered a fiery engine failure Feb. 20, shortly after taking off from Denver on its way to Hawaii, dropping massive debris on a residential area before a safe emergency landing, officials said.

Chet Strange | AFP | Getty Images

United Airlines said Sunday that it will temporarily remove 24 of its Boeing 777s from service after one of the planes suffered an engine failure over the weekend.

The head of the Federal Aviation Administration said Sunday the agency will order the inspection of some Boeing 777 jetliners powered by the same Pratt and Whitney engine, the PW4000.

Japan’s aviation regulator has ordered airlines to suspend flights of aircraft with this type of engine until further notice, the FAA said. United is the only U.S. airline with this type of engine in its fleet, added the agency.

United Flight 328, a Boeing 777-200 bound for Honolulu, made an emergency landing at Denver International Airport shortly after takeoff on Saturday afternoon after its right engine failed.

No one was injured in the flight that was carrying 229 passengers and 10 crew members, but debris, including what appeared to be a piece of the engine covering, fell in nearby Broomfield, Colorado.

Separately, Boeing said it recommended the halting of its 777 aircraft with the same kind of engine as the United flight that dropped debris near Denver.

“While the NTSB investigation is ongoing, we recommended suspending operations of the 69 in-service and 59 in-storage 777s powered by Pratt & Whitney 4000-112 engines until the FAA (Federal Aviation Administration) identifies the appropriate inspection protocol,” Boeing said in a statement.

Federal investigators said their initial investigation revealed two of the right engine’s fan blades were fractured.

The National Transportation Safety Board said one of the engine’s fan blades was fractured near its root while another was fractured half-way through. Other engine fan blades were also damaged, the NTSB said in an initial report late Sunday.

“We reviewed all available safety data following yesterday’s incident. Based on the initial information, we concluded that the inspection interval should be stepped up for the hollow fan blades that are unique to this model of engine, used solely on Boeing 777 airplanes,” FAA administrator Steve Dickson said in a statement.

United has another 28 of these aircraft in its fleet that are currently in storage. Airlines parked or retired dozens of planes after demand fell because of the Covid-19 pandemic. The planes are also operated in Japan and South Korea.

Engine maker Pratt and Whitney, a Raytheon Technologies unit, said in a statement that the company is “actively coordinating with operators and regulators to support the revised inspection interval of the Pratt & Whitney PW4000 engines that power Boeing 777 aircraft.”

Pratt and Whitney said it will continue to ensure the safe operation of the fleet.

United operates 44 other Boeing 777s that are powered by General Electric engines.

Similar incidents

Such incidents are rare but have occurred in recent years.

In February 2018, another United Airlines 777-200, outfitted with Pratt and Whitney PW4077 engines, suffered engine failure over the Pacific near Hawaii, after a fan blade fractured, according to an NTSB report released in June. The flight made it safely to Honolulu with 364 passengers and 10 crewmembers.

In April 2018, a passenger was killed when a fan blade broke off from a Southwest Airlines Boeing 737’s engine, breaking a window and briefly sucking the passenger partially outside.

Source: https://www.cnbc.com/2021/02/22/united-engine-failure-faa-orders-inspections-pratt-whitney-engines.html

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International: Top News And Analysis

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Source: https://www.cnbc.com/us-top-news-and-analysis/

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Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

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Source: https://www.cnbc.com/earnings/

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Nike earnings and sales beat estimates as retailer books record revenue in North America

Nike on Thursday reported fiscal fourth-quarter earnings and sales that topped analysts’ estimates, fueled by record revenue in North America.

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A man walks in front of Nike products exhibit, on February 22, 2021 in New York City.

John Smith | Corbis News | Getty Images

Nike on Thursday reported fiscal fourth-quarter earnings and sales that topped analysts’ estimates, fueled by record revenue in its largest market, North America.

It also offered a better-than-expected sales outlook for the upcoming year, driven by optimism around its women’s category, apparel business and Jordan brand.

Nike continues to benefit from consumers seeking out comfortable clothing to wear for workouts but also around the house. Even as people return to schools, offices and other social settings, many are still searching for relaxed options such as sneakers and stretchy pants.

Nike also saw a boost to its wholesale business — something that was largely inactive a year earlier during the Covid pandemic, when shopping malls and department stores had to temporarily shut their doors and put orders for merchandise on pause. Some of Nike’s key wholesale partners include Dick’s Sporting Goods, Foot Locker and JD Sports.

Nike shares jumped more than 12% in after-hours trading.

Here’s how the company did during its fiscal fourth quarter, compared with what analysts were anticipating, using Refinitiv estimates:

  • Earnings per share: 93 cents vs. 51 cents expected
  • Revenue: $12.34 billion vs. $11.01 billion expected

Nike’s net income for the period ended May 31 rose to $1.5 billion, or 93 cents per share, compared with a loss of $790 million, or 51 cents per share, a year earlier. That topped analysts’ forecast of 51 cents per share, using Refinitiv data.

Total revenue rose to $12.34 billion from $6.31 billion a year earlier, topping estimates for $11.01 billion. Sales were aided by the company selling more goods at full price and relying less on markdowns.

In North America, Nike’s biggest market, sales more than doubled to a record $5.38 billion as the company surged from a year earlier when the Covid pandemic was hitting the retail industry the hardest. The region’s sales were up 29% on a two-year basis.

In Greater China, sales were up just 17% at $1.93 billion. Though China is typically one of the fastest-growing markets for Nike, consumers in China have threatened a boycott after some Western brands including Nike expressed concern about allegations of forced labor in Xinjiang.

Management said Thursday that Nike is seeing improvement in China sequentially month by month.

“Building on our 40-year history in Greater China, we continue to invest in serving consumers with the best products Nike has to offer in locally relevant ways,” CFO Matt Friend said during a post-earnings conference call.

Digital sales were up 41% compared with the prior year and rose 147% compared with the same period in 2019.

The company said its membership model is helping to fuel its e-commerce business. Online purchases from Nike members, who receive first access to exclusive products and other perks, hit a record $3 billion during the fourth quarter. Nike said it now has more than 300 million members globally.

“Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth,” said Nike CEO John Donahoe.

In fiscal 2022, Nike is expecting revenue to grow a low double-digit percentage, surpassing $50 billion. Analysts were looking for annual revenue of $48.5 billion.

The company anticipates the first half of the year to grow faster than the second half, Friend said.

“It’s important to note as we normalize our post-pandemic business and continue to reshape the marketplace, we do not expect quarter-by-quarter growth to be linear,” he said.

Nike also anticipates supply chain delays and higher logistics costs will persist throughout much of fiscal 2022. The headaches have been plaguing much of the retail industry for months now. A shortage of containers and a dearth of truck drivers, among other factors, have stalled merchandise from getting from ports to warehouses to shoppers’ homes.

Nike shares are down more than 5% year to date. The company has a market cap of $211 billion.

Find the full earnings press release from Nike here.

Nike continues to benefit from consumers seeking out comfortable clothing to wear for workouts but also around the house. Even as people return to schools, offices and other social settings, many are still searching for relaxed options such as sneakers and stretchy pants.

Source: https://www.cnbc.com/2021/06/24/nike-nke-q4-2021-earnings.html

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