ADVFN - Advanced Financial Network.
HOME» NYSE » G » GE Stock Price » GE Stock News

Gen Electric Share News

 General Electric Stock Price
GE Stock Price
 General Electric Stock Chart
GE Stock Chart
 General Electric Stock News
GE Stock News
 General Electric Company Information
GE Company Information
 General Electric Stock Trades
GE Stock Trades

ILFC Aircraft Charges Moderate; Repossessions Could 'Drag'

By Doug Cameron Of DOW JONES NEWSWIRES International Lease Finance Corp. may suffer a "drag" on profits this year after repossessing aircraft from bankrupt airlines during the first quarter, though write-downs on its huge fleet have stabilized. The unit of American International Group Inc. (AIG) reported pre-tax profits of $120 million in the quarter, level with a year ago, including $55 million in impairments against a fleet of 930 planes. High jet fuel prices, sluggish demand and over-ambitious expansion strategies have taken their toll on the global airline industry, with high-profile collapses including Spain's Spanair and Hungary's Malev, both ILFC customers. This has forced leasing companies to recover planes and find new customers. ILFC also revealed that it opted to scrap some of the repossessed planes, using a parts specialist it acquired last year. The company has taken almost $3 billion in write-downs over the past two years, rattling an industry that had prospered from the growing popularity of airlines renting rather than buying planes. The company attributed part of the charges to the depressing impact on existing plane values from new aircraft such as the Airbus A320neo and the 737 Max from Boeing Co. (BA). Most rivals, including the market-leading Gecas unit of General Electric Co. (GE) did not take parallel write-downs, and have said it is too soon to determine the impact of new planes that won't come into service until late 2015 at the earliest. Robert Benmosche, AIG's chief executive, said on a post-earnings call that ILFC had done an "outstanding job" in repossessing planes from bankrupt clients. However, the cost of recovery and remarketing "will see some drag [on earnings] in the remaining three quarters." "We are still looking to find the right time to do an IPO for ILFC," Benmosche said on the call. The company earlier this year disclosed bank-style stress tests detailing how a potential downturn in its business could hit aircraft values. ILFC said in a regulatory filing last month that four customers had stopped flying or filed for court protection in 2012, returning 42 planes. While more than half of those planes have since been placed with other carriers, the plight of airlines this year is worse than in 2011 when ILFC had nine planes returned from seven distressed carriers. Last year's returns led to a charge of $40 million. -By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com

Stock News for Gen Electric (GE)
DateTimeHeadline
09/22/201407:30:21Airbus To Begin Flight Trials of New A320neo Engine Options
09/22/201404:50:13Siemens to Sell Stake in Appliance Joint Venture to Bosch
09/21/201421:30:43Siemens to Buy Dresser-Rand for $7.6 Billion
09/19/201417:27:22GE Has Held Acquisition Talks With Dresser-Rand -FT
09/18/201418:36:50LodgeNet Lenders Sue Over New Restructuring Deal
09/15/201417:13:47RadioShack Appoints Interim CFO
09/09/201402:03:09MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Dips Below 2,000
09/09/201401:56:57EUROPE MARKETS: Europe Markets Pull Back As Scottish Poll Spooks...
09/09/201401:49:28MARKET SNAPSHOT: U.S. Stocks Open Lower; Deals In Focus
09/09/201401:47:46U.S. Hot Stocks: Hot Stocks to Watch
09/09/201400:48:43MARKET SNAPSHOT: U.S. Stocks: Futures Slip; Multimedia Games...
09/08/201423:06:05EUROPE MARKETS: Electrolux Rallies, U.K. Banks Slump: Europe's...
09/08/201420:48:47U.S. Stock Futures Lower
09/08/201417:49:15EUROPE MARKETS: European Stocks, Pound Drop On Scottish Poll
09/08/201408:03:30MARKET SNAPSHOT: U.S. Stocks: Futures Off Modestly; GE In Focus
09/08/201405:44:40Electrolux's Biggest Shareholder Supports GE Appliances Deal
09/03/201401:32:13GE Gets Approval for 3-D Mammogram Machine
08/22/201417:40:07U.S. Regulator Approves GE-Powered 787-9 Jet
08/14/201412:30:19Electrolux in Talks to Acquire GE Appliances
08/14/201408:02:25Electrolux, Quirky in Talks to Buy GE Home Appliances -Bloomberg

Gen Electric and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad