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;

Stock News for Gen Electric (GE)
11/27/201503:02:00Activists Display Lighter Touch
11/25/201511:07:02What Siemens' Results Mean for General Electric Company
11/25/201509:01:00GE Completes Sale of Consumer Finance Business in Australia and...
11/24/201512:52:00DILON Diagnostics and GE Healthcare announce a global distribution...
11/24/201510:21:00Airbus Gains Regulatory Approval for New A320neo Plane
11/24/201509:45:031 Chart That Shows How Texas Is Blowing Away Wind Generation
11/23/201520:50:00Google Parent to Ask Subsidiaries to Pay for Corporate Services
11/23/201517:30:023 Stocks to Buy and Hold for the Next Decade
11/23/201516:42:43Current Report Filing (8-k)
11/23/201516:14:35Statement of Changes in Beneficial Ownership (4)
11/23/201516:14:26Statement of Changes in Beneficial Ownership (4)
11/23/201511:04:023 Ways General Electric Just Got Serious About Wind Energy
11/23/201508:50:00GE to Sell U.K. Home Lending Portfolio
11/23/201508:33:00GE to Sell U.K. Home Lending Portfolio
11/23/201507:07:00GE To Sell UK Home Lending Portfolio to Blackstone, TSSP and...
11/23/201503:32:00Electrolux: Not in Settlement Talks With DOJ Over GE Appliances...
11/21/201517:00:03How to Get a Raise Every Year -- After You've Retired
11/21/201508:00:09The Next Energy Company on Warren Buffett's Radar
11/21/201503:02:00Electrolux Chief Seeks To Retract Testimony
11/20/201520:29:00Electrolux CEO Seeks to Retract Key Testimony in GE Deal Antitrust...

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