|Bid||30.88 x N/A|
|Ask||30.90 x N/A|
|Day's range||30.86 - 32.80|
|52-week range||29.24 - 158.73|
|Beta (3Y monthly)||2.20|
|PE ratio (TTM)||N/A|
|Earnings date||24 Oct 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||224.45|
Norwegian Air has agreed to sell its stake in banking company Norwegian Finans Holding for 2.22 billion crowns ($246.7 million), boosting the loss-making airline's finances and sending its shares sharply higher on Monday. Norwegian Finans Holding owns Bank Norwegian, a credit card company originally set up by Norwegian Air. The airline is selling its 17.5% stake to Cidron Xingu Limited, indirectly controlled by Nordic Capital Fund IX and Sampo.
European shares ended higher for a second straight session on Monday on signs that measures would be adopted to prop up growth in major economies, while bond yields rebounded amid improved global sentiment plagued by recession worries. The pan-European STOXX 600 index, hammered since the start of August by worries of a possible global slowdown, ended 1.2% higher, with Frankfurt shares up 1.3%, recovering from last week's six-month low. "It's a continuation of what we saw on Friday, the hope that their government will step in to provide fiscal stimulus to boost growth in the economy," said Carsten Brzeski, chief economist, Germany at ING.
Transatlantic flights from Dublin, Cork, and Shannon will be discontinued, in the latest sign of difficulties for the budget airline.
Norwegian Air's revenue per customer grew less than expected in July and the company filled slightly fewer seats than analysts had predicted during the peak summer season, sending its shares down almost 8% in early trade. Europe's third largest budget carrier has warned that the global grounding since March of the Boeing 737 MAX aircraft, which make up 11% of Norwegian's fleet, may hamper its plans to return to profitability this year. The company's yield, a measure of revenue per passenger carried and km flown, rose to 0.51 Norwegian crowns (£0.0471) in July from 0.45 crowns in June, lagging the 0.54 crowns expected by analysts in a Reuters poll.
British Airways owner IAG gave an optimistic outlook on Friday as growing revenues in North America and an easing in fuel cost growth helped it exceed profit forecasts for the first half of its key summer period, lifting its shares. IAG Chief Executive Willie Walsh also said he "would like to hope" that British Airways could reach a deal with its pilots, who last month voted for strike action in a dispute over pay, although they have not yet served notice.
British Airways owner IAG gave an optimistic outlook for the year, lifting its shares on Friday, as it exceeded profit forecasts for the first half of its key summer period with growing revenues and easing fuel cost growth.
Ryanair has halved its growth plans for next year due to delays in deliveries of Boeing's grounded 737 MAX jet, lifting shares in rival European airlines which had feared a surge in new capacity would drag down ticket prices. Ryanair is one of Boeing's biggest customers and was due to have 58 737 MAX planes in time for its 2020 summer season. The aircraft was grounded in March after crashes in Ethiopia and Indonesia that killed a total of 346 people, and Boeing is working on a software fix that people familiar with the matter have said it hopes to present to regulators in September.
Former fighter pilot Bjoern Kjos stepped down on Thursday as chief executive of Norwegian Air after having helped to transform transatlantic travel. Kjos, 72, grew Norwegian Air from a small domestic operation with 130 employees and four Fokker aircraft to a global carrier with more than 11,000 employees and 162 aircraft. "This industry generates one or two extraordinary characters who are innovative, inventive and charismatic, and he was one of them," said James Halstead, managing partner at consultancy Aviation Strategy.
Bjørn Kjos, the co-founder of low-cost carrier Norwegian is to step down as CEO after 17 years in the role. He will be replaced on an interim basis by current chief financial officer Geir Karlsen with chairman Niels Smedegaard also taking on a more active management role. Kjos is remaining with Norwegian and will immediately […]The post Norwegian Air's Long-Serving CEO Departs as Airline Pushes for Higher Profits appeared first on Skift.
(Bloomberg Opinion) -- Silicon Valley startups have long recognized the benefit of having a few grownups in the room to make sure the youthful, idealistic founders don’t forget about the bottom line. At Norwegian Air Shuttle ASA it’s the older crowd you’ve had to keep an eye on. The transatlantic budget airline’s 72-year-old co-founder Bjorn Kjos has been on a breakneck expansion drive over the past few years, but now he’s stepping down after being forced to abandon that high-spending strategy to ensure his company’s survival. Kjos, who’s staying on as an adviser, has been Norwegian’s CEO for 17 years, making him one of the oldest corporate leaders in Europe. A former fighter pilot and lawyer, his achievements are the stuff of industry legend. Norwegian has come from nowhere to now carry about 38 million passengers every year. American customers flying to Europe are its biggest source of revenue. Unfortunately, Kjos had a big weakness: An obsession with growth that almost proved Norwegian’s undoing. In 2012 Norwegian placed Europe’s biggest ever aircraft order, and the pace didn’t let up. Kjos has since opened a subsidiary in Argentina.The growth has taken a huge toll on Norwegian’s balance sheet. The company has 61 billion kroner ($7.1 billion) of net debt and lease liabilities but generates little profit. Forced to raise 3 billion kroner of fresh capital in January, Norwegian’s liquidity and capital base remains thin. Since its shares peaked in 2015, they have fallen 80%. Compared to the colorful Kjos, his interim replacement Geir Karlsen may seem a trifle grey. But the plain-speaking former chief financial offer, who has a degree in business administration, is just what Norwegian needs to win back the trust of the capital markets.While second-quarter revenues and earnings published on Thursday were pretty good, the coming months will be difficult. The airline must repay or refinance a 250 million euro bond in December. Yet credit card companies are making its life difficult by holding back more cash until passengers actually travel (an insurance policy in case it can’t fly at some point). Norwegian’s receivables – the cash expected on ticket sales – ballooned to 12.6 billion krone during the second quarter. That’s almost 50% above a normal level.That pressure should alleviate somewhat as Norwegian’s customers take the flights they’ve booked, allowing the credit card companies to release the money. Norwegian has other ways to raise cash too, including selling airport takeoff slots and divesting its stake in Bank Norwegian AS. Because of the grounding of the Boeing 737 Max, the company won’t have to spend as much this year on new jets and it’s doing a decent job of reining in costs. Details of a long discussed aircraft-owning joint venture remain scant though.The airline now expects passenger capacity to increase by a maximum of 5% this year; indeed it might not grow at all. The Kjos era of more planes, more seats, and more routes appears to be over for now. It’s about time.To contact the author of this story: Chris Bryant at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Norwegian Air's Bjoern Kjos stepped down on Thursday as chief executive of the airline he co-founded and turned into Europe's third-biggest budget carrier by passenger numbers. The airline has shaken up the long-haul market with cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts and it had to raise 3 billion crowns ($350 million) from shareholders earlier this year. "I am way overdue," Kjos, 72, laughing, told a news conference, announcing his plans to quit the top job.
Norwegian Air's Bjoern Kjos stepped down on Thursday as chief executive of the airline he co-founded and turned into Europe's third-biggest budget carrier by passenger numbers over more than 25 years. Chief Financial Officer Geir Karlsen will act as interim CEO while the company hires a permanent, new CEO. Kjos, who is 72 and is a major shareholder in the business, will have a new role as an adviser to the chairman.
Airline Norwegian Air said it expected its Boeing 737 MAX aircraft to return to service in October and lowered its growth outlook as it reported second-quarter results that beat expectations on Thursday. The firm's net profit came in a 82.8 million Norwegian crowns (£7.7 million) while five analysts in a Refinitiv estimate forecast a profit of 76.2 million crowns, down from a profit of 300.3 million crowns in the year-ago period.
OSLO/MADRID (Reuters) - Shares in budget carrier Norwegian Air rose on Friday after British Airways and Iberia owner IAG denied a Spanish media report it was preparing another offer for the airline.
British Airways and Iberia owner IAG said on Friday it was not interested in Norwegian Air, responding to a Spanish media report that it was planning to make an offer for the budget carrier. Spanish news website OKdiario reported late on Thursday that IAG would make an offer for Norwegian within a fortnight, citing anonymous sources.
* European shares end up 0.1% after hitting new peaks * Euro STOXX index sets 10-month closing high * Italy outperforms as Brussels drops disciplinary action over budget * M&A action lifts Metso and Osram * Wall Street closed today for independence day July 4 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. In a session where activity was muted because Wall Street was shut for Independence Day, most other country benchmarks posted slight gains but Milan stood out with a 1% gain fuelled by a rally in its banks (for more click here:).
* European shares up 0.1% after hitting new peaks * Euro zone STOXX index briefly reaches 10-month high * Italy outperforms as Brussels drops disciplinary action over budget * M&A action lifts Metso and Osram * Wall Street closed today for independence day July 4 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com HUNT FOR YIELD DRIVES INVESTORS INTO REAL ESTATE STOCKS (1436 GMT) Christine Lagarde's accession to the ECB throne, and the impact it's having on bond markets, changes the narrative for many parts of the stock market too.
* European shares little changed after hitting new peaks * Euro zone STOXX index briefly reaches 10-month high * Italy outperforms as Brussels drops disciplinary action over budget * M&A action lifts Metso and Osram * Wall Street closed today for independence day July 4 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org ITALY TOO JOINS ONE-YEAR-HIGH CLUB (0942 GMT) Italy's FTSE MIB today hit its highest since July 2018, joining Europe's one-year-high club with a little delay.