{"id":80163,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/05\/earnings-updates-flow-in-from-global-aviation-giants-china-trade-squabbles-continue\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"earnings-updates-flow-in-from-global-aviation-giants-china-trade-squabbles-continue","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/05\/earnings-updates-flow-in-from-global-aviation-giants-china-trade-squabbles-continue\/","title":{"rendered":"Earnings updates flow in from global aviation giants + China trade squabbles continue"},"content":{"rendered":"

DHL\u2019s earnings match up with market forecasts<\/strong>: <\/strong>DHL\u2019s topline grew in 2Q, raking in EUR 20.6 bn, a marginal increase from EUR 20.1 bn in the same period last year, according to a press release (pdf)<\/a> published on Thursday. The firm\u2019s 2Q operating income met market expectations, dropping to EUR 1.35 bn from EUR 1.7 bn the year prior. \u201cAir and ocean freight volumes further improved in the second quarter from a low starting level. However, we are not observing a broad-based recovery of global trade yet,\u201d CEO Melanie Kreis said in the statement.<\/p>\n

Boeing\u2019s 2Q earnings paint a bleak picture<\/strong>:<\/strong> Boeing\u2019s bottomline plummeted to USD 1.44 bn in 2Q, a USD 149 mn net loss from last year, according to a statement<\/a> published last week. The plane manufacturer's topline also fell by 15% y-o-y to USD 16.8 bn, down from USD 19.7 bn the year prior. The firm\u2019s earnings have been dragged down by losses in its defense and space businesses, Reuters<\/a> reports. Boeing is forecasted to burn cash rather than generate this year due to reduced jet deliveries, CFO Brian West said in May. The plane manufacturer has already cut down on its commercial aircraft production to address quality concerns after a panel flew off mid-flight<\/a> on a Boeing jet back in January.<\/p>\n

A rough ride: <\/strong>It's been a tough year for Boeing, as the firm has faced losses<\/a>, production delays<\/a>, and a lawsuit<\/a>. Despite the turbulence, Boeing is still netting USD bns in orders, with Emirates\u2019 cargo arm Emirates SkyCargo placing an order for five Boeing 777 freighters last month<\/a>, slated for immediate delivery between 2025 and 2026. Qatar Airways also inked an agreement in July<\/a> with Boeing to add 20 of the firm\u2019s 777-9 carriers to its order book on top of its existing order of 40 777-9s.<\/p>\n

World\u2019s top lithium producer wants help <\/strong>against Chinese market dominance: <\/strong>US-based Albermale \u2014 the world\u2019s largest lithium producer \u2014 is urging governments to help it compete against Chinese lithium, a key component in EVs and plug-in hybrid vehicles, the <\/span>Financial Times<\/a> reports. A collapse in the lithium market has made it difficult for Western groups to compete against Chinese companies because of their cheaper costs. \u201cIf we're going to build Western supply chains [for electric cars], then action needs to be taken now,\u201d CEO Kent Masters told FT.<\/span><\/p>\n

Albermale has been suffering: <\/strong>The US-based group announced its second round of cost-cutting plans in 2024, which will involve canceling a production line and halting expansion at its Kemerton lithium hydroxide refinery in Australia \u2014 a move that reflects China\u2019s dominance over refining strategic materials. China \u2014 which processes 65% of the world\u2019s lithium \u2014 has an advantage because of its low construction costs, subsidies, and technical expertise.<\/p>\n

But there could be a light at the end of the tunnel: <\/strong>The Australian resources minister has pledged to accelerate planned tax incentives for processing critical minerals, while European companies like AMG Critical Minerals believe they can compete with China by utilizing technological advancements to lower operating costs. <\/p>\n","protected":false},"excerpt":{"rendered":"

Stories on our radar this morning from around the 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