manni
Posts: 4049
Joined: Thu Nov 08, 2001 1:48 am

Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 1:36 am

I'm surprised this hasn't been mentioned yet, here on the forum. So here ya go!

http://www.bloomberg.com/apps/news?pid=20601087&sid=aiLUxwnS2No0
SUPPORT THE LEBANESE CIVILIANS
 
707lvr
Posts: 457
Joined: Mon Jun 28, 2004 3:41 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 1:45 am

For folks interested in the financial side of things, read more detail about the loss and specific Senators who have gone out of their way to make sure it hurts real good. A bit unprecedented, actually, from Senators who also happen to have key input on some upcoming decisions.
 
User avatar
kc135topboom
Posts: 11022
Joined: Sun Jan 30, 2005 2:26 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 1:47 am

I believe the story is really talking about BMAC (Boeing Military Aircraft Company), and not BCAC (Boeing Commerical Aircraft Company). BCAC is doing very well this year, where as BMAC isn't doing as well as expected, plus they had the fines from the KC-767 scandel, and will not write the fines off of their taxes.
 
707lvr
Posts: 457
Joined: Mon Jun 28, 2004 3:41 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 1:54 am

Quoting 707lvr (Reply 1):
and will not write the fines off of their taxes

That's the point. In the red and black world of business, compensatory damages are deductible. Used to be anyway.
 
RichardPrice
Posts: 4474
Joined: Sat Apr 23, 2005 5:12 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 1:58 am

Quoting KC135TopBoom (Reply 2):
I believe the story is really talking about BMAC (Boeing Military Aircraft Company), and not BCAC (Boeing Commerical Aircraft Company).

Its all the same company, they are floated under the same share price.
 
deltadc9
Posts: 2788
Joined: Fri Apr 14, 2006 10:00 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 2:03 am

They missed thier target by a PENNY! Come on.

From MSN Money (Note the first few words):

"Boeing in line; ConocoPhillips rakes in $47B

Boeing reported a loss of 21 cents per share in the second quarter, a penny narrower than the Reuters Estimates consensus. The loss was due to a one-time $1.1 billion charge for legal settlements in government investigations. Revenues of $14.99 billion were just above the forecast for $14.96 billion.

Boeing said it expects to earn $2.40 to $2.55 per share this year, in line with expectations, and to earn $4.25 to $4.45 per share in 2007, a tad lower than the $4.54 per share consensus estimate. The stock fell 4.27% this morning.

Boeing shares had risen $2 to $83.75 in late trading yesterday, so investors may have been hoping for stronger results, but the numbers "look pretty good," Howard Rubel, aerospace analyst at Jefferies & Co., told CNBC's "Squawk Box." Rubel maintains his $100 price target on the stock."

So it rose then fell, big deal.

[Edited 2006-07-26 19:04:28]
Dont take life too seriously because you will never get out of it alive - Bugs Bunny
 
User avatar
Stitch
Posts: 23459
Joined: Wed Jul 06, 2005 4:26 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 2:03 am

As noted in the article, the loss is directly attributed to the over $1 billion in fines Boeing agreed to pay to the Department of Defense and others that they will not write off. The loss was within expectations of those Wall Street analysts who did not expect Boeing to them write-off.

Per the article, revenue in the commercial-plane business rose 10 percent to $7.11 billion and operating revenue gained more than 50 percent. Revenue in the defense business was little changed at $7.77 billion and operating income dropped 62 percent.

Also per the article, sales rose 2.1 percent to $15 billion in the quarter and sales will be as much as $60.5 billion this year and as much as $65.5 billion in 2007, helped by demand for commercial planes and productivity improvements.

So the fiscal picture still looks good, just as it does for Airbus after their share price took a beating when the new A380 delays were announced.  thumbsup 

[Edited 2006-07-26 19:20:43]
 
User avatar
Revelation
Posts: 14479
Joined: Wed Feb 09, 2005 9:37 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 3:17 am

Quoting 707lvr (Reply 1):
specific Senators who have gone out of their way to make sure it hurts real good

Don't do the crime if you can't do the time!

Sad to see a whole company punished for a few bad actors, but hopefully it will act as a deterrent to others in the future.
Inspiration, move me brightly! Light the song with sense and color.
Hold away despair, more than this I will not ask.
Faced with mysteries dark and vast, statements just seem vain at last.
Some rise, some fall, some climb, to get to Terrapin!
 
Halibut
Posts: 943
Joined: Fri Jul 29, 2005 8:43 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 3:45 am

Agreed DeltaDC9,

No big deal .

I heard this news on Bloomberg radio this morning . There were mixed views regarding Boeing's future . Nothing really bad though , "some concerns about 787 production ". However nothing major . One gentlemen felt strongly that Boeing's stock will hit $100 in the near feature & it is currently in BUY status ! The same guy went on to say that Boeing's 787 was a better move than Airbus's A380 . " It was just his oppinion " !!! Don't have a cow .

It will be good once this is finally behind them - "Boeing" .

Halibut , the bottom feeder !

 eyebrow 
6 million Jews were slaughtered-Do you see Jews flying planes into buildings in Germany to kill 1000s of innocent, NO !
 
Lumberton
Posts: 4176
Joined: Fri Jul 29, 2005 7:34 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 3:46 am

Looks like a buying opportunity!
"When all is said and done, more will be said than done".
 
User avatar
scbriml
Posts: 13684
Joined: Wed Jul 02, 2003 10:37 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 4:05 am

Quoting Revelation (Reply 7):
Sad to see a whole company punished for a few bad actors

But presumably those actors were acting on behalf of the company, no?
Time flies like an arrow. Fruit flies like a banana!
There are 10 types of people in the World - those that understand binary and those that don't.
 
787engineer
Posts: 545
Joined: Sat Dec 10, 2005 5:08 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 4:10 am

BCA revenue for the quarter up 10% to $7.1bn compared to 2Q 2005.

http://www.boeing.com/news/releases/2006/q3/060726a_nr.pdf
 
katekebo
Posts: 679
Joined: Sat Apr 14, 2001 12:02 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 4:11 am

Actually, the stock market reaction demonstrates that the investors have a lot of confidence in Boeing's business model and future. A 5% drop is share value (by the way, by now it's down to 3.5% drop) is remarkably small. The investors clearly understand that the loss is a one-off due to special causes, and the business fundamentals of the company are strong.
 
Joni
Posts: 2613
Joined: Thu Aug 10, 2000 11:05 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 5:18 am

Here's another article:

http://biz.yahoo.com/rb/060726/transport_boeing_earns.html?.v=8

The share-price reaction apparently wasn't due to the (expected) charges but weaker-than-expected 2007 outlook:

NEW YORK (Reuters) - Boeing Co. (NYSE:BA - News) on Wednesday posted a large quarterly loss as expected, but shares fell as much as 5 percent because Wall Street anticipated a 2007 forecast even more optimistic than the one the company provided.
 
pygmalion
Posts: 818
Joined: Thu Jun 29, 2006 12:47 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 5:23 am

Thats funny Boeing increased its guidance for 2007

Boeing Reports Second-Quarter Results including Previously Disclosed Charges; Raises 2007 Guidance on Strong Commercial Airplanes Performance
Revenue grew 2 percent to $15.0 billion, 7 percent year to date
Net loss of $160 million, or $0.21 per share, includes previously disclosed charges totaling $1.15 per share
Generated $2.4 billion of operating cash flow
Backlog climbed to a record $220 billion
2007 EPS and revenue guidance increased


See entire release at:
2nd Qtr Results
 
deltadc9
Posts: 2788
Joined: Fri Apr 14, 2006 10:00 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 5:43 am

Quoting Katekebo (Reply 12):
A 5% drop is share value (by the way, by now it's down to 3.5% drop)

After rising a couple bucks the day before in anticipation, so the real dip is even less.
Dont take life too seriously because you will never get out of it alive - Bugs Bunny
 
nudelhirsch
Posts: 1371
Joined: Sun Oct 12, 2003 6:20 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 12:10 pm

They have to pay 1.1bn. Where I come from, that is quite some money. And it is all due to delays. Funny, I heard predictions about large companies folding because of delays, but obviously that does not happen in the aviation market. Must have been something different, I guess... Though, I am quite sure I read it here...

They screwed.
They have to pay a fine.
They will post a loss this year.
Period.

And it hurts, but sure absolutely not destroys Boeing.
Period too.

As the competition is not that deep in trouble either.
Another period.

Things happen, things go wrong, and problems are being ironed out.
Yet another period...
Putana da Seatbeltz!
 
leelaw
Posts: 4520
Joined: Sat May 29, 2004 4:13 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 5:45 pm

From Dominic Gates/Seattle Times reporting on Boeing's 2nd Quarter Earnings announcement (Fair Use Excerpt):

...More engineers, overtime

McNerney said the money is going into "more engineers and more overtime" to ensure Boeing can meet 787 program goals on airplane weight and delivery schedule.

Still, he insisted these issues are "more normal than abnormal" on a new airplane program and said the 787 will still be "the most efficiently developed airplane that we've ever done."

McNerney admitted that some of Boeing's partners had run into trouble, though nothing "unanticipated or earth-shaking."

"We've had a couple of instances where we've moved work," he said, "but that was all part of the contingency plan where we had built extra engineering capacity in the event that someone ran into an issue.

"We're attacking the weight issues aggressively and the associated schedule issues," McNerney said. "We still see the plane delivered on time, within the performance commitments we've made to our customers..."

"...There are always going to be issues, and we're paranoid every day about them," McNerney said. "I'd rather be paranoid now than deeply disappointed later."

Byron Callan, a leading financial analyst with Prudential Equity Group, characterized the R&D spending boost as "an alarm bell" but kept his "buy" recommendation on Boeing stock.

"No one should think that developing a new jet is a walk in the park," Callan wrote to clients after Boeing's results

He said shareholders should focus on the strong demand for the 787 and its healthy competitive position...


http://seattletimes.nwsource.com/htm...echnology/2003154971_boeing27.html
Lex Ancilla Justitiae
 
User avatar
Revelation
Posts: 14479
Joined: Wed Feb 09, 2005 9:37 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:22 pm

Quoting Scbriml (Reply 10):
But presumably those actors were acting on behalf of the company, no?

I'm not sure I see your point. In theory every employee acts on behalf of their company, and does so in accordance with the company's policies, but in this case it didn't happen.

Quoting Nudelhirsch (Reply 16):
They have to pay 1.1bn. Where I come from, that is quite some money. And it is all due to delays.

Nope, part is due to corruption, and part is due to delays.

Quote:
Boeing agreed to pay $615 million to settle Justice Department ethics charges, and analysts expected some tax deductions. The company also said late deliveries of aircraft to Australia and Turkey cut earnings by $496 million, at the high end of its forecast.
Inspiration, move me brightly! Light the song with sense and color.
Hold away despair, more than this I will not ask.
Faced with mysteries dark and vast, statements just seem vain at last.
Some rise, some fall, some climb, to get to Terrapin!
 
Joni
Posts: 2613
Joined: Thu Aug 10, 2000 11:05 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:29 pm

Quoting Leelaw (Reply 17):


McNerney said the money is going into "more engineers and more overtime" to ensure Boeing can meet 787 program goals on airplane weight and delivery schedule.

Sounds like the B787 may be heading over budget.
 
Danny
Posts: 3714
Joined: Thu Apr 25, 2002 3:44 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:32 pm

Quoting 707lvr (Reply 1):
For folks interested in the financial side of things, read more detail about the loss and specific Senators who have gone out of their way to make sure it hurts real good. A bit unprecedented,

Yes, it is unprecedented to allow bribers to get away without any criminal charges.
 
User avatar
solnabo
Posts: 5025
Joined: Fri Jan 11, 2008 8:53 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:36 pm

Airbus SAS - Love them both
 
Halibut
Posts: 943
Joined: Fri Jul 29, 2005 8:43 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:41 pm

Quoting Joni (Reply 19):
Sounds like the B787 may be heading over budget.

 hyper 

Oh no ! If only Boeing asked for Launch Aid , this would not have happened !

 mischievous 

Halibut
6 million Jews were slaughtered-Do you see Jews flying planes into buildings in Germany to kill 1000s of innocent, NO !
 
Danny
Posts: 3714
Joined: Thu Apr 25, 2002 3:44 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:44 pm

Quoting Halibut (Reply 22):
Oh no ! If only Boeing asked for Launch Aid , this would not have happened !

Did not have to as Japanese were so kind to finance it.  stirthepot   Wink
 
User avatar
PanAm_DC10
Crew
Posts: 3818
Joined: Wed Aug 23, 2000 7:37 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:49 pm

Quoting Leelaw (Reply 17):
Byron Callan, a leading financial analyst with Prudential Equity Group, characterized the R&D spending boost as "an alarm bell" but kept his "buy" recommendation on Boeing stock.

Damned if they do and damned if they don't. IMO Mr Callan can take a walk in the park. U.S. Corporations are sitting in record cash levels, the stock is still close to it's highs and quarter by quarter boy here reckons an increase in R&D spending is "an alarm bell"

Quoting Leelaw (Reply 17):
"No one should think that developing a new jet is a walk in the park," Callan wrote to clients after Boeing's results

He said shareholders should focus on the strong demand for the 787 and its healthy competitive position...

Oh! He realises that does he? I believe that the "strong demand" he cites might justify spending some cash reserves on increased R&D because as they say "you've got to spend some to make some". That way if it all goes right then 4-5 years down the track the ROE will be much better than another stock buyback which is what Mr Callan seems to want.

To the short term doomsayers whom look at the daily stock price as though it is the be all and end all I suggest you enter into the following transaction to really profit from your views. This with Boeing stock roughly up 5% on the year and EADS down roughly 35% on the year.

Do an equity swap over a 4 year term and pay the return on Boeing to receive the return on EADS, or vice versa, then you'll all know who's right. After all the programs that EADS and Boeing work on usually have a 20 year lifecycle so give it some time  Yeah sure

Regards, PanAm_DC10
Ask the impossible to achieve the best possible
 
Halibut
Posts: 943
Joined: Fri Jul 29, 2005 8:43 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:50 pm

Quoting Danny (Reply 23):
Did not have to as Japanese were so kind to finance it.

Risk sharing partner , not a Sugar Daddy , Danny !  sly 

Big difference . yes 

Halibut
6 million Jews were slaughtered-Do you see Jews flying planes into buildings in Germany to kill 1000s of innocent, NO !
 
RichardPrice
Posts: 4474
Joined: Sat Apr 23, 2005 5:12 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 8:55 pm

Quoting Halibut (Reply 25):
Big difference .

When do Boeing and the Japanese manufacturers have to pay the Governments money back?

Big difference all right, its free money with little risk for the manufacturers.

Definitely not a sugar daddy, more like parents bank account.

[Edited 2006-07-27 13:55:47]
 
Halibut
Posts: 943
Joined: Fri Jul 29, 2005 8:43 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 9:14 pm

Quoting RichardPrice (Reply 26):
When do Boeing and the Japanese manufacturers have to pay the Governments money back?

Big difference all right, its free money with little risk for the manufacturers.

Definitely not a sugar daddy, more like parents bank account.

Little risk if the 787 is a scuccess !   

Airbus's setup with the governments in the EU en-able them to be "wrong" & survive .

RP I think you have it backwards . Oh look , Airbus asking for more money from mommy & daddy !

Hhmm   scratchchin 

http://www.chicagotribune.com/busine...487772.story?coll=chi-business-hed

Subsidies to Airbus OK, says EU official

Bloomberg News
Published July 27, 2006

BRUSSELS -- European Union Trade Commissioner Peter Mandelson said Wednesday that the United Kingdom, France and Germany can subsidize a new Airbus airplane, a step that might sharpen a World Trade Organization dispute with the U.S.

"Airbus needs to stop funding its new products with government money," said Neena Moorjani, a spokeswoman for the U.S. trade representative's office. "It should rely on the markets like everyone else."


Halibut

[Edited 2006-07-27 14:15:35]
6 million Jews were slaughtered-Do you see Jews flying planes into buildings in Germany to kill 1000s of innocent, NO !
 
astuteman
Posts: 6406
Joined: Mon Jan 24, 2005 7:50 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 9:16 pm

Quoting PanAm_DC10 (Reply 24):
an increase in R&D spending is "an alarm bell"

I struggled with that too. In 2003 and 2004, BCA's R+D spending was historically low, and a fraction of the money it's competitor was spending. Now it looks comparable, and makes a lot more sense.

How are these new programmes supposed to emerge?  Yeah sure

Maybe they use Baroque's "magic accounting"....  Smile

Quoting Pygmalion (Reply 14):
See entire release at:
2nd Qtr Results

10% Operating margin for Commercial Aircraft. Strong performance  checkmark .
Congrats to BCA.

Regards
 
brendows
Posts: 801
Joined: Thu Apr 27, 2006 4:55 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 9:37 pm

Good work BCA  thumbsup 

Quoting Halibut (Reply 22):



Quoting RichardPrice (Reply 26):

Please leave this topic out of this thread guys, you should both know better.
 
User avatar
PanAm_DC10
Crew
Posts: 3818
Joined: Wed Aug 23, 2000 7:37 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 9:48 pm

Quoting Halibut (Reply 27):
BRUSSELS -- European Union Trade Commissioner Peter Mandelson said Wednesday that the United Kingdom, France and Germany can subsidize a new Airbus airplane, a step that might sharpen a World Trade Organization dispute with the U.S.

"Airbus needs to stop funding its new products with government money," said Neena Moorjani, a spokeswoman for the U.S. trade representative's office. "It should rely on the markets like everyone else."

There are 2 sides to every story..........

Fair use excerpt;

``I'm not saying: don't give money,'' Mandelson said in an interview today in Brussels. ``I'm not saying they couldn't or shouldn't invest. I'm just saying: make it WTO-compliant.''

[END - Fair use exceprt - http://www.bloomberg.com ]

This could go round in circles so how about we leave it there please sir.

Quoting Astuteman (Reply 28):
10% Operating margin for Commercial Aircraft. Strong performance

Second quarter in a row they must be doing something right  yes 

Regards, PanAm_DC10
Ask the impossible to achieve the best possible
 
astuteman
Posts: 6406
Joined: Mon Jan 24, 2005 7:50 pm

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 10:04 pm

Quoting PanAm_DC10 (Reply 30):
Second quarter in a row they must be doing something right

True indeed...
Mind you,

Quoting PanAm_DC10 (Reply 30):
There are 2 sides to every story..........

Airbus posted 11.3% op. margin today also.
They must be doing something right, too.......  yes   Smile

Regards
 
Danny
Posts: 3714
Joined: Thu Apr 25, 2002 3:44 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 10:06 pm

Quoting Astuteman (Reply 31):
Airbus posted 11.3% op. margin today also.

They must have received some subsidies as it is known that they give planes away for free.  Wink
 
User avatar
PanAm_DC10
Crew
Posts: 3818
Joined: Wed Aug 23, 2000 7:37 am

RE: Boeing Post Loss, Shares Drop 5%

Thu Jul 27, 2006 10:23 pm

Quoting Astuteman (Reply 31):
Quoting PanAm_DC10 (Reply 30):
There are 2 sides to every story..........

Airbus posted 11.3% op. margin today also.
They must be doing something right, too.......

With the utmost respect Astuteman my quote was in reference to the WTO issue. That said I concur with your point. What's better is that I see better profits being reported by airlines on a daily basis, something overshadowed somewhat by Farnborough last week. Yet today we see Airtran and LH, in particular, report solid earnings. This can only be good for both OEMs to sustain such margins if all goes well for them.

Regards, PanAm_DC10
Ask the impossible to achieve the best possible
 
RAPCON
Posts: 651
Joined: Mon Jul 03, 2006 7:20 am

RE: Boeing Post Loss, Shares Drop 5%

Fri Jul 28, 2006 12:18 am

Quoting DeltaDC9 (Reply 5):
The loss was due to a one-time $1.1 billion charge for legal settlements in government investigations.

Nothing unexpected, although Boeing deserved to have a few more of its execs sent to jail---something that we all know would never happen in M. Fogeard's France!
MODS CAN'T STOP ME....THEY CAN ONLY HOPE TO CONTAIN ME!!!
 
707lvr
Posts: 457
Joined: Mon Jun 28, 2004 3:41 am

RE: Boeing Post Loss, Shares Drop 5%

Fri Jul 28, 2006 1:48 am

Quoting Danny (Reply 20):
Yes, it is unprecedented to allow bribers to get away without any criminal charges.

It's true, there is no rule that you have to know what you're talking about in order to post opinions. The original point was that these senators have gone beyond the jail terms which were applied, beyond the mega fines which were levied ... to threaten the company against using existing and legitimate tax law to their advantage on part of the penalty. This was unprecedented in American business/government history, and it illustrates what can happen when the stakes are very serious, e.g., tankers.
 
astuteman
Posts: 6406
Joined: Mon Jan 24, 2005 7:50 pm

RE: Boeing Post Loss, Shares Drop 5%

Fri Jul 28, 2006 1:55 am

Quoting PanAm_DC10 (Reply 33):
With the utmost respect Astuteman my quote was in reference to the WTO issue

I know, and humbly abase myself - it just seemed to fit my train of thought so well  spin 

I'll be in the corner if you need me .......  Smile

Regards

Popular Searches On Airliners.net

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos