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  • jet engine maker Rolls Royce plunged to a $5.6 billion loss in 2020 that was worse than analysts expected.

  • The slump comes with thousands of planes stuck on the ground since Rolls Royce charges airlines for the number of hours its engines fly.

  • That spelled trouble for earnings.

  • The company says the worst is behind it, though Rolls Royce expects to burn through less cash this year, predicting a travel upturn in the second half.

  • Hitting its targets will require airlines to fly 55% of their 2019 capacity this year, but the UK company says it has plenty of liquidity and could survive even a severe downside scenario.

  • The firm plans to strengthen its balance sheet with asset sales totaling around $2.8 billion.

  • Most of that will come from the sale of Spanish unit I T Pierrot, which role says is on track.

  • Investors appeared to welcome Thursday's news.

  • Rolls Royce shares were up 2.7% by mid morning.

jet engine maker Rolls Royce plunged to a $5.6 billion loss in 2020 that was worse than analysts expected.

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B1 royce fly loss worst jet engine liquidity

Rolls-Royce posts $5.6 billion loss, says worst over

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    林宜悉 posted on 2021/03/12
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