Tags: US | Pratt | & | Whitney | Outlook

Pratt & Whitney: Worst of Airline Freefall Is Over

Wednesday, 31 Mar 2010 11:44 AM

 

The president of jet engine maker Pratt & Whitney says the worst of the downturn in the airline industry may be over.

David Hess says that passenger miles — a key measurement of the health of the airline industry — are expected to be up 3 percent this year.

Hess says the industry is expected to improve in 2009, though losses will be about $2 billion, far less than the $9 billion it lost in 2009.

Operating profit at Pratt & Whitney fell nearly 14 percent last year, to $1.84 billion from $2.12 billion in 2008. The East Hartford company said in December it expects operating profit this year to rise by $75 million to $100 million.

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