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Yahoo
an hour ago
- Yahoo
Sun Country to operate 20 Amazon cargo jets by peak season
Cargo flight hours at Sun Country Airlines were slightly lower than expected during the second quarter because of extra procedures needed to commission additional freighters supplied by Amazon, but all the aircraft will be available to haul packages in time for peak shipping season, executives said Friday. Minneapolis-based Sun Country (NASDAQ: SNCY) grew its cargo fleet by three aircraft during the quarter, driving up cargo revenue by 37% year over year to $35 million, according to earnings reported Thursday. Five of eight Boeing 737-800 converted freighters transferred by Amazon (NASDAQ: AMZN) from previous contractor Atlas Air are now in service with Sun Country. The company plans for the remaining three aircraft to enter service by the end of August, but the timeline could slip to late September if there are further delays integrating new aircraft into the operating fleet, management said during an earnings presentation. Aircraft utilization increased 9.5% during the quarter. That was lower than expected because the timing of aircraft deliveries was slightly thrown off by extra steps necessary to absorb the used 737-800s into the fleet. CEO Jude Bricker said on the first-quarter call on May 5 that Sun Country was experiencing some difficulties getting parts for maintenance checks, reconciling incomplete maintenance records, and fulfilling other regulatory requirements necessary to add aircraft to the operating certificate. Bringing aircraft into a certificated airline's fleet involves many steps to meet safety, regulatory and operational requirements, as well as company standards. The process includes reviewing the maintenance history; conducting thorough inspections of the engines, systems and airframe; updating operational manuals; training pilots, technicians and ground personnel; customization; and obtaining approval from civil aviation authorities. 'We're taking airplanes, doing work to get them ready for service. They're entering service later than we expected, and by virtue of that happening, the fleet isn't as committed [to a full Amazon schedule] because we want to make sure we're executing well. And so it's just taking a little bit longer to get the terminal velocity on that fleet,' Bricker said Friday. The fourth quarter is traditionally the busiest season for online retailers and parcel carriers, including Amazon. Sun Country has been supporting Amazon's parcel distribution network with a dozen 737-800 freighters since 2020. By September, the airline will have 20 aircraft in its cargo fleet. Chargeable hours to Amazon will be up 40% to 50% in the third quarter, said Bill Trousdale, the interim chief financial officer. The company, which also operates scheduled passenger service to leisure destinations and group charter flights, has repeatedly said that the additional aircraft along with rate increases in the Amazon contract, will double cargo revenue to about $215 million per year. Sun Country enjoys an annual rate escalator in its existing contract and the contract for the eight new aircraft, which is kicking in now, starts at a higher rate. The airline has temporarily reduced scheduled passenger flights this year to ensure there are adequate pilots and resources for a smooth expansion of the Amazon business. It offset the lag in expected cargo flights during the quarter with increased charter business. Overall, Sun Country's hybrid business model delivered a twelfth consecutive profitable quarter, with adjusted earnings per share of 14 cents and record second-quarter revenue of $264 million, beating estimates. Adjusted operating income was $18 million, with a margin of 6.8%. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED STORIES: Sun Country faces slight delays integrating additional Amazon cargo jets The post Sun Country to operate 20 Amazon cargo jets by peak season appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Darrin Anderson Named Chief Executive Officer of KENDELL
MINNEAPOLIS, Aug. 1, 2025 /PRNewswire/ -- KENDELL, a leading provider of commercial door, frame, and hardware solutions, announced today that Darrin Anderson has been appointed Chief Executive Officer, effective immediately. Anderson brings over 25 years of leadership experience in the building products and services industry, with a proven track record of driving growth, building high-performing teams, and delivering operational excellence. Most recently, he served as CEO of The Cook & Boardman Group, one of the nation's largest distributors of commercial doors, frames, hardware, and electronic access control systems. Darrin has also held senior leadership roles with Crescent Electric and HD Supply. "We are excited to welcome Darrin Anderson to KENDELL," said John Katter, Executive Chairman. "Darrin and I have known each other for years, and his deep industry expertise, disciplined approach to growth, and passion for building strong teams make him an exceptional fit to lead KENDELL in its next phase." A graduate of West Point and a U.S. Army veteran, Anderson also holds an MBA from Lake Forest Graduate School of Management. He is known for his collaborative leadership style and commitment to serving customers with integrity, speed, and reliability. "KENDELL has a reputation for quality, responsiveness, and trust—and I'm thrilled to join a team that lives those values every day," said Anderson. "I look forward to working closely with our employees, customers, and partners to build on that strong foundation, invest in our capabilities, and create even more value across the industries we serve." This leadership appointment marks an exciting new chapter for KENDELL as the company continues to expand its capabilities and deepen relationships across construction, commercial real estate, healthcare, education, and industrial markets. About KENDELLKENDELL is a premier provider of Division 8 and Division 10 commercial building products, specializing in doors, frames, hardware, and related services. With a legacy of craftsmanship and a customer-first approach, Kendell serves general contractors, architects, and building owners across the Midwest and beyond. Learn more at Media Contact:John Katterjkatter@ View original content: SOURCE KENDELL Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
2 hours ago
- USA Today
Shock jobs report stirs recession fears: 5 takeaways
The disappointing July jobs report threw a bucket of cold water on an economic outlook that appeared to be holding up surprisingly well despite President Donald Trump's high import tariffs, immigration crackdown and widespread federal layoffs. Not only did employers add a disappointing 73,000 jobs – well below the 105,000 expected – but payroll gains for May and June were revised downward by a whopping 258,000. That left May's additions at 19,000 and June's at 14,000, the weakest performance since the nation was climbing out of the COVID-19 recession in December 2020. In early afternoon trading, the Dow Jones Industrial Average was down about 607 points and the benchmark S&P 500 index was off 1.5% Over the past three months, the economy has averaged just 35,000 employment gains. Here are a few takeaways: This was no blip The poor showing likely wasn't an outlier that will be followed by a resumption of healthy job gains in the months ahead, economists said. Consumers have reined in their spending somewhat, amid worries about Trump's tariffs pushing up prices, and are pulling back on travel and recreational activities. As more of the import charges hit store shelves, Americans will likely restrain their outlays further, Pantheon Macroeconomics wrote in a note to clients. That should translate into weaker job gains, especially in sectors such as manufacturing, retail, trucking and warehousing, the research firm said. And on July 31, Trump escalated his global trade fight with a sweeping new round of import levies. Meanwhile, executives' confidence in the business outlook has been shaken in recent months by the tariffs – which are squeezing profit margins – and that's expected to spell a more pronounced decline in business investment, Pantheon said. 'Sadly, employment appears set for a further summer slowdown as firms, facing renewed cost volatility from escalating trade tensions, remain focused on managing labor costs through reduced hiring, performance-based layoffs, restrained wage growth, and lower entry-level wages,' Gregory Daco, chief economist of EY-Parthenon, wrote to clients. Also, after the Supreme Court recently lifted a stay on mass federal layoffs, 'the decline in federal employment likely will gather more momentum over the coming months,' Pantheon said. The Labor Department has tracked 84,000 federal job losses this year, but the number of buyouts and job cuts announced was much larger. Hiring across the economy hit a 12-month low in June, Labor Department figures show. Will there be a recession in 2025? The dreaded word has slipped back into the conversation after fading the past couple of months as Trump delayed many tariffs and reached deals with several countries. 'To me, today's jobs report is what entering a recession looks like,' Josh Bivens, chief economist of the left-leaning Economic Policy Institute, said in a statement. 'Could we pull up? Sure. But if we look back and end up dating an official recession that starts 3-6 months from now, this is what it would look like today – rapid softening/deterioration in the labor market.' A recession now appears 'very, very likely' unless Trump lowers the tariffs by Labor Day, said Mark Zandi, chief economist of Moody's Analytics. Could a skidding economy and stock market lead Trump to reverse course? A darkening economic outlook and tumbling stock market could well prompt Trump to try to soften the import fees, Zandi said. 'He's going to try to pull it back,' he said. But if he doesn't act before Labor Day, 'It will be too late,' Zandi said, adding the duties will start to ripple too dramatically into retail prices and consumer and business sentiment for the effects to be undone. A September fed rate cut likely At a July 30 news conference following the Fed's decision to hold rates steady for a fifth straight meeting, Fed Chair Jerome Powell described the labor market as solid and balanced. He also said officials would focus primarily on the unemployment rate as they decide whether to lower rates in September. The jobless rate edged up to 4.2% in July. It's still historically low even as Trump's immigration constraints, particularly deportations, shrank the labor force – the pool of people working or looking for jobs. Still, employer demand for employees has waned. But Morgan Stanley suggested the feeble job gains of the past three months would spur the Fed to act in September despite stable unemployment. 'The slower payroll pace keeps downside risks elevated and a September cut on the table,' Morgan Stanley said in a research note. Fed fund futures markets are now putting the chances of a September rate decrease at 85%, up from 45% after Powell's July 30 remarks. AI is starting to crimp job gains Professional and business services shed 14,000 jobs in July and payroll gains in the sprawling white-collar sector have been stagnant for more than two years. July's showing included job losses in computer and technical roles. Staffing executives say companies are replacing many entry-level information technology workers with artificial intelligence. 'It is happening,' Goldman Sachs chief economist Jan Hatzius said on CNBC after the release of the July jobs report. 'This is not the main thing driving the labor market... But we're seeing early signs.'
