Boeing will deliver its first 787 jet in third-quarter 2011 and roll out two of the long-delayed new planes each month after that, a company executive said Tuesday in the Chilean capital. Latin America is an important market for Boeing, with 11,000 company jets flying in the region and requests pending for 3,400 more. Chile in particular is a hot spot, as Chilean airline LAN merges with Brazil’s TAM airline to become the region’s dominant carrier. The merged company, LATAM, has ordered 26 of the big new 787s, which are the company’s biggest, said Boeing’s Vice President for Marketing Randy Tinseth. Boeing’s manufacturing delays have caused difficulties for the world’s biggest airlines, Tinseth acknowledged, but he said the deliveries should help the aircraft maker’s credibility recover. In all, Boeing has received 835 requests from 56 companies for its 787s, he said. Boeing also is coming out with new 747s for cargo and passenger travel this year, he said.
Sears CEO pledges turnaround
Sears’ new CEO pledged Tuesday to help turn around the ailing retailer by relying on its core brands like Craftsman and Land’s End and being smarter about marketing to customers. Louis D’Ambrosio told shareholders at Sears Holding Corp.’s annual meeting that improving the company’s long-sagging clothing business will be a priority. He did not lay out a detailed plan for how to achieve that, although he cited strong hopes for two new clothing lines in particular: the Kardashian Collection, which debuts in August in 400 stores, and Sofia Vergara, from the star of ABC’s “Modern Family.”
Factory orders continue to rise
Businesses increased their demand for industrial machinery, computers and autos in March, lifting factory orders for the fifth consecutive month. Orders rose 3 percent in March after a 0.7 percent increase in February, the Commerce Department reported Tuesday. A key category that signals business investment plans jumped 4.1 percent after a small increase in February and a big decline in January. Excluding the volatile transportation sector, orders rose 2.6 percent. The March increase pushed total orders to $462.9 billion, up 31.2 percent from the recession low hit in March 2009.
Avon profits triple on growth, prices
Cosmetics seller Avon Products Inc.’s first-quarter profit more than tripled on higher selling prices and growth in Latin America. Avon’s earnings and revenue beat expectations. The company’s stock rose nearly 6 percent in morning trading Tuesday. Investors were also reassured that two large markets for Avon, Russia and Brazil, showed signs of recovery after struggling for several quarters, although Avon said there’s more work to be done. Avon said Tuesday that its net income increased to $143.6 million, or 33 cents per share, in the quarter that ended March 31.
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