Icelandair's third-quarter operating profit rose to $92.7 million from $8.2 million in the same period last year, boosted by strong demand on transatlantic routes. The carrier says it reached 82% of its pre-pandemic capacity during the quarter, with transatlantic passengers accounting for 43% of total passenger numbers. Icelandair expects to hit 98% of 2019 levels by the end of the year, despite a "challenging" operating environment, but warns that capacity early next year will be "further below" pre-crisis levels amid continuing global economic uncertainty. "The booking status in the fourth quarter is strong, although we are expecting some headwinds this winter. The operating environment will remain challenging where we are seeing interest rates and various costs on the rise, which will most likely impact demand," says Icelandair chief executive Bogi Nils Bogason. "Our financial position is robust with strong liquidity, and our extensive route network as well as our flexibility allows us to move quickly and adjust our operations and services to the situation." Icelandair says its cash position at the end of the third quarter was the "strongest ever", with cash and marketable securities rising to $320.6 million from $57.7 million at the beginning of the year. Total revenue in the three months to 30 September increased to $486.7 million from $257.5 million in the same period last year. This included $13.5 million of revenue from aircraft and crew leasing activities – a 40% improvement over last year. Cargo revenue, however, dropped 16% to $18.3 million, which the carrier attributes to "decreased demand related to the economic turmoil in Europe". Operating expenses increased by $143.2 million to $360.3 million. Icelandair expects to operate a total of 20 737 Max aircraft by the end of 2023. It took delivery in September of the first of four used Max 8s, with the remaining three due to arrive in the fourth quarter of this year and early in 2023. Financing for these aircraft is set to be concluded by the end of the year, says Icelandair. The carrier will also take delivery of two Max 8s on long-term operating leases in the final quarter of next year. Icelandair expects its full-year EBIT margin to be 1-3%, "assuming current market conditions".

ITA Airways' board has transferred the powers of executive president Alfredo Altavilla to chief executive Fabio Maria Lazzerini. The state-owned Italian carrier, which is in the process of being privatised, has not disclosed the reasons behind the decision. In a brief statement, ITA says its board "fully confirmed the revocation of all the powers of the executive president Alfredo Altavilla, which was already ordered by a resolution on October 12, and the attribution of those powers to the chief executive officer, Fabio Maria Lazzerini". It adds that "the company's main task is to remain focused on the industrial plan, continuing along the road taken that is providing better results than expected, with the aim of consolidating the relaunch of ITA Airways and protecting the company's workers who have taken the challenge". ITA has been approached for further comment. Italy's new government said last month that it would proceed with the sale of the carrier. The previous Italian administration had in August opened exclusive talks with US-based investment fund Certares, Delta Air Lines and Air France-KLM, joint bidders to acquire a majority stake in ITA. The airline was launched in October 2021 as a successor to Alitalia.

Air France Industries KLM Engineering & Maintenance will partner with hybrid-electric propulsion firm Ampaire to bring worldwide resources to the introduction and global support of electrified aircraft. The memorandum of understanding announced on 19 October covers a range of mutual interests including aircraft development, maintenance training, support and data analytics. The companies intend to accelerate the introduction of sustainable aviation by utilising their respective core competencies. The two companies will focus on developing training for a worldwide network of ground engineers, installing supplemental type certificate upgrades and potential component pooling and operational data analysis to ensure optimal support. This groundwork can be extended to collaborate on support of a 19-passenger aircraft. The California-based start-up plans to market hybrid-electric upgrades for existing aircraft including the Grand Caravan and the De Havilland Canada DHC-6 Twin Otter aircraft. The nine-passenger Eco Caravan has undergone ground power tests and Ampaire plans to fly it during the second half of 2022. It is the first hybrid-electric aircraft to enter the certification process with the US Federal Aviation Administration. The start-up aims to complete a supplemental type certification for the upgraded aircraft in 2024. Ampaire chief executive Kevin Noertker advised during a previous interview in September that the start-up intends to expand its product line to larger hybrid-electric aircraft and eventually to fully electric aircraft.