Pratt & Whitney, a division of United Technologies Corp. (UTX - Free Report) , was selected by Hawaiian Airlines, a subsidiary of Hawaiian Holdings Inc. (HA - Free Report) to provide fuel efficient PurePower 1133G-JM engines for 25 Airbus A321neo fleet.
The new PurePower engine by Pratt & Whitney uses an advanced gear system that leads to improvements in fuel efficiency, reduces environmental emissions and also reduces noise pollution by 50%. In addition, off-wing engine maintenance will also be provided by Pratt & Whitney through its pure solution fleet management program. With the prevailing competitive environment in the aviation industry, Hawaiian Airlines aims to address customer needs and build long-term relationships with its clients to generate a steady demand. The fuel efficient engines by Pratt & Whitney and extended twin operations will enable the aircraft to fly greater distances while minimizing the cost of travel for its customers.
Hawaiian Airlines has exclusive operations over the Pacific and now with the long-term business tie up with Pratt & Whitney through its new pure power engines is expected to generate the required savings for the trans-Pacific routes as Hawaiian Airlines flies to the west coast. Recently, in Mar 2013, Hawaiian Airlines entered into an agreement with Airbus to purchase 16 new A321 Neo aircraft between 2017 and 2020. The purchase of the new fleet is a part of the company’s plan for expanded routes between the islands and the West Coast.
Based in Hartford, Conn, United Technologies is a diversified business conglomerate serving various end markets such as aerospace, defense and commercial construction. The Pratt & Whitney segment of the company primarily supplies aircraft engines to the commercial, military, business jet, and general aviation markets. It also manufactures aerospace propulsion systems for the U.S. space shuttle program. In fiscal 2012, the Pratt & Whitney segment reported revenues of $13,964 million up 9.9% year over year.
United Technologies currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Honeywell International Inc (HON - Free Report) and Macquarie Infrastructure Company LLC (MIC - Free Report) , both have a Zacks Rank #2 (Buy).