“As a result, we are reducing our full-year departures outlook from mid-single-digit growth to flat to low single-digit growth.”

In context

“e deliveries up 43%. All the while, we are continuously investing to improve time on wing and lower cost of ownership for our customers across our current fleet and for next-generation technologies. I want to express a big thank you to both the GE Aerospace team and our supplier partners for their unwavering commitment to deliver for our customers. Turning to slide four and what we are currently seeing in today’s operating environment: In the first quarter, global departures were up low single digits, including a high single-digit decline in the Middle East, which represents roughly 5% of our departures. For the balance of the year, we have assessed multiple scenarios to develop a range of outcomes, with our current assumption that the conflict and its effects continue through the summer. As a result, we are reducing our full-year departures outlook from mid-single-digit growth to flat to low single-digit growth. This includes a low double-digit decline in the Middle East for the year with modest reductions to other regions. Based on our experience during the global financial crisis, the impact on services will likely lag changes in air traffic demand by several quarters, to be followed by a period of above-average growth. We are well positioned to navigate cycles, with our backlog providing resilience through changes in air traffic. And we have a young and diverse fleet with leading programs in both narrowbody and widebody. For our largest program, the CFM56, about two thirds of the fleet has yet to undergo a second shop visit, and utilization remains stable, supporting continued demand. Additionally, our defense business is supporting U.S. and allied warfighters—our engines powering the Black Ha”