Air Canada suspends first quarter, 2019 forecast after Boeing Max groundings GlobeBusiness
Grounded Air Canada Boeing 737 Max 8 aircraft are pictured at YVR airport in Vancouver, on March 13, 2019.Canada’s biggest carrier Air Canada on Friday suspended its previous financial forecasts for the first quarter and the full year, two days after the country’s regulator grounded Boeing Co’s 737 MAX jets.
Canada decided to ground the planes on Wednesday, citing potential safety concerns after a Boeing 737 MAX 8 operated by Ethiopian Airlines crashed on Sunday, killing 157 people. Air Canada, which currently operates 24 MAX jets, had earlier said it was working to re-book passengers as quickly as possible. The airline last month had said that by the end of 2019 it would operate 36 MAX planes.Air Canada was expecting full-year 2019 adjusted cost per available seat mile, a key industry metric, to increase between 2 percent and 3 percent compared with 2018.
It had projected annual core profit margin of between 19 per cent and 22 per cent from 2019 until 2021. However, the Montreal-based company said its forecast for 2020 and 2021 for annual profit margin remained in place.
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