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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (76407)	2/19/2020 9:17:12 AM
From: Goose94	Read Replies (1) of 202903

Air Canada (AC-T) is bracing for a rough first quarter as the effects of the novel coronavirus and the continued grounding of its fleet of Boeing 737 Max jets bite into sales. Air Canada lost 25 per cent of its narrow-body fleet after authorities around the globe banned the Max in March following two fatal crashes. Last month, Air Canada halted all flights to mainland China and its Toronto-Hong Kong route due to the spread of COVID-19. The dual blows mean adjusted earnings in the first quarter of 2020 are expected to generate about $200-million less than a year earlier, or about one-third lower than the $583-million in earnings before interest, taxes, depreciation and amortization in the first three months of 2019. "Certainly the biggest, largest item is the absence of the Max. And certainly there is some impact from not flying to China for two months of Q1," said chief financial officer Michael Rousseau. Extra costs stem partly from backfilling one of Air Canada's most efficient aircraft with less-efficient Embraer 190s and Airbus A320s. Air Canada hopes to start reintroducing Maxes in the second half of the year.

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