adplus-dvertising
Connect with us

Business

Canada tells Boeing its bid for C$19 billion fighter jet contract falls short – source

Published

3 years ago

 on

In a surprise move, Canada has told Boeing Co that its contender for a multi-billion dollar fighter jet contract does not meet the required standard, a defense source said on Thursday.

This means only Lockheed Martin Corp and Sweden’s Saab AB are left in the race to supply 88 jets. Ottawa says it intends to make a decision next year on a contract that could be worth up to C$19 billion ($15 billion).

Boeing had entered its F-18 Super Hornet. The Canadian Press was the first the report the news.

Defense analysts had been certain Ottawa would exclude Saab’s Gripen plane. Unlike Canada, Sweden is neither a member of NATO or NORAD, the North American defense organization.

Canada belongs to the consortium that developed Lockheed Martin’s F-35 jet, which defense sources say is the preferred choice of the air force.

The competition is being overseen by the office of Procurement Minister Filomena Tassi, which did not respond to a request for comment.

Lockheed Martin declined to comment. No one at Saab was available for comment. Boeing spokesman Paul Lewis said by email that the company would reserve comment pending official notification from Ottawa.

Boeing clashed with Canada in 2017 after it complained Ottawa was unfairly subsidizing a passenger jet made by Montreal-based rival Bombardier.

Canada responded by saying it would look less favorably on a fighter jet bid from a company that had harmed national interests, but nonetheless allowed Boeing to take part.

The Liberals took power in 2015 vowing not to buy the F-35 on the grounds that it was too costly, but have since softened their line.

Canada has been trying unsuccessfully for more than a decade to replace its aging F-18 fighters. The former Conservative administration said in 2010 that it would buy 65 F-35 jets but later scrapped the decision, triggering years of delays and reviews.

($1 = 1.2649 Canadian dollars)

(Reporting by David Ljunggren; Editing by Nick Zieminski and Daniel Wallis)

Related Topics:
Continue Reading

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

3 hours ago

 on

November 6, 2024

By

 

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

 on

November 5, 2024

By

 

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

 on

November 5, 2024

By

 

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending