Business

Boeing reports more 737 Max cancellations, deliveries fall – CNBC

Published

4 years ago

October 13, 2020

Harry Miller

A Boeing 737 MAX airplane lands after a test flight at Boeing Field in Seattle, Washington, U.S. June 29, 2020.

Karen Ducey | Reuters

Boeing lost another three orders for its grounded 737 Max jetliner in September, and delivered 11 total aircraft to customers, less than half the number from the same month a year ago, company data showed on Tuesday.

The closely watched monthly snapshot also shows that quality flaws on the 787 Dreamliner continue to hamper efforts to develop an alternative cash cow to the 737 Max, grounded after two fatal crashes in 2018 and 2019.

As Boeing works to win regulatory approval, potentially early next month, to fly the 737 Max again in the United States, the coronavirus pandemic continues to hurt demand for jets from both Boeing and European rival Airbus.

Boeing said it lost orders for two 737 Max jets from leasing company BOC Aviation and another jet from an unidentified customer in September. That brings the total number of canceled Max orders, including those where buyers converted one type of jet to a different model, to 436 jets, Boeing said.

Cancellations of all jet models stood at 448 for the year.

On the delivery side, Boeing handed to airline customers 10 twin-aisle jets in September, down from 25 a year earlier and 12 in August.

That brings total deliveries to 98 for the first nine months of 2020, down from 301 aircraft for the same period a year ago.

Deliveries are a closely watched metric for investors since airlines hand over the bulk of the money for an order when they pick up their planes at Boeing.

The September delivery tally included one P-8 maritime patrol aircraft, and three freighters: one 747 to United Parcel Service, one 767 to FedEx Corp and one 777 to Lufthansa Cargo, Boeing said.

It also included seven 787 Dreamliner jets: one for leasing company AerCap Holdings, three for United Airlines , two for Turkish Airlines and one 787-10 to Taiwan’s EVA Air, the planemaker said.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

24 hours ago

November 6, 2024

Anne Joseph

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)

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

Published

2 days ago

November 5, 2024

Anne Joseph

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)

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

Published

2 days ago

November 5, 2024

Anne Joseph

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)

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