Business

Boeing reports more 737 Max cancellations, deliveries fall – CNBC

Published

4 years ago

October 13, 2020

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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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

1 hour ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

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

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

1 hour ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

1 day 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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