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Air Canada suspends financial forecasts amid turmoil over Boeing 737 MAX planes

Air Canada suspends financial forecasts amid turmoil over Boeing 737 MAX planes
World
Countries around the world, including the United States and Canada, banned Boeing’s fast-selling 737 MAX this week after a fatal Ethiopian Airlines plane crash on Sunday, the second deadly disaster for the aircraft in five months.

Shares of Air Canada were 1.6 percent lower in early trade on Friday.

Airlines bought the 737 MAX for its longer range and fuel efficiency, and some carriers’ business plans are facing disruption because of the grounding, which U.S. lawmakers have said could last for weeks at a minimum.

The causes of Sunday’s crash are still unknown.

Boeing suspended deliveries of its 737 MAX aircraft on Thursday but continues to produce its single-aisle jets at full speed.

Air Canada, the country’s largest carrier, has been renewing its narrowbody fleet with MAX aircraft to replace its existing Airbus A320 narrowbodies. It had expected to expand its fleet of 24 MAX jets to 36 by the end of 2019.

Montreal-based Air Canada has said it operated seventy-five 737 MAX flights daily out of a total schedule of approximately 1,600 flights system-wide.
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