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Airlines count the cost of Boeing 737 MAX grounding

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07/16/2019 | 09:45am EDT
A grounded Boeing 737 MAX aircraft is seen parked at Renton Municipal Airport in Renton

(Reuters) - Some international airlines have reported tentative schedules for when they expect their Boeing 737 MAX up in the air again. More than 300 Boeing 737 MAX 8 and MAX 9 passenger planes were taken out of service after two fatal crashes in Indonesia and Ethiopia, within 5 months, killed 346 passengers.

Following are airlines that have warned about potential cost and end-date of grounding:

TUI

TUI expects its 2019 underlying earnings before interest, tax and amortization (EBITA) to fall by 17%, having previously expected the figure to be in line with the 1.18 billion euros (£1.07 billion) generated in 2018.

It added that EBITA could even fall as much as 26% in 2019 if the planes remained grounded beyond the middle of July

RYANAIR

Ryanair said on Tuesday it was expecting the 737 MAX to return to service before the end of the year, with the first of new planes it has ordered to be delivered in January and February of 2020.

Europe's largest budget airline has cut its growth forecasts for next summer, now expecting to carry 3% more passengers, down from its previous 7% forecast. It blamed possible further delays in deliveries of Boeing 737 MAX planes for the revisions.

Ryanair said it would close routes and bases in November to adjust for the lower growth.

NORWEGIAN AIR SHUTTLE

Norwegian said in its second-quarter release that it expected its Boeing 737 MAX aircraft to return to service in October. The grounding reduced the second quarter profit by around 400 million Norwegian crowns ($46.8 million), the airline said.

UNITED AIRLINES

United Airlines said its fleet of Boeing 737 MAX would stay of its flight schedule until Nov.3, after Boeing said last month it would take at least until September to fix fresh flaws in the grounded planes discovered by the Federal Aviation Administration.

AMERICAN AIRLINES

American Airlines said on Sunday it was extending cancellations of around 115 daily flights until Nov. 2 because of the continued grounding of Boeing 737 MAX planes.

The airline cut its annual profit forecast in April, citing an estimated $350 million hit from the MAX groundings.

SOUTHWEST AIRLINES

Southwest Airlines said on July 1 it expected to keep its Boeing 737 MAX jets off the flying schedule beyond the current Oct.1 re-entry date.

On March 27, the largest global operator of the MAX planes, cut its 2019 financial outlook after being forced to pull its new fleet of 34 Boeing 737 MAX planes out of service.

TURKISH AIRLINES

Turkish Airlines said on June 25 that its Boeing 737 MAX planes would be grounded until further notice, resulting in several flight cancellations throughout the summer.

AIR CANADA

Air Canada suspended its 2019 financial forecasts on March 15, saying it continued to adapt a contingency plan to address the uncertainty surrounding the planes.

In May, the airline reported a surprise first-quarter profit despite the the grounding of Boeing's 737 MAX jets. It reports second-quarter results on July 31.

WESTJET

On March 18 The Canadian carrier suspended its 2019 financial projections following the groundings.

In May, the airline said it expected its 13 MAX planes to return to service in the third quarter.

(Reporting by Tommy Lund; Editing by Tomasz Janowski)

Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA -0.70% 43.9 Delayed Quote.66.45%
AMERICAN AIRLINES GROUP 0.42% 26.53 Delayed Quote.-17.38%
BOEING COMPANY (THE) 4.24% 354.41 Delayed Quote.9.89%
NORWEGIAN AIR SHUTTLE ASA -2.53% 33.2 Delayed Quote.-65.89%
RYANAIR HOLDINGS 0.47% 8.538 Delayed Quote.-20.07%
SOUTHWEST AIRLINES 1.19% 51.19 Delayed Quote.10.13%
TUI 2.82% 8.886 Delayed Quote.-27.76%
TURK HAVA YOLLARI AO End-of-day quote.
UNITED AIRLINES HOLDINGS INC 0.32% 85.56 Delayed Quote.2.19%
WESTJET AIRLINES LTD. 0.03% 30.86 Delayed Quote.71.44%
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