(Reuters) – Air Canada (AC.TO) missed analysts’ estimates for quarterly profit on Tuesday, as the airline spent more to fly less-efficient replacement aircraft due to the global grounding of Boeing Co’s (BA.N) 737 MAX jet. An Air Canada plane lands at Vancouver International Airport in Richmond, British Columbia, Canada January 24, 2020. REUTERS/Jennifer Gauthier The country’s largest carrier is working to improve margins while flying more passengers but faces capacity constraints because of the MAX’s grounding, with the coronavirus outbreak providing additional challenges. Air Canada, which suspended flights to Beijing and Shanghai from January 30, 2020 until February 29 due to the outbreak, said it was impacted by not flying to China, but gave no specifics. China represents about 6% of its available seat miles. The outbreak comes as North American airlines have faced higher costs and canceled thousands of flights since the grounding last March following two fatal crashes involving the Boeing plane. Air Canada shares were down 2.4% in early trading. “There is some impact from not flying to China for two months of Q1, including cargo as well,” Air Canada Chief Financial Officer Michael Rousseau told analysts. “But certainly, the … MAX is the single biggest item.”… Read full this story
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