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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Bombardier, Inc.    BBD.B   CA0977512007

BOMBARDIER, INC. (BBD.B)
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Delta refuses to pay tariffs on Bombardier CSeries jets

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10/12/2017 | 04:37am CEST
FILE PHOTO: The livery of a Bombardier CSeries Aircraft is seen prior to a demonstration flight to mark its first delivery to Swiss International Air Lines (SWISS) in Mirabel, Quebec

NEW YORK (Reuters) - Delta Air Lines Inc (>> Delta Air Lines, Inc.) on Wednesday said it would refuse to pay a 300 percent U.S. tariff on Canadian-built Bombardier (>> Bombardier, Inc.) CSeries jets, raising doubts about its purchase of 75 of the new aircraft at a list price of more than $5 billion (£4.48 billion).

NEW YORK (Reuters) - Delta Air Lines Inc (>> Delta Air Lines, Inc.) on Wednesday said it would refuse to pay a 300 percent U.S. tariff on Canadian-built Bombardier (>> Bombardier, Inc.) CSeries jets, raising doubts about its purchase of 75 of the new aircraft at a list price of more than $5 billion (£4.48 billion).

"We're not going to be forced to pay tariffs or anything of the ilk," Delta Chief Executive Ed Bastian said on the company's third-quarter earnings call.

Delta is the only major U.S. carrier to buy the CSeries so far, and Bastian called the U.S. Commerce Department's decision to impose anti-dumping duties on the jets "nonsensical."

He said Delta still expects to take delivery of the CSeries order, however.

The U.S. tariff decision, sparked by rival planemaker Boeing Co (>> Boeing Company (The)), stems from a claim that Bombardier used Canadian government subsidies to bankroll the CSeries sale to Delta and dump the planes at "absurdly low" prices.

The proposed duties would not take effect unless affirmed by the U.S. International Trade Commission (ITC) early next year.

Shares of Bombardier, which is based in Canada, were up 3.78 percent at $2.34 in afternoon trading.

Delta shares were up slightly, 0.85 percent at $53.15, on the airline's stronger-than-expected third-quarter results.

Responding to Bastian's remarks, Bombardier said it was "confident the ITC will reach the right conclusion given that Boeing did not compete for the Delta order."

"Delta has been supporting Bombardier throughout the process and its CEO, Ed Bastian, reaffirmed the airline's intention to take possession of its CSeries aircraft. This is the message that we should get out of this," spokesman Simon Letendre said.

How the extra costs of the planes would be covered remained unclear. Bombardier has also said it would not pick up the tab for the trade duties.

The CSeries dispute has spiralled into a broader discussion of trade agreements between the United States and Canada, as U.S. President Donald Trump has warned he would terminate the tri-national North American Free Trade Agreement unless changes were made to address deficits within the trade pact.

(Reporting by Alana Wise; editing by David Gregorio and Tom Brown)

By Alana Wise

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) -0.12% 354.9 Delayed Quote.20.34%
BOMBARDIER, INC. -3.19% 4.85 Delayed Quote.62.38%
DELTA AIR LINES -1.91% 51.99 Delayed Quote.-7.16%
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Financials ($)
Sales 2018 16 990 M
EBIT 2018 950 M
Net income 2018 196 M
Debt 2018 5 589 M
Yield 2018 0,38%
P/E ratio 2018 34,16
P/E ratio 2019 20,27
EV / Sales 2018 0,87x
EV / Sales 2019 0,76x
Capitalization 9 128 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 4,37 $
Spread / Average Target 18%
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Managers
NameTitle
Alain M. Bellemare President, Chief Executive Officer & Director
Pierre Beaudoin Executive Chairman
John Di Bert Chief Financial Officer & Senior Vice President
François Caza Chief Engineer & VP-Product Development-Aerospace
Ernest Jeffrey Hutchinson Chief Information Officer
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