Latest news with #CameronDoerksen
Yahoo
5 hours ago
- Business
- Yahoo
Air Canada pauses financial outlook amid strike, with losses pegged at $60M a day: Analyst
Air Canada ( has paused its financial guidance as its flight attendants' strike enters its third day, costing the airline an estimated $60 million in daily revenue, according to National Bank analyst Cameron Doerksen. Previously, Doerksen had forecast Air Canada's third-quarter revenue at $68 million. The airline is still generating some revenue because Air Canada Express regional flights continue. These flights account for roughly 20 per cent of passengers, but likely represent a smaller share of revenue, he says in a note. Last Saturday, Air Canada's flight attendants went on strike, grounding most of the airline's flights. However, the federal government intervened, directing the Canadian Industrial Relations Board (CIRB) to impose a process of binding arbitration, which the CIRB did on Sunday. Subsequently, the CIRB issued a return-to-work order, directing both Air Canada and its flight attendants to resume operations. The Canadian Union of Public Employees, which represents the flight attendants, has not complied. In response, the CIRB declared the walkout illegal and ordered the union to provide written confirmation by noon Monday that it has revoked the strike authorization. "We will not be returning to the skies this afternoon," CUPE national president Mark Hancock said at a press conference shortly after the deadline passed. He also says the union will continue fighting for its flight attendants and the right to collective bargaining. Although the airline is not paying to operate flights during the strike, it continues to face significant fixed costs. For comparison, in the early months of the COVID-19 shutdown, Air Canada's daily EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $9 million. This time, Doerksen estimates losses could reach $25 million per day since operations are structured for a quick restart. National Bank's EBITDA forecast for the third quarter remains at $1.3 billion. Lower-than-projected jet fuel prices might partially offset the labour disruption costs, however. Doerksen cites fuel at $0.85 per litre versus $0.90, and $0.95 per litre projected in Air Canada's fourth quarter, which could provide a $185 million boost to National Bank's 2025 EBITDA estimate. Doerksen doesn't expect the strike to last much longer, citing the disruption to travellers and the broader Canadian economy. Once resolved, he expects a 40 per cent increase in flight attendant compensation, representing a 1.2 per cent overall cost increase for Air Canada over four years. 'Considering that the same union represents most flight attendants at other airlines, whatever contract structure Air Canada negotiates will be a template for future contracts at other carriers,' he added. 'As such, we do not see Air Canada being competitively disadvantaged.' Doerksen expects Air Canada to continue to outperform, despite current negative sentiment. As at 11:00 a.m. ET Monday, Air Canada's stock was trading at $19.42 per share, down 1.74 per cent. With files from The Canadian Press Sign in to access your portfolio
Yahoo
5 hours ago
- Business
- Yahoo
Air Canada pauses financial outlook amid strike, with losses pegged at $60M a day: Analyst
Air Canada ( has paused its financial guidance as its flight attendants' strike enters its third day, costing the airline an estimated $60 million in daily revenue, according to National Bank analyst Cameron Doerksen. Previously, Doerksen had forecast Air Canada's third-quarter revenue at $68 million. The airline is still generating some revenue because Air Canada Express regional flights continue. These flights account for roughly 20 per cent of passengers, but likely represent a smaller share of revenue, he says in a note. Last Saturday, Air Canada's flight attendants went on strike, grounding most of the airline's flights. However, the federal government intervened, directing the Canadian Industrial Relations Board (CIRB) to impose a process of binding arbitration, which the CIRB did on Sunday. Subsequently, the CIRB issued a return-to-work order, directing both Air Canada and its flight attendants to resume operations. The Canadian Union of Public Employees, which represents the flight attendants, has not complied. In response, the CIRB declared the walkout illegal and ordered the union to provide written confirmation by noon Monday that it has revoked the strike authorization. "We will not be returning to the skies this afternoon," CUPE national president Mark Hancock said at a press conference shortly after the deadline passed. He also says the union will continue fighting for its flight attendants and the right to collective bargaining. Although the airline is not paying to operate flights during the strike, it continues to face significant fixed costs. For comparison, in the early months of the COVID-19 shutdown, Air Canada's daily EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $9 million. This time, Doerksen estimates losses could reach $25 million per day since operations are structured for a quick restart. National Bank's EBITDA forecast for the third quarter remains at $1.3 billion. Lower-than-projected jet fuel prices might partially offset the labour disruption costs, however. Doerksen cites fuel at $0.85 per litre versus $0.90, and $0.95 per litre projected in Air Canada's fourth quarter, which could provide a $185 million boost to National Bank's 2025 EBITDA estimate. Doerksen doesn't expect the strike to last much longer, citing the disruption to travellers and the broader Canadian economy. Once resolved, he expects a 40 per cent increase in flight attendant compensation, representing a 1.2 per cent overall cost increase for Air Canada over four years. 'Considering that the same union represents most flight attendants at other airlines, whatever contract structure Air Canada negotiates will be a template for future contracts at other carriers,' he added. 'As such, we do not see Air Canada being competitively disadvantaged.' Doerksen expects Air Canada to continue to outperform, despite current negative sentiment. As at 11:00 a.m. ET Monday, Air Canada's stock was trading at $19.42 per share, down 1.74 per cent. With files from The Canadian Press
Yahoo
9 hours ago
- Business
- Yahoo
Air Canada flight attendant strike enters third day, bleeding carrier $60M daily: Analyst
Air Canada ( has paused its financial guidance as its flight attendants' strike enters its third day, costing the airline an estimated $60 million in daily revenue, according to National Bank analyst Cameron Doerksen. Previously, Doerksen had forecast Air Canada's third-quarter revenue at $68 million. The airline is still generating some revenue because Air Canada Express regional flights continue. These flights account for roughly 20 per cent of passengers, but likely represent a smaller share of revenue, he says in a note. Last Saturday, Air Canada's flight attendants went on strike, grounding most of the airline's flights. However, the federal government intervened, directing the Canadian Industrial Relations Board (CIRB) to impose a process of binding arbitration, which the CIRB did on Sunday. Subsequently, the CIRB issued a return-to-work order, directing both Air Canada and its flight attendants to resume operations. The Canadian Union of Public Employees, which represents the flight attendants, has not complied. In response, the CIRB declared the walkout illegal and ordered the union to provide written confirmation by noon Monday that it has revoked the strike authorization. Although the airline is not paying to operate flights during the strike, it continues to face significant fixed costs. For comparison, in the early months of the COVID-19 shutdown, Air Canada's daily EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $9 million. This time, Doerksen estimates losses could reach $25 million per day since operations are structured for a quick restart. National Bank's EBITDA forecast for the third quarter remains at $1.3 billion. Lower-than-projected jet fuel prices might partially offset the labour disruption costs, however. Doerksen cites fuel at $0.85 per litre versus $0.90, and $0.95 per litre projected in Air Canada's fourth quarter, which could provide a $185 million boost to National Bank's 2025 EBITDA estimate. Doerksen doesn't expect the strike to last much longer, citing the disruption to travellers and the broader Canadian economy. Once resolved, he expects a 40 per cent increase in flight attendant compensation, representing a 1.2 per cent overall cost increase for Air Canada over four years. 'Considering that the same union represents most flight attendants at other airlines, whatever contract structure Air Canada negotiates will be a template for future contracts at other carriers,' he added. 'As such, we do not see Air Canada being competitively disadvantaged.' Doerksen expects Air Canada to continue to outperform, despite current negative sentiment. As at 11:00 a.m. ET Monday, Air Canada's stock was trading at $19.42 per share, down 1.74 per cent. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 hours ago
- Business
- Yahoo
Air Canada strike enters third day, bleeding carrier $60M daily: Analyst
Air Canada ( has paused its financial guidance as its flight attendants' strike enters its third day, costing the airline an estimated $60 million in daily revenue, according to National Bank analyst Cameron Doerksen. Previously, Doerksen had forecast Air Canada's third-quarter revenue at $68 million. The airline is still generating some revenue because Air Canada Express regional flights continue. These flights account for roughly 20 per cent of passengers, but likely represent a smaller share of revenue, he says in a note. Last Saturday, Air Canada's flight attendants went on strike, grounding most of the airline's flights. However, the federal government intervened, directing the Canadian Industrial Relations Board (CIRB) to impose a process of binding arbitration, which the CIRB did on Sunday. Subsequently, the CIRB issued a return-to-work order, directing both Air Canada and its flight attendants to resume operations. The Canadian Union of Public Employees, which represents the flight attendants, has not complied. In response, the CIRB declared the walkout illegal and ordered the union to provide written confirmation by noon Monday that it has revoked the strike authorization. Although the airline is not paying to operate flights during the strike, it continues to face significant fixed costs. For comparison, in the early months of the COVID-19 shutdown, Air Canada's daily EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $9 million. This time, Doerksen estimates losses could reach $25 million per day since operations are structured for a quick restart. National Bank's EBITDA forecast for the third quarter remains at $1.3 billion. Lower-than-projected jet fuel prices might partially offset the labour disruption costs, however. Doerksen cites fuel at $0.85 per litre versus $0.90, and $0.95 per litre projected in Air Canada's fourth quarter, which could provide a $185 million boost to National Bank's 2025 EBITDA estimate. Doerksen doesn't expect the strike to last much longer, citing the disruption to travellers and the broader Canadian economy. Once resolved, he expects a 40 per cent increase in flight attendant compensation, representing a 1.2 per cent overall cost increase for Air Canada over four years. 'Considering that the same union represents most flight attendants at other airlines, whatever contract structure Air Canada negotiates will be a template for future contracts at other carriers,' he added. 'As such, we do not see Air Canada being competitively disadvantaged.' Doerksen expects Air Canada to continue to outperform, despite current negative sentiment. As at 11:00 a.m. ET Monday, Air Canada's stock was trading at $19.42 per share, down 1.74 per cent.
Business Insider
02-08-2025
- Business
- Business Insider
Desjardins Sticks to Its Buy Rating for Bombardier (BDRBF)
Desjardins analyst maintained a Buy rating on Bombardier today and set a price target of C$186.00. The company's shares closed today at $118.65. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. In addition to Desjardins, Bombardier also received a Buy from National Bank's Cameron Doerksen in a report issued today. However, on July 22, TD Cowen downgraded Bombardier (Other OTC: BDRBF) to a Hold. Based on Bombardier's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.53 billion and a net profit of $44 million. In comparison, last year the company earned a revenue of $1.28 billion and had a net profit of $110 million Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BDRBF in relation to earlier this year.
