Order drought for Bombardier CSeries jet extends to Dubai Airshow

Mon Nov 18, 2013 12:14pm EST
 
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By Susan Taylor

TORONTO Nov 18 (Reuters) - Canadian plane maker Bombardier Inc failed to announce any sales for its CSeries jet in the opening days of the Dubai Airshow, extending a five-month drought in demand for the all-new model as larger rivals clinched multi-billion dollar deals.

Bombardier has struggled to win orders for its CSeries narrowbody against models from Boeing Co and Airbus . The CSeries has a development cost of C$3.4 billion ($3.25 billion).

Bombardier instead announced on Monday two conditional deals for up to 12 of its Q400 short-haul turboprops, worth a total of $423 million at list prices.

Gulf airlines went on a $150 billion buying spree on Sunday, the first day of the air show, a major aerospace industry event.

Dubai-based airline Emirates led the pack, with an order for 150 of Boeing's new 777 mini-jumbo jets, worth $76 billion at list prices. It also ordered 50 Airbus A380s, the world's largest passenger plane, worth $23 billion.

Bombardier shares, which fell sharply at the end of October after the company said it was reviewing its CSeries schedule, added 5 Canadian cents to C$4.69 on the Toronto Stock Exchange on Monday.

Stonecap Securities analyst Scott Rattee said the stock, trading broadly in line with the market, may be buoyed by news over the weekend that Bombardier's new Learjet 75 business jet got Federal Aviation Administration certification.

"I don't know that there was a high amount of expectation going into this particular show," Rattee said. "In terms of the CSeries, I don't know that this was going to be a headline-grabbing show for them."   Continued...