AMR Corp. (AMR)’s American Airlines agreed to buy 460 single-aisle jets in the industry’s biggest-ever order, letting Airbus SAS break Boeing Co. (BA)’s two-decade hold over the U.S. carrier.
The order consists of 260 Airbus planes and 200 Boeing 737s, with options and future purchase rights for 465 more, American said today. Based on average prices, the retail value is about $38.5 billion, and the deal includes $13 billion of committed financing from the planemakers on the first 230 jets.
American’s decision means the third-largest U.S. airline will refresh one of the nation’s oldest fleets and reshape the aerospace industry. In buying Airbus’s revamped A320neo jets Fort Worth, Texas-based American helped spur Boeing into offering new engines on its 737, a step the U.S. planemaker had been resisting in favor of developing an all-new plane.
“We expect to have the youngest and most fuel-efficient fleet among our peers in the U.S. industry within five years,” American Chief Executive Officer Gerard Arpey said in a statement.
American’s Boeings will include 100 of a new version of the 737 with upgraded engines, making the airline the first customer for a model that the Chicago-based planemaker’s board still must approve. The Airbus jets will be A320s, split between the current model and the so-called neo version with new engines. Airlines buy at a discount to list prices.
Delivery Schedule
Deliveries will start in 2013 and run through 2022, American said. The airline now flies an all-Boeing fleet, hasn’t ordered Airbus jets since 1987 and retired the last planes from the Toulouse, France-based company in 2009.
American said its upgraded 737s will use the Leap-X engine from CFM International, a joint venture of General Electric Co. (GE) and Safran SA (SAF) of France. CFM competes with United Technologies Corp. (UTX)’s Pratt & Whitney unit on the A320neo.
An engine decision for Airbus hasn’t been made at this point, said Sean Collins, a spokesman for American.
New planes would help American refresh a fleet that in 2010 averaged 15 years of age, tied with Delta Air Lines Inc. (DAL) for the oldest among the six biggest U.S. carriers. Jet fuel and labor are the largest expenses at airlines, so more-economical aircraft would help AMR’s bid to return to profit after two straight annual losses.
AMR said today that its second-quarter loss widened to $286 million, or 85 cents a share, from $11 million, or 3 cents, a year earlier. The loss exceeded the average estimate of 81 cents among 13 analysts surveyed by Bloomberg.
Airbus Gains
The A320neo has become Airbus’s fastest-selling jet since it was introduced at the end of last year. The first neos will be delivered at the end of 2015, and early customers include Deutsche Lufthansa AG (LHA), AirAsia Bhd and Virgin America Inc. The aircraft offers efficiency gains of as much as 15 percent over the current A320, its bestselling jet, Airbus has said.
Airbus has won more than 1,000 firm orders or commitments for the A320neo so far, with 667 commitments at the Paris Air show last month alone.
“Boeing has been passive,” said Jason Adams, an aviation analyst at Nomura International in London. “The Paris Air show was a wake-up call.”
The 737 and A320 compete in the single-aisle segment that makes up the biggest part of the global airline fleet. Boeing predicts that single-aisle jets will make up 70 percent of the total in the next two decades. The aircraft typically seat 110 to 200 passengers.
Today’s announcement eclipsed last month’s agreement by AirAsia Bhd. (AIRA) to buy 200 Airbus A320neos, the industry’s previous largest order.
To contact the reporters on this story: Andrea Rothman in Paris at aerothman@bloomberg.net; Susanna Ray in Seattle at sray7@bloomberg.net; Mary Schlangenstein in Dallas at maryc.s@bloomberg.net
To contact the editors responsible for this story: Benedikt Kammel at bkammel@bloomberg.net; Ed Dufner at edufner@bloomberg.net
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